Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h −0.010%
Price spread now: Hyperliquid against Deribit+0.048%7-day average +0.026% · you sell dearer than you buy
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$14as in the Price arb table
costs, in and out, $10k−$160.162% of the position
Funding, last 7 days+0.059%+$6 on $10k
+Price spread, last 3 days (all we have)+0.039%+$4 · spread now +0.048%, 7d avg +0.026%
=Together, before fees+0.098%+ Points / potential airdropHyperliquid: Season 2 · farm board+$10 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.022% dearer against Deribit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.026%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit BTC-PERPETUAL | 86,850.3 | 0 | get 0.0000% / 1h | 16m 40s | $932.2M | $1.46B | 50x |
| Short | Hyperliquid BTC | 86,892 | 0.0100 | get 0.0013% / 1h | 16m 40s | $3.83B | $5.12B | 40x |
Deribit BTC-PERPETUAL
Hyperliquid BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $21
- Price spread: +0.048% → +0.026%
- $2.16
- Slippage, 4 orders
- −$0.17
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $6.99
- Costs to cover
- 0.162%
- Break-even
- 4.7 days
Slippage from Deribit: live order book, 3 min ago; Hyperliquid: live order book, 8 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Deribit live order book, 3 min ago | 0.03 bp | 3.5 bp −$4 | 3.5 bp −$35 | 6.2 bp −$624 | 13.5 bp −$6,767 |
| Sell Hyperliquid live order book, 8 min ago | 0.06 bp | 4.6 bp −$5 | 4.6 bp −$46 | 5.7 bp −$567 | doesn't fit |
BTC on 56 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aftermath Perps BTCUSD | −0.0240% | 1h | 86,766 | −0.097% | $85K | $188K | 20x | as long as short |
| Perpl BTC | −0.0223% | 43m | 86,808.3 | −0.048% | $428K | $24.7M | 6.7x | as long as short |
| Phoenix BTC | −0.0103% | 1h | 86,739 | −0.128% | $2.2M | $12.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,790 | −0.069% | $9K | $3K | 50x | as long as short |
| dYdX BTC-USD | −0.0062% | 1h | 86,831.2 | −0.022% | $17.6M | $20.6M | 50x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 86,810.9 | −0.045% | $363K | $2.4M | 50x | as long as short |
| Deribit BTC-PERPETUALlong | 0.0000% | 1h | 86,850.3 | long leg | $932.2M | $1.46B | 50x | |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,839.2 | −0.013% | $36.9M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0005% | 8h | 86,819 | −0.036% | $851.4M | $707.3M | 125x | as long as short |
| Aster BTCUSDT | +0.0008% | 8h | 86,807 | −0.050% | $506.9M | $1.16B | 200x | as long as short |
Aftermath Perps BTCUSD
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
dYdX BTC-USD
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex BTCUSDT | +0.0021% | 8h | 86,821.3 | −0.033% | $150.5M | $472.4M | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0021% | 1h | 86,792.1 | −0.067% | $6.8M | $144.4M | 40x | as long as short |
| BingX BTC-USDT | +0.0028% | 8h | 86,806.5 | −0.050% | — | $1.60B | — | as long as short |
| Bitget BTCUSDT | +0.0036% | 8h | 86,806.7 | −0.050% | $2.96B | $5.08B | 150x | as long as short |
| Injective BTC/USDC PERP | +0.0049% | 1h | 86,639 | −0.243% | $315K | $26.8M | 52x | as long as short |
| MEXC BTC_USDT | +0.0060% | 8h | 86,822.4 | −0.032% | $5.20B | $5.71B | 500x | as long as short |
| Binance BTCUSDT | +0.0060% | 8h | 86,826 | −0.028% | $9.45B | $24.36B | 150x | as long as short |
| RISEx BTC/USDC | +0.0063% | 1h | 86,814.3 | −0.041% | $9.2M | $41.8M | 25x | as long as short |
| Aevo BTC-PERP | +0.0064% | 1h | 86,818.4 | −0.037% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0082% | 8h | 86,823.5 | −0.031% | $5.86B | $10.68B | 200x | as long as short |
| Bybit BTCUSDT | +0.0085% | 8h | 86,821.1 | −0.034% | $5.29B | $9.71B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0087% | 8h | 86,836.5 | −0.016% | $2.56B | $12.76B | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,838.6 | −0.013% | $172.1M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,845.6 | −0.005% | $24.2M | $154.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,795 | −0.064% | $8.5M | $52.3M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,782 | −0.079% | $202K | $6.8M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,872.7 | +0.026% | $4.8M | $8.2M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,776 | −0.086% | $21.8M | $235.4M | 50x | as long as short |
| Hyperliquid BTCshort | +0.0100% | 1h | 86,892 | +0.048% | $3.83B | $5.12B | 40x | |
| Pacifica BTC | +0.0100% | 1h | 86,856.9 | +0.008% | $41.0M | $494.9M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,814 | −0.042% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,874.7 | +0.028% | $7.5M | $94.8M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,792.1 | −0.067% | $573.3M | $22.0M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,826.2 | −0.028% | $38.2M | $148.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,754.4 | −0.110% | $159.6M | $567.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,765.9 | −0.097% | $280.3M | $952.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,759.3 | −0.105% | $217.9M | $187.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,779.4 | −0.082% | $141.7M | $322.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,754.7 | −0.110% | $30.8M | $204.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,843.8 | −0.007% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,796 | −0.063% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,819.4 | −0.036% | $197K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,834.2 | −0.019% | $2.5M | $8.5M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,849.4 | −0.001% | $141K | $619K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,823.1 | −0.031% | $30.1M | $61.8M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,796.5 | −0.062% | $3.4M | $5.5M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,819 | −0.036% | $60.6M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,799.6 | −0.058% | $2.31B | $958.9M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,787.3 | −0.073% | $46.3M | $226.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,839.6 | −0.012% | — | $98.8M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0116% | 1h | 86,855.8 | +0.006% | $188.2M | $933.9M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,866 | +0.018% | $132.3M | $5.86B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0151% | 8h | 86,834 | −0.019% | $9.8M | $727.3M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0180% / S −0.0209% | 1h | 86,833.4 | −0.020% | $15.0M | — | 200x | as long as short |
| BloFin BTC-USDT | +0.0180% | 8h | 86,825.5 | −0.029% | $415.9M | $656.5M | 150x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 86,793.7 | −0.065% | $645K | $7.6M | 30x | as long as short |
Phemex BTCUSDT
Reya BTCRUSDPERP
BingX BTC-USDT
Bitget BTCUSDT
Injective BTC/USDC PERP
MEXC BTC_USDT
Binance BTCUSDT
RISEx BTC/USDC
Aevo BTC-PERP
Gate BTC_USDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
BloFin BTC-USDT
Hibachi BTC/USDT-P