BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0305%/8h= −33.4% APRnext payment −$0.38 per $10,000 · paid last 24h +0.001%

Price spread now: Aftermath Perps against Hyperliquid−0.078%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$340.335% of the position

Long on Hyperliquid Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 3 days (all we have)+0.202%+$20 · spread now −0.078%, 7d avg −0.048%

Together, before fees+0.219%+ Points / potential airdropHyperliquid: Season 2 · farm board+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Aftermath Perps is 0.030% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.017% in total (about 2.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	87,029	0.0197	pay 0.0025% / 1h	15m 58s	$3.89B	$5.09B	40x
Short	Aftermath Perps BTCUSD	86,960.9	−0.0107	pay 0.0013% / 1h	15m 58s	$85K	$193K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee Aftermath PerpsbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$63.98
Price spread: −0.078% → −0.048%: −$3.03
Slippage, 4 orders: −$15.52
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$100.53
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; Aftermath Perps: live order book, 13 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 Hyperliquid live order book, 13 min ago	0.06 bp	4.6 bp −$5	6.0 bp −$60	doesn't fit	doesn't fit
Sell Aftermath Perps live order book, 13 min ago	0.00 bp	8.6 bp −$9	18.2 bp −$182	doesn't fit	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
Perpl BTC	−0.0335%	43m	86,957.8	−0.082%	$434K	$25.9M	6.7x	as long as short
Phoenix BTC	−0.0123%	1h	86,888	−0.162%	$2.2M	$12.0M	40x	as long as short
dYdX BTC-USD	−0.0113%	1h	86,960.2	−0.079%	$18.1M	$20.0M	50x	as long as short
Aftermath Perps BTCUSDshort	−0.0107%	1h	86,960.9	−0.078%	$85K	$193K	20x
Hotstuff BTC-PERP	−0.0080%	1h	86,880	−0.171%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,967.2	−0.071%	$365K	$2.5M	50x	as long as short
KuCoin XBTUSDTM	−0.0005%	8h	86,958.4	−0.081%	$843.0M	$706.3M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,987	−0.048%	$9.4M	$722.3M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,963.9	−0.075%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0010%	1h	86,986.2	−0.049%	$8.9M	$41.7M	25x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0014%	8h	86,970.8	−0.067%	—	$15.3M	—	as long as short
Reya BTCRUSDPERP	+0.0018%	1h	86,940.8	−0.101%	$6.8M	$142.5M	40x	as long as short
Bitget BTCUSDT	+0.0019%	8h	86,960.1	−0.079%	$2.96B	$5.10B	150x	as long as short
Phemex BTCUSDT	+0.0020%	8h	86,968.7	−0.069%	$151.1M	$463.6M	150x	as long as short
Aster BTCUSDT	+0.0026%	8h	86,944.7	−0.097%	$506.8M	$1.16B	200x	as long as short
ApeX Omni BTCUSDT	+0.0033%	1h	86,897.5	−0.151%	$142.2M	$322.7M	100x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	87,347	+0.365%	$312K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0041%	1h	87,006.2	−0.026%	$196.5M	$924.6M	100x	as long as short
MEXC BTC_USDT	+0.0045%	8h	86,960.8	−0.078%	$5.23B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0046%	8h	86,967.4	−0.071%	$9.49B	$24.29B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0047%	8h	86,959.7	−0.080%	$2.61B	$12.74B	100x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,955	−0.085%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0060%	8h	86,963.7	−0.075%	$5.89B	$10.65B	200x	as long as short
SoDEX BTC-USD	+0.0065%	1h	86,952	−0.088%	$60.9M	$336.4M	40x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,969.8	−0.068%	$5.32B	$9.70B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	87,006.8	−0.026%	$161.3M	$556.5M	—	as long as short
GRVT BTC_USDT_Perp	+0.0094%	8h	86,881.2	−0.170%	$218.2M	$188.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0094%	8h	86,973.8	−0.063%	$2.4M	$8.3M	100x	as long as short
Bluefin BTC-PERP	+0.0096%	1h	86,944.6	−0.097%	$160K	$574K	40x	as long as short
Lighter BTC	+0.0096%	1h	86,983.3	−0.053%	$173.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,981.2	−0.055%	$24.3M	$150.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,947	−0.094%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,992.3	−0.042%	$4.8M	$8.1M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,941	−0.101%	$196K	$6.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,930.5	−0.113%	$23.2M	$236.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,961.4	−0.078%	$37.7M	$475.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,970	−0.068%	$4.0M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	87,015	−0.016%	$7.7M	$94.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,978.2	−0.058%	$38.6M	$144.7M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,918.5	−0.127%	$286.8M	$934.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,921.9	−0.123%	$30.9M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,987.8	−0.047%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,948	−0.093%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,972.9	−0.064%	$208K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,963.1	−0.076%	$30.1M	$61.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,879.3	−0.172%	$3.4M	$5.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,968.2	−0.070%	$2.31B	$953.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,971.4	−0.066%	$573.9M	$25.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,951.9	−0.089%	$46.7M	$230.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,930.9	−0.113%	—	$97.9M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0111%	1h	87,014.6	−0.017%	$936.5M	$1.34B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0136%	1h	87,006.8	−0.026%	$132.1M	$5.99B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,964.6	−0.074%	$750K	$7.1M	30x	as long as short
BloFin BTC-USDT	+0.0165%	8h	86,876.1	−0.176%	$419.5M	$642.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0202%	1h	86,959.7	−0.080%	$15.3M	—	200x	as long as short
Hyperliquid BTClong	+0.0197%	1h	87,029	long leg	$3.89B	$5.09B	40x