BTC

Alert: funding

Alert: spread

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: Deribit against Hyperliquid−0.025%50s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.162% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now −0.025%, 7d avg −0.026%

Together, before fees−0.121%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	86,872	0.0100	pay 0.0013% / 1h	16m 31s	$3.83B	$5.12B	40x
Short	Deribit BTC-PERPETUAL	86,850.3	0	get 0.0000% / 1h	16m 31s	$932.2M	$1.46B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$21
Price spread: −0.025% → −0.026%: $0.14
Slippage, 4 orders: −$0.17
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$37.03
Costs to cover: 0.162%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Deribit: live order book, 3 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, 8 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	4.6 bp −$2,292
Sell Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	3.8 bp −$38	5.8 bp −$585	13.0 bp −$6,523

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	−0.122%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,837.5	−0.040%	$426K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	−0.153%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,814	−0.067%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0062%	1h	86,831.2	−0.047%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,828.3	−0.050%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,850.3	−0.025%	$932.2M	$1.46B	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,839.2	−0.038%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,819	−0.061%	$851.4M	$707.3M	125x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,808.6	−0.073%	$507.0M	$1.16B	200x	as long as short

Show 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	−0.058%	$150.5M	$472.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,786.2	−0.099%	$6.8M	$144.4M	40x	as long as short
BingX BTC-USDC	+0.0026%	8h	86,800.6	−0.082%	—	$15.2M	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,796	−0.087%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.268%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,822.4	−0.057%	$5.20B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,806.9	−0.075%	$9.45B	$24.36B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,814.3	−0.066%	$9.2M	$41.8M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,818.4	−0.062%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,824.4	−0.055%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,798.1	−0.085%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0088%	8h	86,803.9	−0.078%	$2.56B	$12.76B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,838.6	−0.038%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,845.6	−0.030%	$24.2M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,801	−0.082%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,791	−0.093%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,872.7	+0.001%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,820.8	−0.059%	$21.8M	$235.5M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	86,872	long leg	$3.83B	$5.12B	40x
Pacifica BTC	+0.0100%	1h	86,856.9	−0.017%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,814	−0.067%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,874.7	+0.003%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	−0.092%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,826.2	−0.053%	$38.2M	$148.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,754.4	−0.135%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,765.9	−0.122%	$280.3M	$952.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,759.3	−0.130%	$217.9M	$187.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,779.4	−0.107%	$141.7M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,754.7	−0.135%	$30.8M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,862.8	−0.011%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,806	−0.076%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,819.4	−0.061%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,834.2	−0.044%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,849.4	−0.026%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,823.1	−0.056%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,796.5	−0.087%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,819	−0.061%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,799.6	−0.083%	$2.31B	$958.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,787.3	−0.097%	$46.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,839.6	−0.037%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,855.8	−0.019%	$188.2M	$933.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,866	−0.007%	$132.3M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0151%	8h	86,834	−0.044%	$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	−0.044%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,825.5	−0.054%	$415.9M	$656.5M	150x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,850.2	−0.025%	$645K	$7.6M	30x	as long as short