Funding you earn now, next payment 22:00 UTC+0.0079%/8h= +8.6% APRpaid last 24h +0.039%
Price spread now: Hyperliquid against Phemex+0.059%7-day average +0.078% · 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−$23as in the Price arb table
costs, in and out, $10k−$210.211% of the position
Funding, last 7 days+0.112%+$11 on $10k
+Price spread, last 3 days (all we have)+0.080%+$8 · spread now +0.059%, 7d avg +0.078%
=Together, before fees+0.192%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.078%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 86,781.5 | 0.0021 | pay 0.0021% / 8h | 2h 15m | $150.4M | $472.4M | 150x |
| Short | Hyperliquid BTC | 86,833 | 0.0100 | get 0.0013% / 1h | 15m 43s | $3.82B | $5.12B | 40x |
Phemex BTCUSDT
Hyperliquid BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Phemex. 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
- $16.59
- Price spread: +0.059% → +0.078%
- −$1.84
- Slippage, 4 orders
- −$0.13
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$6.38
- Costs to cover
- 0.211%
- Break-even
- 9.7 days
Slippage from Phemex: 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 Phemex live order book, 3 min ago | 0.01 bp | 6.0 bp −$6 | 6.4 bp −$64 | 8.1 bp −$808 | doesn't fit |
| 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 | −0.0241% | 1h | 86,779.3 | −0.003% | $85K | $188K | 20x | as long as short |
| Perpl BTC | −0.0223% | 43m | 86,837.5 | +0.065% | $426K | $24.7M | 6.7x | as long as short |
| Phoenix BTC | −0.0103% | 1h | 86,739 | −0.049% | $2.2M | $12.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,759 | −0.026% | $9K | $3K | 50x | as long as short |
| dYdX BTC-USD | −0.0061% | 1h | 86,782.5 | +0.001% | $17.6M | $20.6M | 50x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 86,776.2 | −0.006% | $362K | $2.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,815.7 | +0.039% | $36.9M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0005% | 8h | 86,767.4 | −0.016% | $850.6M | $707.6M | 125x | as long as short |
| Aster BTCUSDT | +0.0008% | 8h | 86,750.4 | −0.036% | $506.6M | $1.16B | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0014% | 1h | 86,823 | +0.048% | $931.7M | $1.47B | 50x | 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 BTCUSDT
Deribit BTC-PERPETUALShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex BTCUSDTlong | +0.0021% | 8h | 86,781.5 | long leg | $150.4M | $472.4M | 150x | |
| Reya BTCRUSDPERP | +0.0021% | 1h | 86,786.2 | +0.005% | $6.8M | $144.4M | 40x | as long as short |
| BingX BTC-USDC | +0.0028% | 8h | 86,757.5 | −0.028% | — | $15.3M | — | as long as short |
| Bitget BTCUSDT | +0.0036% | 8h | 86,761.2 | −0.023% | $2.96B | $5.08B | 150x | as long as short |
| Injective BTC/USDC PERP | +0.0049% | 1h | 86,639 | −0.164% | $315K | $26.8M | 52x | as long as short |
| MEXC BTC_USDT | +0.0060% | 8h | 86,769 | −0.014% | $5.19B | $5.71B | 500x | as long as short |
| Binance BTCUSDT | +0.0061% | 8h | 86,772 | −0.011% | $9.44B | $24.37B | 150x | as long as short |
| RISEx BTC/USDC | +0.0063% | 1h | 86,769.9 | −0.013% | $9.4M | $41.9M | 25x | as long as short |
| Aevo BTC-PERP | +0.0064% | 1h | 86,790.2 | +0.010% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0083% | 8h | 86,765.2 | −0.019% | $5.85B | $10.68B | 200x | as long as short |
| Bybit BTCUSDT | +0.0085% | 8h | 86,770.7 | −0.012% | $5.29B | $9.71B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0088% | 8h | 86,779.4 | −0.002% | $2.56B | $12.76B | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,786.1 | +0.005% | $172.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,788.7 | +0.008% | $24.2M | $154.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,749 | −0.037% | $8.5M | $52.3M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,744 | −0.043% | $202K | $6.8M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,809.3 | +0.032% | $4.8M | $8.2M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,820.8 | +0.045% | $21.8M | $235.5M | 50x | as long as short |
| Hyperliquid BTCshort | +0.0100% | 1h | 86,833 | +0.059% | $3.82B | $5.12B | 40x | |
| Pacifica BTC | +0.0100% | 1h | 86,801.5 | +0.023% | $41.0M | $494.9M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,767 | −0.017% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,826.7 | +0.052% | $7.5M | $94.8M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,792.1 | +0.012% | $573.3M | $22.0M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,772.1 | −0.011% | $38.1M | $149.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,754.4 | −0.031% | $159.6M | $567.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,776.5 | −0.006% | $280.3M | $952.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,759.3 | −0.026% | $217.9M | $187.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,779.4 | −0.002% | $141.7M | $322.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,754.7 | −0.031% | $30.8M | $204.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,862.8 | +0.094% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,806 | +0.028% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,795 | +0.016% | $195K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,809.2 | +0.032% | $2.5M | $8.5M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,816.8 | +0.041% | $141K | $619K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,800.1 | +0.021% | $30.1M | $61.8M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,824.2 | +0.049% | $3.4M | $5.5M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,782 | +0.001% | $60.6M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,785 | +0.004% | $2.31B | $959.0M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,750.2 | −0.036% | $46.3M | $226.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,816.7 | +0.041% | — | $98.9M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0116% | 1h | 86,815.3 | +0.039% | $188.2M | $934.1M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,824.6 | +0.050% | $132.1M | $5.86B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0157% | 8h | 86,849 | +0.078% | $9.7M | $727.4M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0180% / S −0.0209% | 1h | 86,810.6 | +0.034% | $15.0M | — | 200x | as long as short |
| BloFin BTC-USDT | +0.0180% | 8h | 86,825.5 | +0.051% | $415.9M | $656.5M | 150x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 86,850.2 | +0.079% | $645K | $7.6M | 30x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDC
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