Funding you earn now, next payment 02:00 UTC+0.0260%/8h= +28.5% APRnext payment +$0.32 per $10,000 · paid last 24h +0.047%
Price spread now: Hyperliquid against Phoenix+0.249%61s7-day average −0.010% · you sell dearer than you buy
Net, funding: paid 7d − costs−$3as 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−$170.167% of the position
Funding, last 7 days+0.140%+$14 on $10k
+Price spread, last 7 days−0.291%−$29 · spread now +0.249%, 7d avg −0.010%
=Together, before fees−0.151%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.259% dearer against Phoenix than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.010%. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.140% in total (about 7.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 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 | Phoenix BTC | 85,678 | −0.0160 | get 0.0020% / 1h | 22m 16s | $2.2M | $10.3M | 40x |
| Short | Hyperliquid BTC | 85,891 | 0.0100 | get 0.0013% / 1h | 22m 16s | $3.75B | $4.97B | 40x |
Phoenix BTC
Hyperliquid BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Phoenix. 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
- $54.57
- Price spread: +0.249% → −0.010%
- $25.87
- Slippage, 4 orders
- −$0.72
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $63.71
- Costs to cover
- 0.167%
- Break-even
- from the start
Slippage from Phoenix: live order book, 2 min ago; Hyperliquid: live order book, 12 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 Phoenix live order book, 2 min ago | 0.06 bp | 3.7 bp −$4 | 6.2 bp −$62 | 12.0 bp −$1,200 | doesn't fit |
| Sell Hyperliquid live order book, 12 min ago | 0.06 bp | 4.8 bp −$5 | 5.4 bp −$54 | 6.2 bp −$622 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.0391% | 1h | 85,849.9 | +0.201% | $197K | $722K | 40x | as long as short |
| Phoenix BTClong | −0.0160% | 1h | 85,678 | long leg | $2.2M | $10.3M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,730 | +0.061% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,804.4 | +0.148% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0034% | 8h | 85,712.9 | +0.041% | $417.1M | $665.0M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,735.4 | +0.067% | $16.7M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,818.6 | +0.164% | $36.7M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0007% | 8h | 85,798 | +0.140% | $919.4M | $751.5M | 125x | as long as short |
| Nado BTC-PERP | +0.0009% | 1h | 85,800 | +0.142% | $22.7M | $220.1M | 50x | as long as short |
| Aster BTCUSDT | +0.0017% | 8h | 85,790.3 | +0.131% | $516.9M | $1.10B | 200x | as long as short |
Bluefin BTC-PERP
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0055% | 8h | 85,810.1 | +0.154% | — | $1.53B | — | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,809.8 | +0.154% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0070% | 1h | 85,803.9 | +0.147% | $6.7M | $146.5M | 40x | as long as short |
| Phemex BTCUSDT | +0.0072% | 8h | 85,781 | +0.120% | $148.4M | $479.3M | 150x | as long as short |
| HTX BTC-USDT | +0.0077% | 8h | 85,794.3 | +0.136% | $2.27B | $935.0M | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,807 | +0.151% | $341K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,797.1 | +0.139% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,789.9 | +0.131% | $5.05B | $5.63B | 500x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,804.1 | +0.147% | $9.36B | $23.87B | 150x | as long as short |
| SunX BTC-USDT | +0.0089% | 8h | 85,698.1 | +0.023% | $2.9M | $6.1M | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,813.6 | +0.158% | $170.2M | $993.6M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,796.2 | +0.138% | $24.0M | $148.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,800 | +0.142% | $8.4M | $52.1M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,818.7 | +0.164% | $3.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,772 | +0.110% | $198K | $7.8M | 50x | as long as short |
| Hyperliquid BTCshort | +0.0100% | 1h | 85,891 | +0.249% | $3.75B | $4.97B | 40x | |
| Pacifica BTC | +0.0100% | 1h | 85,809 | +0.153% | $40.2M | $574.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,789.9 | +0.131% | $5.34B | $9.56B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,783.9 | +0.124% | $2.58B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,791 | +0.132% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,773.7 | +0.112% | $6.8M | $97.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,814.5 | +0.159% | $5.56B | $10.54B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,708.1 | +0.035% | $35.1M | $172.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,642.5 | −0.041% | $157.0M | $548.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,654 | −0.028% | $279.8M | $920.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,636.8 | −0.048% | $215.1M | $166.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,697 | +0.022% | $140.2M | $315.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,705.2 | +0.032% | $30.3M | $209.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,834.1 | +0.182% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,800 | +0.142% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,810.9 | +0.155% | $192K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,799.6 | +0.142% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,804.3 | +0.147% | $30.1M | $51.0M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,809 | +0.153% | $60.1M | $336.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,681.9 | +0.005% | $628.9M | $439.0M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,787.1 | +0.127% | $44.2M | $226.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,733.7 | +0.065% | — | $106.0M | 500x | as long as short |
| Deribit BTC-PERPETUAL | +0.0107% | 1h | 85,848.9 | +0.199% | $891.8M | $1.52B | 50x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,853.9 | +0.205% | $130.5M | $5.10B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,831.1 | +0.179% | $8.4M | $42.1M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,831.4 | +0.179% | $189.0M | $951.7M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0196% | 1h | 85,727.9 | +0.058% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0179% | 1h | 85,815 | +0.160% | $13.6M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 85,748.8 | +0.083% | $703K | $7.8M | 30x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,823 | +0.169% | $10.5M | $757.5M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,826.2 | +0.173% | $516K | $19.3M | 6.7x | as long as short |
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Phemex BTCUSDT
HTX BTC-USDT
Injective BTC/USDC PERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
SunX BTC-USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
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
Derive BTC-PERP
SoDEX BTC-USD
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Deribit BTC-PERPETUAL
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Kalshi KXBTCPERP
Perpl BTC