Funding arb · Price arb /

DOT

all DOT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0183%/8h= +20.0% APRpaid last 24h +0.116%

Price spread now: Phemex against Hyperliquid+0.108%7-day average +0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$590.594% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.777%+$78 on $10k

Price spread, last 3 days (all we have)−0.003%$0 · spread now +0.108%, 7d avg +0.166%

Together, before fees+0.775%+ Points / potential airdropHyperliquid: Season 2 · farm board+$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.058% cheaper against Hyperliquid than usual: you would sell low and buy high (spread +0.108% now, against its 7-day average of +0.166%). If the spread goes back, that is −$6 on $10k: about 25 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.777% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid DOT	1.2067	0.0100	pay 0.0013% / 1h	16m 10s	$5.3M	$3.5M	10x
Short	Phemex DOTUSDT	1.2080	0.0283	get 0.0283% / 8h	16m 10s	$2.3M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.108%Rate

Funding earned: $38.37
Price spread: +0.108% → +0.166%: −$5.8
Slippage, 4 orders: −$38.39
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$26.82
Costs to cover: 0.594%
Break-even: 11.9 days

Slippage from Hyperliquid: live order book, 6 min ago; Phemex: live order book, 2 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, 6 min ago	1.65 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	4.13 bp	17.4 bp −$17	42.8 bp −$428	116.5 bp −$11.6K	doesn't fit

DOT on 29 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
Deribit DOT_USDC-PERPETUAL	−0.1156%	1h	1.2075	+0.066%	$221K	$117K	50x	as long as short
Reya DOTRUSDPERP	−0.0166%	1h	1.2057	−0.087%	$261	—	—	as long as short
Coinbase International DOT-PERP-INTX	−0.0056%	1h	1.2080	+0.108%	$207K	$1.8M	50x	as long as short
dYdX DOT-USD	0.0000%	1h	1.2081	+0.116%	$145K	$6K	10x	as long as short
gTrade (Gains Network) DOT/USD	L 0.0000% / S +0.0004%	1h	1.2069	+0.015%	$5K	—	150x	as long as short
OKX DOT-USDT-SWAP	+0.0016%	8h	1.2062	−0.041%	$9.5M	$24.2M	50x	as long as short
Kraken Futures PF_DOTUSD	+0.0032%	1h	1.2075	+0.068%	$4.5M	$1.4M	50x	as long as short
Injective DOT/USDC PERP	+0.0033%	1h	1.2020	−0.389%	$328	$121K	12x	as long as short
KuCoin DOTUSDTM	+0.0053%	8h	1.2064	−0.025%	$6.8M	$8.9M	75x	as long as short
Lighter DOT	+0.0096%	1h	1.2066	−0.007%	$246K	$605K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid DOTlong	+0.0100%	1h	1.2067	long leg	$5.3M	$3.5M	10x
Aster DOTUSDT	+0.0100%	8h	1.2075	+0.067%	$879K	$691K	50x	as long as short
Binance DOTUSDT	+0.0100%	8h	1.2063	−0.036%	$44.6M	$83.1M	75x	as long as short
Bybit DOTUSDT	+0.0100%	8h	1.2058	−0.075%	$24.8M	$18.6M	75x	as long as short
Gate DOT_USDT	+0.0100%	8h	1.2070	+0.025%	$6.8M	$11.8M	75x	as long as short
MEXC DOT_USDT	+0.0100%	8h	1.2065	−0.017%	$33.0M	$40.6M	300x	as long as short
Bitget DOTUSDT	+0.0100%	8h	1.2060	−0.058%	$23.1M	$14.8M	75x	as long as short
BingX DOT-USDC	+0.0100%	8h	1.2066	−0.008%	—	$1.3M	—	as long as short
Backpack DOT_USDC_PERP	+0.0100%	1h	1.2065	−0.017%	$96K	$131K	10x	as long as short
Variational Omni DOT	+0.0100%	8h	1.2065	−0.019%	$549K	$61K	—	as long as short
edgeX DOTUSDC	+0.0100%	4h	1.2096	+0.237%	$35K	$334K	20x	as long as short
GRVT DOT_USDT_Perp	+0.0100%	8h	1.2102	+0.292%	$234K	$457K	10x	as long as short
Orderly PERP_DOT_USDC	+0.0100%	8h	1.2070	+0.025%	$8K	$23K	10x	as long as short
SunX DOT-USDT	+0.0100%	8h	1.2086	+0.157%	$2K	$1.3M	20x	as long as short
HTX DOT-USDT	+0.0100%	8h	1.2078	+0.091%	$249K	$220K	75x	as long as short
Extended DOT-USD	+0.0104%	1h	1.2061	−0.052%	$15K	$235K	25x	as long as short
BloFin DOT-USDT	+0.0220%	8h	1.2077	+0.083%	$2.3M	$787K	75x	as long as short
Phemex DOTUSDTshort	+0.0283%	8h	1.2080	+0.108%	$2.3M	$2.1M	50x
GMX DOT/USD [WBTC.b-USDC]	L +0.0303% / S −0.1012%	1h	1.2068	+0.009%	$22K	—	100x	as long as short