Funding you earn now, next payment 22:03 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.046%
Price spread now: Perpl against Hyperliquid−0.233%7-day average −0.019% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.039%+$4 on $10k
+Price spread, last 7 days+0.224%+$22 · spread now −0.233%, 7d avg −0.019%
=Together, before fees+0.264%+ Points / potential airdropHyperliquid: Season 2 · Perpl: Active · farm board+$26 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Perpl is 0.214% cheaper against Hyperliquid than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.019%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.039% in total (about 2.0% a year). A funding rate is set anew for every payment. 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 ETH | 2,780.5 | 0.0100 | pay 0.0013% / 1h | 24m 38s | $3.19B | $2.36B | 25x |
| Short | Perpl ETH | 2,774 | −0.0447 | pay 0.0040% / 43m | 37m 38s | $288K | $6.9M | 8.3x |
Hyperliquid ETH
Perpl ETHFunding history
latest
Range statsloading…
Price spread between the two exchanges
Perpl against Hyperliquid. 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
- −$114.77
- Price spread: −0.233% → −0.019%
- −$21.44
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Perpl: 6.9 bp × 2 orders
- −$13.8
- Net
- −$159.01
- Costs to cover
- 0.228%
- Break-even
- never at this rate
Slippage unknown: Hyperliquid: live order book, 10 min ago; Perpl: no order-book sample. Net counts fees only.
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, 10 min ago | 0.18 bp | 4.7 bp −$5 | 4.7 bp −$47 | 4.9 bp −$487 | 6.5 bp −$3,239 |
| Sell Perpl no order-book sample | — | — | — | — | — |
Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
ETH on 55 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 ETHshort | −0.0447% | 43m | 2,774 | −0.233% | $288K | $6.9M | 8.3x | |
| RISEx ETH/USDC | −0.0085% | 1h | 2,776.2 | −0.154% | $5.8M | $12.0M | 25x | as long as short |
| Hotstuff ETH-PERP | −0.0080% | 1h | 2,771.8 | −0.313% | $5K | $2K | 50x | as long as short |
| Injective ETH/USDC PERP | −0.0041% | 1h | 2,771.8 | −0.313% | $119K | $22.5M | 52x | as long as short |
| 01 Exchange ETHUSD | −0.0040% | 1h | 2,777.3 | −0.115% | $169K | $1.2M | 50x | as long as short |
| Aftermath Perps ETHUSD | −0.0014% | 1h | 2,773.6 | −0.249% | $29K | $22K | 20x | as long as short |
| dYdX ETH-USD | 0.0000% | 1h | 2,777.6 | −0.103% | $12.7M | $45.5M | 50x | as long as short |
| Phoenix ETH | 0.0000% | 1h | 2,773.9 | −0.237% | $885K | $3.7M | 25x | as long as short |
| gTrade (Gains Network) ETH/USD | L +0.0006% / S −0.0006% | 1h | 2,775.8 | −0.168% | $22.4M | — | 200x | as long as short |
| BingX ETH-USDC | +0.0016% | 8h | 2,776.9 | −0.128% | — | $17.4M | — | as long as short |
RISEx ETH/USDC
Hotstuff ETH-PERP
Injective ETH/USDC PERP
01 Exchange ETHUSD
Aftermath Perps ETHUSD
dYdX ETH-USD
Phoenix ETH
gTrade (Gains Network) ETH/USD
BingX ETH-USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex ETHUSDT | +0.0021% | 8h | 2,775.5 | −0.180% | $269.8M | $68.7M | 150x | as long as short |
| OKX ETH-USDT-SWAP | +0.0021% | 8h | 2,776.5 | −0.143% | $1.70B | $11.89B | 100x | as long as short |
| GMX ETH/USD [ETH-USDC] | L +0.0027% / S +0.0009% | 1h | 2,775.7 | −0.173% | $13.0M | — | 200x | as long as short |
| Aster ETHUSDT | +0.0033% | 8h | 2,777.1 | −0.123% | $256.3M | $991.4M | 200x | as long as short |
| Bullet ETH-USD | +0.0037% | 1h | 2,774.7 | −0.209% | $181K | $1.7M | 20x | as long as short |
| MEXC ETH_USDT | +0.0060% | 8h | 2,777.4 | −0.111% | $1.62B | $2.67B | 500x | as long as short |
| Binance ETHUSDT | +0.0060% | 8h | 2,777.1 | −0.121% | $6.43B | $17.19B | 150x | as long as short |
| Nado ETH-PERP | +0.0060% | 1h | 2,772.8 | −0.277% | $14.3M | $118.1M | 50x | as long as short |
| Aevo ETH-PERP | +0.0064% | 1h | 2,772.4 | −0.291% | $5.0M | $636K | 20x | as long as short |
| Bitget ETHUSDT | +0.0071% | 8h | 2,776.4 | −0.146% | $2.10B | $3.10B | 150x | as long as short |
| Gate ETH_USDT | +0.0073% | 8h | 2,776.9 | −0.128% | $3.29B | $9.63B | 200x | as long as short |
| ApeX Omni ETHUSDT | +0.0073% | 1h | 2,772.4 | −0.290% | $8.8M | $32.6M | 100x | as long as short |
| SoDEX ETH-USD | +0.0076% | 1h | 2,774.7 | −0.209% | $55.2M | $228.9M | 40x | as long as short |
| Bybit ETHUSDT | +0.0093% | 8h | 2,776.9 | −0.128% | $2.52B | $4.61B | 150x | as long as short |
| HTX ETH-USDT | +0.0094% | 8h | 2,774.5 | −0.216% | $1.08B | $1.32B | 200x | as long as short |
| Lighter ETH | +0.0096% | 1h | 2,778.5 | −0.073% | $115.1M | $500.6M | 50x | as long as short |
| Lighter RH ETH | +0.0096% | 1h | 2,780 | −0.020% | $25.4M | $121.5M | 50x | as long as short |
| Jupiter Perps ETH-PERP | L +0.0096% / S +0.0048% | 1h | 2,773.4 | −0.254% | — | $41.6M | 500x | as long as short |
| Deribit ETH-PERPETUAL | +0.0096% | 1h | 2,776.5 | −0.145% | $258.3M | $222.1M | 50x | as long as short |
| KuCoin ETHUSDTM | +0.0097% | 8h | 2,778.1 | −0.088% | $423.9M | $739.4M | 100x | as long as short |
| Paradex ETH-USD-PERP | +0.0100% | 8h | 2,777.4 | −0.113% | $16.0M | $10.5M | 50x | as long as short |
| Katana Perps ETH-USD | +0.0100% | 8h | 2,777 | −0.126% | $477K | $2.7M | 50x | as long as short |
| Hyperliquid ETHlong | +0.0100% | 1h | 2,780.5 | long leg | $3.19B | $2.36B | 25x | |
| Pacifica ETH | +0.0100% | 1h | 2,778.3 | −0.078% | $31.2M | $299.8M | 50x | as long as short |
| Ondo Perps ETH-USD.P | +0.0100% | 1h | 2,776.7 | −0.137% | $2.8M | $17.0M | 25x | as long as short |
| Arcus ETH-USD | +0.0100% | 1h | 2,778.2 | −0.083% | $2.7M | $17.5M | 25x | as long as short |
| Bulk ETH-USD | +0.0100% | 1h | 2,767.4 | −0.470% | $166.0M | $246.7M | 25x | as long as short |
| Backpack ETH_USDC_PERP | +0.0100% | 1h | 2,775.8 | −0.168% | $15.2M | $44.6M | 50x | as long as short |
| Variational Omni ETH | +0.0100% | 8h | 2,771.9 | −0.309% | $137.1M | $324.4M | — | as long as short |
| edgeX ETHUSDC | +0.0100% | 4h | 2,770.7 | −0.352% | $181.3M | $782.1M | 100x | as long as short |
| GRVT ETH_USDT_Perp | +0.0100% | 8h | 2,772.9 | −0.272% | $161.3M | $91.2M | 50x | as long as short |
| StandX ETH-USD | +0.0100% | 1h | 2,774.6 | −0.212% | $21.4M | $58.1M | 40x | as long as short |
| Vest ETH-PERP | +0.0100% | 1h | 2,774.5 | −0.217% | — | $1.1M | 50x | as long as short |
| Polymarket Perps ETH-USD | +0.0100% | 1h | 2,776 | −0.162% | $10.8M | $7.6M | 50x | as long as short |
| Bluefin ETH-PERP | +0.0100% | 1h | 2,775.7 | −0.172% | $21K | $25K | 25x | as long as short |
| Derive ETH-PERP | +0.0100% | 1h | 2,777 | −0.126% | $42.7M | $29.4M | 15x | as long as short |
| SunX ETH-USDT | +0.0100% | 8h | 2,773 | −0.270% | $971K | $14.0M | 100x | as long as short |
| Extended ETH-USD | +0.0104% | 1h | 2,775.7 | −0.171% | $32.8M | $77.4M | 50x | as long as short |
| Coinbase International ETH-PERP-INTX | +0.0104% | 1h | 2,776.1 | −0.158% | $60.1M | $4.60B | 50x | as long as short |
| Kalshi KXETHPERP | +0.0123% | 8h | 2,774.5 | −0.216% | $8.4M | $678.1M | 4.9x | as long as short |
| Orderly PERP_ETH_USDC | +0.0136% | 8h | 2,777.5 | −0.109% | $32.6M | $12.0M | 100x | as long as short |
| Kraken Futures PF_ETHUSD | +0.0170% | 1h | 2,775.9 | −0.166% | $86.0M | $331.7M | 100x | as long as short |
| BloFin ETH-USDT | +0.0180% | 8h | 2,774.5 | −0.217% | $285.6M | $194.6M | 150x | as long as short |
| Reya ETHRUSDPERP | +0.0191% | 1h | 2,774.5 | −0.216% | $7.4M | $1.2M | 25x | as long as short |
| Hibachi ETH/USDT-P | +0.0192% | 1h | 2,775.1 | −0.193% | $271K | $1.5M | 20x | as long as short |
Phemex ETHUSDT
OKX ETH-USDT-SWAP
GMX ETH/USD [ETH-USDC]
Aster ETHUSDT
Bullet ETH-USD
MEXC ETH_USDT
Binance ETHUSDT
Nado ETH-PERP
Aevo ETH-PERP
Bitget ETHUSDT
Gate ETH_USDT
ApeX Omni ETHUSDT
SoDEX ETH-USD
Bybit ETHUSDT
HTX ETH-USDT
Lighter ETH
Lighter RH ETH
Jupiter Perps ETH-PERP
Deribit ETH-PERPETUAL
KuCoin ETHUSDTM
Paradex ETH-USD-PERP
Katana Perps ETH-USD
Pacifica ETH
Ondo Perps ETH-USD.P
Arcus ETH-USD
Bulk ETH-USD
Backpack ETH_USDC_PERP
Variational Omni ETH
edgeX ETHUSDC
GRVT ETH_USDT_Perp
StandX ETH-USD
Vest ETH-PERP
Polymarket Perps ETH-USD
Bluefin ETH-PERP
Derive ETH-PERP
SunX ETH-USDT
Extended ETH-USD
Coinbase International ETH-PERP-INTX
Kalshi KXETHPERP
Orderly PERP_ETH_USDC
Kraken Futures PF_ETHUSD
BloFin ETH-USDT
Reya ETHRUSDPERP
Hibachi ETH/USDT-P