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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.032%
Price spread now: Phemex against Hyperliquid−0.038%7-day average −0.072% · you buy dearer than you sell
Net, funding: paid 7d − costs−$32as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$220.215% of the position
Long on HyperliquidShort on Phemex
What this pair did over the last
the charts below follow
Funding, last 7 days−0.106%−$11 on $10k
Price spread, last 3 days (all we have)−0.045%−$5 · spread now −0.038%, 7d avg −0.072%
Together, before fees−0.151%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.034% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.072%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHyperliquid ETH2,747.50.0100pay 0.0013% / 1h11m 50s$3.13B$2.11B25x
ShortPhemex ETHUSDT2,746.50.0100get 0.0100% / 8h6h 11m$267.3M$66.1M150x

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

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$0
Price spread: −0.038% → −0.072%
$3.39
Slippage, 4 orders
−$0.53
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Fee Phemex: 6 bp × 2 orders
−$12
Net
−$18.14
Costs to cover
0.215%
Break-even
never at this rate
Slippage from Hyperliquid: live order book, 12 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
LegHalf-spread$10k$100k$1M$5M
Buy Hyperliquid live order book, 12 min ago0.18 bp4.7 bp −$54.7 bp −$475.3 bp −$5327.2 bp −$3,613
Sell Phemex live order book, 2 min ago0.02 bp6.0 bp −$68.0 bp −$8011.1 bp −$1,11414.7 bp −$7,364

ETH on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0112%43m2,746.8−0.027%$310K$5.9M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,746.8−0.027%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,747.4−0.004%$5.7M$11.4M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0009% / S +0.0043%1h2,747−0.021%$12.2M—200xas long as short
Phoenix ETH−0.0006%1h2,748.5+0.035%$848K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,745.2−0.084%$10.8M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,747.3−0.010%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0032%1h2,747.6+0.002%$182K$1.1M50xas long as short
BingX ETH-USDC+0.0038%8h2,745.3−0.083%—$18.5M—as long as short
OKX ETH-USDT-SWAP+0.0051%8h2,744.4−0.113%$1.69B$10.92B100xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
ApeX Omni ETHUSDT+0.0061%1h2,746.4−0.042%$8.8M$31.5M100xas long as short
HTX ETH-USDT+0.0066%8h2,746.6−0.035%$1.06B$1.20B200xas long as short
KuCoin ETHUSDTM+0.0067%8h2,746−0.055%$371.2M$609.4M100xas long as short
Aster ETHUSDT+0.0070%8h2,746.3−0.045%$253.6M$858.2M200xas long as short
Aevo ETH-PERP+0.0080%1h2,745.1−0.089%$4.9M$168K20xas long as short
MEXC ETH_USDT+0.0081%8h2,745.9−0.059%$1.58B$2.57B500xas long as short
Binance ETHUSDT+0.0082%8h2,745.1−0.090%$6.38B$16.20B150xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,747.4−0.007%$58.7M$4.33B50xas long as short
Gate ETH_USDT+0.0089%8h2,746.2−0.047%$3.39B$8.93B200xas long as short
Aftermath Perps ETHUSD+0.0096%1h2,748.5+0.035%$30K$20K20xas long as short
Lighter ETH+0.0096%1h2,745.4−0.080%$112.9M$444.5M50xas long as short
Lighter RH ETH+0.0096%1h2,747.1−0.015%$24.8M$107.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,747−0.021%—$35.6M500xas long as short
Bitget ETHUSDT+0.0098%8h2,745.5−0.075%$2.08B$2.84B150xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,751.2+0.135%$16.3M$8.1M50xas long as short
Bullet ETH-USD+0.0100%1h2,746.6−0.034%$182K$1.7M20xas long as short
Katana Perps ETH-USD+0.0100%8h2,746.2−0.049%$477K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,746.5−0.039%$14.0M$112.2M50xas long as short
Hyperliquid ETHlong+0.0100%1h2,747.5long leg$3.13B$2.11B25x
Pacifica ETH+0.0100%1h2,745.6−0.071%$31.7M$334.3M50xas long as short
Bybit ETHUSDT+0.0100%8h2,744.7−0.102%$2.46B$4.31B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,745.8−0.063%$2.8M$17.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,747.8+0.008%$2.8M$16.4M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,745.9−0.061%$15.0M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,747.1−0.016%$133.1M$345.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,746.2−0.048%$181.6M$705.1M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,747.4−0.007%$159.8M$82.9M50xas long as short
StandX ETH-USD+0.0100%1h2,747.9+0.013%$21.3M$69.2M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,747.2−0.012%$10.7M$8.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,747.1−0.015%$21K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,748.2+0.026%$41.7M$29.5M15xas long as short
SunX ETH-USDT+0.0100%8h2,746.8−0.025%$963K$12.3M100xas long as short
SoDEX ETH-USD+0.0100%1h2,746.3−0.045%$54.7M$187.7M40xas long as short
Phemex ETHUSDTshort+0.0100%8h2,746.5−0.038%$267.3M$66.1M150x
Bulk ETH-USD+0.0100%1h2,747.7+0.004%$164.0M$301.0M25xas long as short
Vest ETH-PERP+0.0100%1h2,747.7+0.006%—$865K50xas long as short
Extended ETH-USD+0.0104%1h2,745.5−0.076%$30.5M$73.4M50xas long as short
Kalshi KXETHPERP+0.0146%8h2,747.5−0.001%$7.7M$672.7M4.9xas long as short
Orderly PERP_ETH_USDC+0.0175%8h2,749.4+0.068%$32.3M$11.2M100xas long as short
Deribit ETH-PERPETUAL+0.0176%1h2,747.9+0.012%$258.6M$200.0M50xas long as short
Injective ETH/USDC PERP+0.0209%1h2,746.5−0.038%$118K$22.5M52xas long as short
Hibachi ETH/USDT-P+0.0216%1h2,748.1+0.022%$250K$1.5M20xas long as short
Reya ETHRUSDPERP+0.0222%1h2,746.4−0.041%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,747−0.020%$88.6M$317.0M100xas long as short