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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 23:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.028%
Price spread now: Hyperliquid against Phemex+0.100%7-day average +0.071% · you sell dearer than you buy
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$220.216% of the position
Long on PhemexShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.107%+$11 on $10k
Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.100%, 7d avg +0.071%
Together, before fees+0.087%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.029% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.071%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,777.90.0008pay 0.0008% / 8h1h 39m$270.2M$68.5M150x
ShortHyperliquid ETH2,780.70.0100get 0.0013% / 1h39m 09s$3.19B$2.36B25x

Funding 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

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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
$19.3
Price spread: +0.100% → +0.071%
$2.91
Slippage, 4 orders
−$0.58
Fee Phemex: 6 bp × 2 orders
−$12
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$0.63
Costs to cover
0.216%
Break-even
6.8 days
Slippage from Phemex: live order book, 5 min ago; Hyperliquid: live order book, 5 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 Phemex live order book, 5 min ago0.02 bp6.0 bp −$67.6 bp −$7611.3 bp −$1,12814.9 bp −$7,453
Sell Hyperliquid live order book, 5 min ago0.18 bp4.7 bp −$54.7 bp −$476.7 bp −$6668.9 bp −$4,470

ETH on 55 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−0.0447%43m2,777.5−0.015%$289K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,777.2−0.027%$5.8M$12.1M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,778+0.003%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,779.2+0.046%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0032%1h2,778+0.003%$169K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0025%1h2,778.4+0.017%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,780+0.074%$12.7M$45.5M50xas long as short
Phoenix ETH0.0000%1h2,781.4+0.126%$885K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,778.2+0.012%$22.4M—200xas long as short
Phemex ETHUSDTlong+0.0008%8h2,777.9long leg$270.2M$68.5M150x
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDC+0.0015%8h2,777.9−0.001%—$17.4M—as long as short
OKX ETH-USDT-SWAP+0.0019%8h2,778.2+0.009%$1.71B$11.84B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,778+0.004%$13.2M—200xas long as short
Aster ETHUSDT+0.0039%8h2,779.5+0.058%$256.9M$989.8M200xas long as short
Bullet ETH-USD+0.0040%1h2,777.4−0.019%$182K$1.8M20xas long as short
Nado ETH-PERP+0.0052%1h2,777.5−0.015%$14.3M$117.8M50xas long as short
MEXC ETH_USDT+0.0061%8h2,778.3+0.015%$1.62B$2.65B500xas long as short
Binance ETHUSDT+0.0062%8h2,778.3+0.012%$6.45B$17.10B150xas long as short
Aevo ETH-PERP+0.0064%1h2,774.9−0.108%$5.0M$636K20xas long as short
Bitget ETHUSDT+0.0073%8h2,778.3+0.013%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0076%8h2,778.3+0.014%$3.29B$9.57B200xas long as short
Deribit ETH-PERPETUAL+0.0092%1h2,779.2+0.046%$258.4M$221.7M50xas long as short
Lighter ETH+0.0096%1h2,779.2+0.048%$115.2M$497.8M50xas long as short
Lighter RH ETH+0.0096%1h2,779.9+0.071%$25.4M$120.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,779.9+0.073%—$41.5M500xas long as short
Bybit ETHUSDT+0.0096%8h2,778.2+0.010%$2.52B$4.59B150xas long as short
HTX ETH-USDT+0.0096%8h2,777.6−0.013%$1.08B$1.32B200xas long as short
SoDEX ETH-USD+0.0099%1h2,777.7−0.008%$55.3M$228.8M40xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,778.7+0.029%$16.0M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,778.1+0.007%$482K$2.7M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,780.7+0.100%$3.19B$2.36B25x
Pacifica ETH+0.0100%1h2,778.9+0.036%$31.4M$297.6M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,777.2−0.026%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,779.4+0.054%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,781.3+0.123%$166.9M$248.1M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,777.9−0.002%$426.3M$737.7M100xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,778.8+0.030%$15.2M$44.0M50xas long as short
Variational Omni ETH+0.0100%8h2,781.7+0.137%$135.5M$322.3M—as long as short
edgeX ETHUSDC+0.0100%4h2,780.9+0.108%$180.2M$779.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,779.5+0.056%$161.7M$92.5M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,781+0.110%$8.7M$32.6M100xas long as short
StandX ETH-USD+0.0100%1h2,780.7+0.100%$21.5M$57.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,778.8+0.032%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,779.2+0.046%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,778.3+0.015%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,779.8+0.066%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,776.8−0.040%$973K$14.0M100xas long as short
Extended ETH-USD+0.0104%1h2,776.8−0.040%$31.6M$74.6M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,779.1+0.044%$60.3M$4.60B50xas long as short
Kalshi KXETHPERP+0.0114%8h2,779.7+0.064%$8.6M$673.1M4.9xas long as short
Hibachi ETH/USDT-P+0.0120%1h2,782.2+0.154%$279K$1.5M20xas long as short
Orderly PERP_ETH_USDC+0.0138%8h2,780.1+0.077%$32.6M$12.0M100xas long as short
Kraken Futures PF_ETHUSD+0.0169%1h2,779.1+0.043%$86.3M$330.4M100xas long as short
BloFin ETH-USDT+0.0182%8h2,778.4+0.018%$285.3M$194.6M150xas long as short
Reya ETHRUSDPERP+0.0189%1h2,777.6−0.012%$7.4M$1.1M25xas long as short