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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 UTC+0.0083%/8h= +9.0% APRnext payment +$0.10 per $10,000 · paid last 24h +0.031%
Price spread now: Hyperliquid against Phoenix−0.036%61s7-day average −0.055% · you buy dearer than you sell
Net, funding: paid 7d − costs−$16as 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−$180.175% of the position
Long on PhoenixShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.014%+$1 on $10k
Price spread, last 7 days−0.042%−$4 · spread now −0.036%, 7d avg −0.055%
Together, before fees−0.028%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.055%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,741.10.0017pay 0.0002% / 1h58m 14s$847K$2.9M25x
ShortHyperliquid ETH2,740.10.0100get 0.0013% / 1h58m 14s$3.11B$2.06B25x

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

Profit calculator

Funding earned
$17.33
Price spread: −0.036% → −0.055%
$1.84
Slippage, 4 orders
−$1.54
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$1.63
Costs to cover
0.175%
Break-even
6.3 days
Slippage from Phoenix: live order book, 5 min ago; Hyperliquid: live order book, 6 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 Phoenix live order book, 5 min ago0.18 bp4.3 bp −$48.4 bp −$8421.9 bp −$2,192doesn't fit
Sell Hyperliquid live order book, 6 min ago0.18 bp4.7 bp −$54.9 bp −$496.3 bp −$6288.1 bp −$4,051

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
Injective ETH/USDC PERP−0.0141%1h2,738.7−0.088%$118K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,740.6−0.018%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,738−0.112%$12.0M—200xas long as short
dYdX ETH-USD0.0000%1h2,740.1−0.037%$10.8M$41.7M50xas long as short
Perpl ETH0.0000%43m2,739.7−0.051%$301K$5.5M8.3xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,738−0.112%$25.3M—200xas long as short
01 Exchange ETHUSD+0.0008%1h2,738.8−0.084%$182K$834K50xas long as short
Phoenix ETHlong+0.0017%1h2,741.1long leg$847K$2.9M25x
SoDEX ETH-USD+0.0027%1h2,737.3−0.139%$54.5M$187.6M40xas long as short
ApeX Omni ETHUSDT+0.0039%1h2,740.1−0.038%$8.8M$30.7M100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Backpack ETH_USDC_PERP+0.0050%1h2,739−0.078%$15.0M$39.5M50xas long as short
BingX ETH-USDT+0.0054%8h2,737.3−0.140%—$1.14B—as long as short
OKX ETH-USDT-SWAP+0.0069%8h2,736.2−0.179%$1.69B$10.55B100xas long as short
KuCoin ETHUSDTM+0.0071%8h2,737.7−0.123%$380.9M$573.3M100xas long as short
Aster ETHUSDT+0.0082%8h2,738−0.112%$253.3M$840.5M200xas long as short
Bullet ETH-USD+0.0084%1h2,737.8−0.122%$181K$1.7M20xas long as short
Aevo ETH-PERP+0.0088%1h2,735.3−0.212%$4.9M$154K20xas long as short
MEXC ETH_USDT+0.0090%8h2,737.8−0.119%$1.56B$2.51B500xas long as short
Binance ETHUSDT+0.0090%8h2,736.6−0.165%$6.36B$15.69B150xas long as short
Lighter ETH+0.0096%1h2,736.8−0.156%$112.4M$429.5M50xas long as short
Lighter RH ETH+0.0096%1h2,738.2−0.105%$24.6M$102.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,740.7−0.014%—$30.4M500xas long as short
RISEx ETH/USDC+0.0099%1h2,739.4−0.063%$5.6M$11.4M25xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,743.8+0.100%$15.9M$8.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,738.9−0.080%$493K$3.1M50xas long as short
HTX ETH-USDT+0.0100%8h2,736.7−0.161%$1.06B$1.18B200xas long as short
Nado ETH-PERP+0.0100%1h2,738.2−0.106%$13.9M$104.6M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,740.1−0.036%$3.11B$2.06B25x
Pacifica ETH+0.0100%1h2,740.5−0.023%$31.7M$335.1M50xas long as short
Bybit ETHUSDT+0.0100%8h2,736.1−0.183%$2.43B$4.18B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,740.3−0.029%$2.7M$16.9M25xas long as short
Arcus ETH-USD+0.0100%1h2,739.6−0.056%$2.8M$16.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,739.7−0.050%$165.8M$302.8M25xas long as short
Gate ETH_USDT+0.0100%8h2,738−0.112%$3.39B$8.65B200xas long as short
Bitget ETHUSDT+0.0100%8h2,737.6−0.129%$2.08B$2.72B150xas long as short
Variational Omni ETH+0.0100%8h2,739−0.078%$133.0M$324.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,738.7−0.086%$182.0M$667.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,739.9−0.045%$159.3M$83.5M50xas long as short
StandX ETH-USD+0.0100%1h2,739.3−0.066%$21.2M$69.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,739.5−0.058%—$843K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,739.3−0.066%$10.9M$8.8M50xas long as short
Derive ETH-PERP+0.0100%1h2,739.1−0.073%$41.4M$29.7M15xas long as short
SunX ETH-USDT+0.0100%8h2,737.5−0.130%$960K$11.4M100xas long as short
Phemex ETHUSDT+0.0100%8h2,736.8−0.155%$265.9M$65.1M150xas long as short
Extended ETH-USD+0.0104%1h2,736.7−0.162%$30.6M$72.3M50xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,739−0.078%$54.0M$4.25B50xas long as short
Aftermath Perps ETHUSD+0.0137%1h2,740.7−0.015%$30K$20K20xas long as short
Deribit ETH-PERPETUAL+0.0137%1h2,738.6−0.091%$260.0M$194.8M50xas long as short
Kalshi KXETHPERP+0.0158%8h2,739.6−0.055%$7.6M$672.4M4.9xas long as short
Orderly PERP_ETH_USDC+0.0195%8h2,739.7−0.052%$32.2M$11.4M100xas long as short
BloFin ETH-USDT+0.0210%8h2,739.4−0.062%$285.5M$177.8M150xas long as short
Kraken Futures PF_ETHUSD+0.0222%1h2,737.7−0.124%$86.0M$309.7M100xas long as short
Reya ETHRUSDPERP+0.0225%1h2,737.1−0.147%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0248%1h2,739.1−0.072%$251K$1.4M20xas long as short
Bluefin ETH-PERP+0.3321%1h2,765.3+0.882%$21K$20K25xas long as short