Funding you earn now, next payment 03:00 UTC−0.0369%/8h= −40.4% APRnext payment −$0.46 per $10,000 · paid last 24h −0.010%
Price spread now: Hyperliquid against Phoenix+0.560%81s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.088%−$9 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
The price spread pays, funding is against you. Hyperliquid is 0.560% dearer against Phoenix than usual: you sell high and buy low (spread +0.560% now, against zero (this spread has no 7-day history yet)): +$56 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 5.1 days. At the pace of the last 7 days (−0.088% in total) that is about 44 days. The two prices were read 81 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.088% in total (about -4.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.46 per $10,000. 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 | Phoenix FET | 0.2016 | 0.0505 | pay 0.0063% / 1h | 32m 04s | $35K | $39K | 5x |
| Short | Hyperliquid FET | 0.2028 | 0.0136 | get 0.0017% / 1h | 32m 04s | $8.8M | $8.5M | 5x |
Phoenix FET
Hyperliquid FETFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$77.42
- Price spread: +0.560% → 0.000%
- $56.04
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$37.38
- Costs to cover
- 0.160%
- Break-even
- from the start
Slippage unknown: Phoenix: no order-book sample; Hyperliquid: live order book, 10 min ago. 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Hyperliquid live order book, 10 min ago | 1.98 bp | 9.7 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
Phoenix: 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.
FET on 20 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 FET_USDC-PERPETUAL | −0.3195% | 1h | 0.2025 | +0.431% | $38K | $307K | 10x | as long as short |
| Coinbase International FET-PERP-INTX | −0.0984% | 1h | 0.2025 | +0.431% | $147K | $239K | 50x | as long as short |
| Kraken Futures PF_FETUSD | −0.0453% | 1h | 0.2027 | +0.538% | $1.0M | $2.2M | 50x | as long as short |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0011% | 1h | 0.2022 | +0.307% | $34K | — | 150x | as long as short |
| Injective FET/USDC PERP | +0.0033% | 1h | 0.2010 | −0.312% | $3K | $166K | 12x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2022 | +0.298% | $201K | $805K | 10x | as long as short |
| Binance FETUSDT | +0.0100% | 8h | 0.2026 | +0.478% | $31.1M | $113.7M | 75x | as long as short |
| Gate FET_USDT | +0.0100% | 8h | 0.2024 | +0.382% | $2.7M | $12.5M | 50x | as long as short |
| MEXC FET_USDT | +0.0100% | 8h | 0.2025 | +0.431% | $31.2M | $24.3M | 200x | as long as short |
| KuCoin FETUSDTM | +0.0100% | 8h | 0.2025 | +0.431% | $10.7M | $18.9M | 50x | as long as short |
Deribit FET_USDC-PERPETUAL
Coinbase International FET-PERP-INTX
Kraken Futures PF_FETUSD
gTrade (Gains Network) FET/USD
Injective FET/USDC PERP
Aster FETUSDT
Binance FETUSDT
Gate FET_USDT
MEXC FET_USDT
KuCoin FETUSDTMShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni FET | +0.0100% | 8h | 0.2005 | −0.553% | $336K | $423K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2022 | +0.283% | $38K | $7K | 10x | as long as short |
| Extended FET-USD | +0.0104% | 1h | 0.2024 | +0.389% | $33K | $254K | 10x | as long as short |
| Hyperliquid FETshort | +0.0136% | 1h | 0.2028 | +0.560% | $8.8M | $8.5M | 5x | |
| GMX FET/USD [ETH-USDC] | L +0.0201% / S −0.0278% | 1h | 0.2023 | +0.308% | $14K | — | 100x | as long as short |
| OKX FET-USDT-SWAP | +0.0212% | 4h | 0.2029 | +0.630% | $1.0M | $8.3M | 20x | as long as short |
| BloFin FET-USDT | +0.0220% | 8h | 0.2018 | +0.084% | $1.7M | $3.1M | 100x | as long as short |
| BingX FET-USDT | +0.0297% | 8h | 0.2027 | +0.531% | — | $6.0M | — | as long as short |
| Bitget FETUSDT | +0.0301% | 8h | 0.2027 | +0.531% | $16.4M | $11.9M | 75x | as long as short |
| Phoenix FETlong | +0.0505% | 1h | 0.2016 | long leg | $35K | $39K | 5x |
Variational Omni FET
Orderly PERP_FET_USDC
Extended FET-USD
GMX FET/USD [ETH-USDC]
OKX FET-USDT-SWAP
BloFin FET-USDT
BingX FET-USDT
Bitget FETUSDT