Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 7.7350 | +0.0100 | pay 0.0100% / 8h | 6h 45m | $1.6M | $2.6M | 50x | Long Phemex | |
| SHORT | 7.7388 | +0.0100 | get 0.0013% / 1h | 45m 07s | $10.0M | $4.3M | 5x | Short Hyperliquid4% off |
Price gap+0.049%
Funding gap0.0000% /8h
Funding is ≈ 0, so this is a price-spread trade: +$10 on $10k if the gap goes back to its 7d average.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$2740.0000% /8h now · paid −2.741% over the last 7D
Price+$10spread +0.049% now, avg −0.050% → +0.099% if it goes back
Costsdoesn’t fit$10k a leg is deeper than the books hold
Result, before costs−$264−2.64%+ Points / potential airdropHyperliquid: Season 2 · farm boardcosts unknown: book too thin at $10k · What the last 7D really paid, hour by hour → backtest
Funding history
you earnyou payavg
RANGE STATS · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.
Price spread between the two exchanges
Hyperliquid price against Phemexnow
RANGE STATS · 7D
Now+0.049%
Average—
Range—
Wider than now—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hINJ on 24 exchanges
lowest funding firstBefore you open
2 ok · 4 to watch- Watch: Thin at this size25.3 / 8.4 bpAt $10k entering Phemex costs 25.3 bp, fee and slippage, 3.0× Hyperliquid’s.
- Note: Margin at max leverage$200 + $2,000Phemex 50x, Hyperliquid 5x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- Watch: Payment intervals differ8h / 1hPayments land at different times. Close right after the slower leg pays.Next 24h at the current rates, on $10k a leg: $0.00Long Phemex: 3 payments, −$3.00; short Hyperliquid: 24 payments, +$3.00.
- OK: Entry gap works for you+0.049% vs −0.050%You short the dearer leg. If the gap goes back to average, the short gains.
- Watch: Long leg is thinner$1.6M vs $10.0M OIPhemex sets your exit cost. Check its book before closing.
- OK: Points on a legHyperliquid Season 2Volume here counts toward the points program.
- Watch: KYCPhemex Yes · Hyperliquid NoKYC unlocks spot and futures trading; an unverified account cannot withdraw at all.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.1431%/8h × 21 periods−$300.51
Price spread+0.049% → −0.050% (7d avg)+$9.92
Slippage, 4 ordersdoesn’t fit the book at $10k—
Fee Phemex bp × 2 orders−$12.00
Fee Hyperliquid bp × 2 orders−$9.00
Net · 7 days · $10k—
doesn’t fit the books at $10kCosts to cover—Break-even—
Slippage: Phemex: live order book, 3 min ago; Hyperliquid: live order book, 7 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGPhemex1.3025.3 bp−$25doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTHyperliquid0.788.4 bp−$8doesn’t fitdoesn’t fitdoesn’t fit
Closing costs about the same again.
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