Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.116%
Price spread now: Hyperliquid against Phoenix+0.396%7-day average +0.072% · you sell dearer than you buy
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$530.525% of the position
Funding, last 7 days+0.427%+$43 on $10k
+Price spread, last 3 days (all we have)−0.537%−$54 · spread now +0.396%, 7d avg +0.072%
=Together, before fees−0.111%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 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 0.324% dearer against Phoenix than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.072%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MON | 0.02575 | 0 | get 0.0000% / 1h | 24m 34s | $13K | $362K | 5x |
| Short | Hyperliquid MON | 0.02585 | 0.0100 | get 0.0013% / 1h | 24m 34s | $35.0M | $7.4M | 5x |
Phoenix MON
Hyperliquid MONFunding 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
- $21
- Price spread: +0.396% → +0.072%
- $32.43
- Slippage, 4 orders
- −$36.54
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $0.89
- Costs to cover
- 0.525%
- Break-even
- 6.7 days
Slippage from Phoenix: live order book, 57 min ago; Hyperliquid: live order book, 9 min ago.
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 live order book, 57 min ago | 1.15 bp | 13.2 bp −$13 | 52.4 bp −$524 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 9 min ago | 0.39 bp | 15.3 bp −$15 | doesn't fit | doesn't fit | doesn't fit |
MON on 33 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective MON/USDC PERP | −0.0053% | 1h | 0.02582 | +0.284% | $6K | $108 | 5.5x | as long as short |
| Bybit MONUSDT | −0.0053% | 8h | 0.02576 | +0.050% | $21.4M | $11.8M | 50x | as long as short |
| 01 Exchange MONUSD | −0.0024% | 1h | 0.02582 | +0.276% | $6K | $1K | 5x | as long as short |
| Phoenix MONlong | 0.0000% | 1h | 0.02575 | long leg | $13K | $362K | 5x | |
| Perpl MON | 0.0000% | 43m | 0.02578 | +0.120% | $143K | $1.8M | 10x | as long as short |
| Deribit MON_USDC-PERPETUAL | 0.0000% | 1h | 0.02579 | +0.155% | $70K | $119K | 25x | as long as short |
| Aftermath Perps MONUSD | +0.0039% | 1h | 0.02578 | +0.117% | $2K | $73K | 10x | as long as short |
| Orderly PERP_MON_USDC | +0.0067% | 4h | 0.02576 | +0.050% | $17K | $64K | 10x | as long as short |
| Paradex MON-USD-PERP | +0.0082% | 8h | 0.02578 | +0.147% | $8K | $42 | 5x | as long as short |
| Lighter MON | +0.0096% | 1h | 0.02582 | +0.284% | $855K | $773K | 10x | as long as short |
Injective MON/USDC PERP
Bybit MONUSDT
01 Exchange MONUSD
Perpl MON
Deribit MON_USDC-PERPETUAL
Aftermath Perps MONUSD
Orderly PERP_MON_USDC
Paradex MON-USD-PERP
Lighter MONShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado MON-PERP | +0.0100% | 1h | 0.02577 | +0.091% | $388K | $539K | 10x | as long as short |
| Hyperliquid MONshort | +0.0100% | 1h | 0.02585 | +0.396% | $35.0M | $7.4M | 5x | |
| Aster MONUSDT | +0.0100% | 4h | 0.02579 | +0.162% | $108K | $231K | 10x | as long as short |
| dYdX MON-USD | +0.0100% | 1h | 0.02579 | +0.171% | $13K | — | 5x | as long as short |
| Pacifica MON | +0.0100% | 1h | 0.02581 | +0.241% | $142K | $107K | 3x | as long as short |
| Binance MONUSDT | +0.0100% | 4h | 0.02579 | +0.171% | $24.5M | $24.6M | 75x | as long as short |
| OKX MON-USDT-SWAP | +0.0100% | 4h | 0.02576 | +0.050% | $4.4M | $5.9M | 50x | as long as short |
| Bulk MON-USD | +0.0100% | 1h | 0.02570 | −0.183% | $108K | $3K | 10x | as long as short |
| Gate MON_USDT | +0.0100% | 4h | 0.02579 | +0.167% | $1.0M | $872K | 50x | as long as short |
| Bitget MONUSDT | +0.0100% | 4h | 0.02580 | +0.206% | $2.7M | $1.8M | 25x | as long as short |
| Backpack MON_USDC_PERP | +0.0100% | 1h | 0.02579 | +0.159% | $138K | $134K | 10x | as long as short |
| Variational Omni MON | +0.0100% | 8h | 0.02573 | −0.079% | $780K | $407K | — | as long as short |
| edgeX MONUSDC | +0.0100% | 4h | 0.02573 | −0.069% | $47K | $242K | 10x | as long as short |
| GRVT MON_USDT_Perp | +0.0100% | 4h | 0.02576 | +0.049% | $578K | $1.5M | 10x | as long as short |
| ApeX Omni MONUSDT | +0.0100% | 1h | 0.02574 | −0.027% | $69K | $479K | 50x | as long as short |
| SoDEX MON-USD | +0.0100% | 1h | 0.02578 | +0.128% | $5K | $6K | 5x | as long as short |
| Extended MON-USD | +0.0104% | 1h | 0.02583 | +0.340% | $52K | $407K | 10x | as long as short |
| Aevo MON-PERP | +0.0104% | 1h | 0.02577 | +0.109% | $39K | — | 3x | as long as short |
| Kraken Futures PF_MONUSD | +0.0173% | 1h | 0.02581 | +0.263% | $271K | $77K | 10x | as long as short |
| GMX MON/USD [ETH-USDC] | L +0.0260% / S −0.0598% | 1h | 0.02579 | +0.155% | $9K | — | 50x | as long as short |
| KuCoin MONUSDTM | +0.0302% | 4h | 0.02583 | +0.322% | $3.2M | $697K | 75x | as long as short |
| BloFin MON-USDT | +0.0340% | 4h | 0.02575 | +0.012% | $1.4M | $293K | 75x | as long as short |
| Coinbase International MON-PERP-INTX | +0.0536% | 1h | 0.02607 | +1.243% | $114K | $49K | 50x | as long as short |
Nado MON-PERP
Aster MONUSDT
dYdX MON-USD
Pacifica MON
Binance MONUSDT
OKX MON-USDT-SWAP
Bulk MON-USD
Gate MON_USDT
Bitget MONUSDT
Backpack MON_USDC_PERP
Variational Omni MON
edgeX MONUSDC
GRVT MON_USDT_Perp
ApeX Omni MONUSDT
SoDEX MON-USD
Extended MON-USD
Aevo MON-PERP
Kraken Futures PF_MONUSD
GMX MON/USD [ETH-USDC]
KuCoin MONUSDTM
BloFin MON-USDT
Coinbase International MON-PERP-INTX