OP

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1635%/8h= −179.0% APRnext payment −$2.04 per $10,000 · paid last 24h −0.198%

Price spread now: Injective against Hyperliquid−0.610%93s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.236%−$124 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

Both sides work against this trade now: funding costs −$49 a day on $10k at the current rate, and Injective is 0.610% cheaper against Hyperliquid than usual: you would sell low and buy high (−$61 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 93 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid OP	0.1263	0.0100	pay 0.0013% / 1h	11m 50s	$3.7M	$3.0M	5x
Short	Injective OP/USDC PERP	0.1255	−0.1535	pay 0.0192% / 1h	11m 50s	$35K	$58K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Hyperliquid. 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

Position, each leg$Hold fordaysFee HyperliquidbpFee InjectivebpOrdersPrice spread, now −0.610%Rate

Funding earned: −$343.29
Price spread: −0.610% → 0.000%: −$60.98
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$413.29
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Injective: no order-book sample. 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 Hyperliquid live order book, 10 min ago	1.19 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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.

OP on 29 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 OP/USDC PERPshort	−0.1535%	1h	0.1255	−0.610%	$35K	$58K	12x
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1262	−0.028%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.291%	$25K	$75K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1263	+0.004%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	−0.055%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1263	−0.009%	—	—	150x	as long as short
Variational Omni OP	+0.0054%	8h	0.1259	−0.300%	$224K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0055%	8h	0.1261	−0.135%	$6K	$47K	10x	as long as short
OKX OP-USDT-SWAP	+0.0072%	8h	0.1261	−0.166%	$6.1M	$29.6M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1263	+0.016%	$280K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OPlong	+0.0100%	1h	0.1263	long leg	$3.7M	$3.0M	5x
Aster OPUSDT	+0.0100%	8h	0.1262	−0.050%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	−0.031%	$20.3M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1261	−0.111%	$18.3M	$25.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1263	+0.016%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1262	−0.048%	$20.7M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1261	−0.135%	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	−0.055%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1262	−0.055%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1262	−0.071%	$124K	$202K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−0.189%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	−0.079%	$311K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1261	−0.135%	$43K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	−0.055%	$176	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	−0.024%	$174K	$223K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1262	−0.080%	$104K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1262	−0.095%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1260	−0.192%	$701	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0462%	1h	0.1263	+0.028%	$798K	$588K	20x	as long as short