Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 0.1103 | −0.0007 | get 0.0001% / 1h | 53m 33s | $3.9M | $595K | 5x | Long Hyperliquid4% off | |
| SHORT | 0.1102 | −0.0170 | pay 0.0021% / 1h | 53m 33s | $19K | $115K | 50x | Short TxFlow5% off |
Price gap−0.100%
Funding gap−0.0163% /8h
The gap pays +$6 on $10k if it goes back to its 7d average, but funding costs $5 a day and eats that in about 29 hours. At the last 7 days' pace that is about 4.8 days.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$9−0.0163% /8h now · paid −0.088% over the last 7D
Price+$6spread −0.100% now, avg −0.160% → +0.060% if it goes back
Costs−$360.362% of $10k · taker + slippage, in and out
Result−$39−0.39%+ Points / potential airdropHyperliquid: Season 2 · TxFlow: points · farm boardWhat the last 7D really paid, hour by hour → backtest
Price and funding
1h · historyEntry / Exit
Price spread
Prices
Fundingper 8h
ENTRY / EXIT · 7D
Entry now—
Entry average—
Best entry—
Exit now—
Exit average—
Best exit—
Exit free—
PRICE SPREAD · 7D
Now−0.100%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hOP on 30 exchanges
lowest funding firstBefore you open
4 ok · 2 to watch- Watch: Large against open interest9.1 / 9.0 bp$10k is over 10% of TxFlow’s open interest.
- Note: Margin at max leverage$2,000 + $200Hyperliquid 5x, TxFlow 50x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- OK: Same payment interval1h / 1hBoth legs pay at the same time.Next 24h at the current rates, on $10k a leg: −$4.90Long Hyperliquid: 24 payments, +$0.21; short TxFlow: 24 payments, −$5.11.
- OK: Entry gap works for you−0.100% vs −0.160%You short the dearer leg. If the gap goes back to average, the short gains.
- Watch: Short leg is thinner$19K vs $3.9M OITxFlow sets your exit cost. Check its book before closing.
- OK: Points on a legHyperliquid Season 2 · TxFlow pointsVolume here counts toward the points program.
- OK: No KYC on either legHyperliquid No · TxFlow NoBoth exchanges let you trade without ID.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0042%/8h × 21 periods−$8.80
Price spread−0.100% → −0.160% (7d avg)+$6.00
Slippage, 4 orderslive order books−$18.20
Fee Hyperliquid bp × 2 orders−$9.00
Fee TxFlow bp × 2 orders−$9.00
Net · 7 days · $10k−$39.01
Costs to cover0.362%Break-evennever at this rate
Slippage: Hyperliquid: live order book, 8 min ago; TxFlow: live order book, 54 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGHyperliquid1.819.1 bp−$920.2 bp−$202158.5 bp−$15.8Kdoesn’t fit
SELL · SHORTTxFlow4.539.0 bp−$99.6 bp−$9685.4 bp−$8,536doesn’t fit
Closing costs about the same again.
| 10-14 12:02 | Phemex | Other | $OP got the first move. Now comes the harder part. Is capital rotating back into L2s, or is this a sharp bounce from beaten-down levels? Price is the headline. Follow-through is the test. Which side are you watching?👇 @Phemex_official on X ↗ |
Phemex