Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 0.1115 | +0.0100 | pay 0.0050% / 4h | 3h 02m | $1.2M | $1.4M | 50x | Long Phemex | |
| SHORT | 0.1117 | +0.0100 | get 0.0013% / 1h | 2m 10s | $7.3M | $875K | 5x | Short Hyperliquid4% off |
Price gap+0.135%
Funding gap0.0000% /8h
Funding is ≈ 0 and the gap is 0.029% under its 7d average: the price leg works against you, −$3 on $10k if it goes back.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding+$30.0000% /8h now · paid +0.026% over the last 7D
Price−$3spread +0.135% now, avg +0.164% → −0.029% if it goes back
Costs−$1051.054% of $10k · taker + slippage, in and out
Result−$106−1.06%+ Points / potential airdropHyperliquid: Season 2 · 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+0.135%
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
/8hPOL on 27 exchanges
lowest funding firstBefore you open
1 ok · 5 to watch- Watch: Thin at this size35.8 / 12.4 bpAt $10k entering Phemex costs 35.8 bp, fee and slippage, 2.9× 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 differ4h / 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: 6 payments, −$3.00; short Hyperliquid: 24 payments, +$3.00.
- Watch: Gap narrower than usual+0.135% vs +0.164%Less room for the price leg to pay you. If it goes back to average, the short loses.
- Watch: Long leg is thinner$1.2M vs $7.3M 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+0.0013%/8h × 21 periods+$2.75
Price spread+0.135% → +0.164% (7d avg)−$2.95
Slippage, 4 orderslive order books−$84.35
Fee Phemex bp × 2 orders−$12.00
Fee Hyperliquid bp × 2 orders−$9.00
Net · 7 days · $10k−$105.55
Costs to cover1.054%Break-even275.7 days
Slippage: Phemex: live order book, 1 min ago; Hyperliquid: live order book, 6 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGPhemex1.3535.8 bp−$36165.6 bp−$1,656doesn’t fitdoesn’t fit
SELL · SHORTHyperliquid1.3412.4 bp−$1270.0 bp−$700doesn’t fitdoesn’t fit
Closing costs about the same again.
| 09-29 11:00 | Reya | Listing | POLRUSDPERP no longer reported ($POL) seen by our collector |
| 09-28 14:42 | Deribit | Listing | 🚨 Pre-IPO Anthropic, POL & OPG USDC Perpetuals. Now Live Deribit has launched the following USDC-settled perpetual markets: ANTH_USDC | POL_USDC | OPG_USDC Read more 👉 Disclaimer: Deribit FZE is authorised and regulated by the Virtual Assets Regulatory Authority (VARA) in Dubai. Availability of products and services is subject to applicable regulatory requirements and investor classification. Virtual Assets are subject to extreme market volatility, involve a high degree of risk, and can lose value, in part or in full. Deribit does not endorse, sponsor, or have any affiliation with Anthropic. Any use of a referenced company’s name or marks is nominative and limited to what is necessary to identify the relevant category. @DeribitOfficial on X ↗ |
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