Funding you earn now, next payment 03:00 UTC−0.0867%/8h= −94.9% APRpaid last 24h −0.176%
Price spread now: Phemex against Hyperliquid−0.241%7-day average −0.195% · you buy dearer than you sell
Net, funding: paid 7d − costs−$134as in the Funding arb table
Net, price: spread back to 7d avg − costs−$88as in the Price arb table
costs, in and out, $10k−$830.833% of the position
Funding, last 7 days−0.511%−$51 on $10k
+Price spread, last 4 days (all we have)−0.632%−$63 · spread now −0.241%, 7d avg −0.195%
=Together, before fees−1.142%+ Points / potential airdropHyperliquid: Season 2 · farm board−$114 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Phemex is 0.046% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.195%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.511% in total (about -26.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid RENDER | 1.8705 | 0.0967 | pay 0.0121% / 1h | 47m 06s | $4.3M | $3.2M | 5x |
| Short | Phemex RENDERUSDT | 1.8660 | 0.0100 | get 0.0100% / 8h | 5h 47m | $1.9M | $3.9M | 50x |
Hyperliquid RENDER
Phemex RENDERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Hyperliquid. 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
- −$182.02
- Price spread: −0.241% → −0.195%
- −$4.6
- Slippage, 4 orders
- −$62.26
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$269.88
- Costs to cover
- 0.833%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 5 min ago; Phemex: live order book, 2 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 Hyperliquid live order book, 5 min ago | 1.07 bp | 6.0 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 10.72 bp | 32.7 bp −$33 | 97.7 bp −$977 | doesn't fit | doesn't fit |
RENDER on 22 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX RENDER-USD | 0.0000% | 1h | 1.8666 | −0.207% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8670 | −0.187% | $11K | $30K | 25x | as long as short |
| Injective RENDER/USDC PERP | +0.0036% | 1h | 1.8650 | −0.294% | $6K | $188K | 12x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8690 | −0.080% | $270K | $139K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8690 | −0.080% | $12.4M | $44.8M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8680 | −0.134% | $12.0M | $12.6M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8690 | −0.080% | $3.1M | $8.0M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8664 | −0.219% | $577K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8680 | −0.134% | $11.3M | $10.7M | 200x | as long as short |
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8670 | −0.187% | $5.1M | $11.8M | 50x | as long as short |
dYdX RENDER-USD
Deribit RENDER_USDC-PERPETUAL
Injective RENDER/USDC PERP
Aster RENDERUSDT
Binance RENDERUSDT
Bybit RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDT
KuCoin RENDERUSDTMShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8682 | −0.123% | $10.1M | $10.3M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8680 | −0.134% | — | $3.5M | — | as long as short |
| Variational Omni RENDER | +0.0100% | 4h | 1.8681 | −0.126% | $230K | $276K | — | as long as short |
| Phemex RENDERUSDTshort | +0.0100% | 8h | 1.8660 | −0.241% | $1.9M | $3.9M | 50x | |
| Extended RENDER-USD | +0.0104% | 1h | 1.8670 | −0.188% | $27K | $198K | 10x | as long as short |
| Phoenix RENDER | +0.0259% | 1h | 1.8671 | −0.182% | $47K | $246K | 5x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8650 | −0.294% | — | $1.1M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0367% / S −0.0912% | 1h | 1.8652 | −0.285% | $16K | — | 100x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0456% | 1h | 1.8730 | +0.134% | $152K | $53K | 50x | as long as short |
| ApeX Omni RENDERUSDT | +0.0676% | 1h | 1.8620 | −0.454% | $46K | $252K | 50x | as long as short |
| Hyperliquid RENDERlong | +0.0967% | 1h | 1.8705 | long leg | $4.3M | $3.2M | 5x | |
| Kraken Futures PF_RENDERUSD | +0.1432% | 1h | 1.8686 | −0.099% | $488K | $1.0M | 50x | as long as short |
Bitget RENDERUSDT
BingX RENDER-USDT
Variational Omni RENDER
Extended RENDER-USD
Phoenix RENDER
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Coinbase International RENDER-PERP-INTX
ApeX Omni RENDERUSDT
Kraken Futures PF_RENDERUSD