Funding you earn now, next payment 00:00 UTC−0.0507%/8h= −55.6% APRpaid last 24h −0.049%
Price spread now: Phemex against Hyperliquid−0.216%7-day average −0.077% · you buy dearer than you sell
Net, funding: paid 7d − costs−$67as in the Funding arb table
Net, price: spread back to 7d avg − costs−$74as in the Price arb table
costs, in and out, $10k−$600.600% of the position
Funding, last 7 days−0.069%−$7 on $10k
+Price spread, last 3 days (all we have)+0.126%+$13 · spread now −0.216%, 7d avg −0.077%
=Together, before fees+0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Phemex is 0.140% cheaper against Hyperliquid than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.077%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.069% in total (about -3.6% 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 kSHIB | 0.000006005 | 0.0607 | pay 0.0076% / 1h | 9m 08s | $4.3M | $4.0M | 10x |
| Short | Phemex u1000SHIBUSDT | 0.000005992 | 0.0100 | get 0.0100% / 8h | 9m 08s | $2.1M | $6.1M | 50x |
Hyperliquid kSHIB
Phemex u1000SHIBUSDTFunding 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
- −$106.55
- Price spread: −0.216% → −0.077%
- −$13.98
- Slippage, 4 orders
- −$39.02
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$180.54
- Costs to cover
- 0.600%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 3 min ago; Phemex: live order book, 5 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, 3 min ago | 1.67 bp | 14.4 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 5 min ago | 5.01 bp | 18.2 bp −$18 | 63.0 bp −$630 | doesn't fit | doesn't fit |
SHIB 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX SHIB-USD | 0.0000% | 1h | 0.000005996 | −0.148% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000005998 | −0.117% | $77K | $1.9M | 2x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000006001 | −0.068% | $730 | — | 150x | as long as short |
| Coinbase International 1000SHIB-PERP-INTX | +0.0032% | 1h | 0.000005990 | −0.250% | $76K | $793K | 50x | as long as short |
| BingX 1000SHIB-USDC | +0.0080% | 8h | 0.000006001 | −0.067% | — | $1.6M | — | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | +0.0083% | 1h | 0.000006001 | −0.067% | $46K | $65K | 25x | as long as short |
| Lighter 1000SHIB | +0.0096% | 1h | 0.000005999 | −0.100% | $157K | $303K | 10x | as long as short |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006000 | −0.083% | $35K | $173K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000005996 | −0.150% | $12K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000005998 | −0.118% | $29.3M | $96.2M | 75x | as long as short |
dYdX SHIB-USD
Kalshi KXKSHIBPERP
gTrade (Gains Network) SHIB/USD
Coinbase International 1000SHIB-PERP-INTX
BingX 1000SHIB-USDC
Deribit 1000SHIB_USDC-PERPETUAL
Lighter 1000SHIB
Aster 1000SHIBUSDT
Pacifica kSHIB
Binance 1000SHIBUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX SHIB-USDT-SWAP | +0.0100% | 8h | 0.000005999 | −0.100% | $8.6M | $32.7M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000005998 | −0.117% | $6.9M | $5.6M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000005995 | −0.167% | $31.1M | $16.7M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000005996 | −0.150% | $4.9M | $2.6M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006001 | −0.067% | $11.4M | $13.4M | 75x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0100% | 1h | 0.000006003 | −0.033% | $25K | $6K | 15x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006002 | −0.050% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006012 | +0.117% | $2K | $24K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000005998 | −0.117% | $542 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000005998 | −0.117% | $410K | $618K | 75x | as long as short |
| Phemex u1000SHIBUSDTshort | +0.0100% | 8h | 0.000005992 | −0.216% | $2.1M | $6.1M | 50x | |
| Paradex kSHIB-USD-PERP | +0.0101% | 8h | 0.000005994 | −0.180% | $7K | — | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006001 | −0.074% | $53K | $4K | 25x | as long as short |
| Injective SHIB/USDC PERP | +0.0161% | 1h | 0.000006040 | +0.583% | $248 | $134K | 5.5x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000006000 | −0.083% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000005996 | −0.150% | $805K | $936K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000005999 | −0.106% | $1 | — | 20x | as long as short |
| Kraken Futures PF_SHIBUSD | +0.0385% | 1h | 0.000005997 | −0.136% | $1.1M | $819K | 50x | as long as short |
| Hyperliquid kSHIBlong | +0.0607% | 1h | 0.000006005 | long leg | $4.3M | $4.0M | 10x |
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Backpack kSHIB_USDC_PERP
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Injective SHIB/USDC PERP
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
Kraken Futures PF_SHIBUSD