Funding you earn now, next payment 23:00 UTC+0.0932%/8h= +102.1% APRnext payment +$1.16 per $10,000 · paid last 24h +0.034%
Price spread now: Hyperliquid against Lighter+0.083%7-day average +0.115% · you sell dearer than you buy
Net, funding: paid 7d − costs−$22as in the Funding arb table
Net, price: spread back to 7d avg − costs−$46as in the Price arb table
costs, in and out, $10k−$430.425% of the position
Funding, last 7 days+0.201%+$20 on $10k
+Price spread, last 4 days (all we have)+0.054%+$5 · spread now +0.083%, 7d avg +0.115%
=Together, before fees+0.254%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$25 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hyperliquid is 0.032% cheaper against Lighter than usual: you would sell low and buy high (spread +0.083% now, against its 7-day average of +0.115%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$28 a day). At the pace of the last 7 days (+0.201% in total) that is about 27 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.201% in total (about 10.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.16 per $10,000. 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 | Lighter 1000SHIB | 0.000006030 | 0.0096 | pay 0.0012% / 1h | 54m 41s | $153K | $286K | 10x |
| Short | Hyperliquid kSHIB | 0.000006035 | 0.1028 | get 0.0128% / 1h | 54m 41s | $4.4M | $3.7M | 10x |
Lighter 1000SHIB
Hyperliquid kSHIBFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Lighter. 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
- $195.71
- Price spread: +0.083% → +0.115%
- −$3.17
- Slippage, 4 orders
- −$33.51
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $150.03
- Costs to cover
- 0.425%
- Break-even
- 1.6 days
Slippage from Lighter: live order book, 19 min ago; Hyperliquid: live order book, 7 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 Lighter live order book, 19 min ago | 1.67 bp | 11.5 bp −$12 | 72.9 bp −$729 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 7 min ago | 0.83 bp | 9.8 bp −$10 | 19.2 bp −$192 | 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 | 0.000006020 | −0.166% | $23K | $64K | 10x | as long as short |
| Kalshi KXKSHIBPERP | 0.0000% | 8h | 0.000006021 | −0.156% | $58K | $1.7M | 2x | as long as short |
| Deribit 1000SHIB_USDC-PERPETUAL | 0.0000% | 1h | 0.000006025 | −0.083% | $46K | $65K | 25x | as long as short |
| gTrade (Gains Network) SHIB/USD | L +0.0006% / S −0.0001% | 1h | 0.000006023 | −0.114% | $733 | — | 150x | as long as short |
| Coinbase International 1000SHIB-PERP-INTX | +0.0008% | 1h | 0.000005984 | −0.763% | $89K | $759K | 50x | as long as short |
| BingX 1000SHIB-USDC | +0.0080% | 8h | 0.000006023 | −0.116% | — | $1.6M | — | as long as short |
| Lighter 1000SHIBlong | +0.0096% | 1h | 0.000006030 | long leg | $153K | $286K | 10x | |
| Aster 1000SHIBUSDT | +0.0100% | 8h | 0.000006030 | +0.001% | $36K | $179K | 50x | as long as short |
| Pacifica kSHIB | +0.0100% | 1h | 0.000006026 | −0.066% | $12K | $4K | 10x | as long as short |
| Binance 1000SHIBUSDT | +0.0100% | 8h | 0.000006023 | −0.112% | $29.3M | $88.9M | 75x | as long as short |
dYdX SHIB-USD
Kalshi KXKSHIBPERP
Deribit 1000SHIB_USDC-PERPETUAL
gTrade (Gains Network) SHIB/USD
Coinbase International 1000SHIB-PERP-INTX
BingX 1000SHIB-USDC
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 | 0.000006022 | −0.133% | $7.6M | $28.4M | 50x | as long as short |
| Gate SHIB_USDT | +0.0100% | 8h | 0.000006019 | −0.182% | $6.8M | $5.3M | 75x | as long as short |
| MEXC SHIB_USDT | +0.0100% | 8h | 0.000006026 | −0.066% | $31.9M | $15.4M | 300x | as long as short |
| KuCoin SHIBUSDTM | +0.0100% | 8h | 0.000006023 | −0.116% | $4.9M | $2.3M | 75x | as long as short |
| Bitget SHIBUSDT | +0.0100% | 8h | 0.000006025 | −0.083% | $11.7M | $12.4M | 75x | as long as short |
| Orderly PERP_1000SHIB_USDC | +0.0100% | 8h | 0.000006028 | −0.033% | $7K | $4K | 20x | as long as short |
| SunX SHIB-USDT | +0.0100% | 8h | 0.000006035 | +0.083% | $2K | $23K | 20x | as long as short |
| SoDEX 1000SHIB-USD | +0.0100% | 1h | 0.000006025 | −0.083% | $544 | $5K | 10x | as long as short |
| HTX SHIB-USDT | +0.0100% | 8h | 0.000006027 | −0.050% | $407K | $615K | 75x | as long as short |
| Phemex u1000SHIBUSDT | +0.0100% | 8h | 0.000006030 | 0.000% | $2.2M | $5.5M | 50x | as long as short |
| Paradex kSHIB-USD-PERP | +0.0104% | 8h | 0.000006028 | −0.041% | $7K | — | 20x | as long as short |
| Extended 1000SHIB-USD | +0.0104% | 1h | 0.000006020 | −0.158% | $53K | $4K | 25x | as long as short |
| Injective SHIB/USDC PERP | +0.0141% | 1h | 0.000005975 | −0.912% | $245 | $99K | 5.5x | as long as short |
| GMX SHIB/USD [ETH-USDC] | L +0.0213% / S −0.2404% | 1h | 0.000006000 | −0.498% | $1K | — | 100x | as long as short |
| BloFin SHIB-USDT | +0.0220% | 8h | 0.000006027 | −0.050% | $712K | $946K | 50x | as long as short |
| Reya kSHIBRUSDPERP | +0.0323% | 1h | 0.000006028 | −0.040% | $1 | — | 20x | as long as short |
| Backpack kSHIB_USDC_PERP | +0.0344% | 1h | 0.000006029 | −0.017% | $25K | $5K | 15x | as long as short |
| Kraken Futures PF_SHIBUSD | +0.0359% | 1h | 0.000006027 | −0.046% | $1.2M | $765K | 50x | as long as short |
| Hyperliquid kSHIBshort | +0.1028% | 1h | 0.000006035 | +0.083% | $4.4M | $3.7M | 10x |
OKX SHIB-USDT-SWAP
Gate SHIB_USDT
MEXC SHIB_USDT
KuCoin SHIBUSDTM
Bitget SHIBUSDT
Orderly PERP_1000SHIB_USDC
SunX SHIB-USDT
SoDEX 1000SHIB-USD
HTX SHIB-USDT
Phemex u1000SHIBUSDT
Paradex kSHIB-USD-PERP
Extended 1000SHIB-USD
Injective SHIB/USDC PERP
GMX SHIB/USD [ETH-USDC]
BloFin SHIB-USDT
Reya kSHIBRUSDPERP
Backpack kSHIB_USDC_PERP
Kraken Futures PF_SHIBUSD