Funding you earn now, next payment 22:00 UTC−0.1485%/8h= −162.6% APRpaid last 24h −0.191%
Price spread now: Phemex against Hyperliquid+0.069%7-day average −0.063% · you sell dearer than you buy
Net, funding: paid 7d − costs−$234as in the Funding arb table
Net, price: spread back to 7d avg − costs−$153as in the Price arb table
costs, in and out, $10k−$1661.662% of the position
Funding, last 7 days−0.678%−$68 on $10k
+Price spread, last 3 days (all we have)−0.495%−$49 · spread now +0.069%, 7d avg −0.063%
=Together, before fees−1.173%+ Points / potential airdropHyperliquid: Season 2 · farm board−$117 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phemex is 0.132% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.069% now, against its 7-day average of −0.063%): +$13 on $10k if it goes back. Holding the pair costs −$45 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.678% in total) that is about 33 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.678% in total (about -35.4% 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 USELESS | 0.2878 | 0.1585 | pay 0.0198% / 1h | 13m 44s | $14.7M | $19.7M | 3x |
| Short | Phemex USELESSUSDT | 0.2880 | 0.0100 | get 0.0050% / 4h | 2h 13m | $576K | $1.2M | 20x |
Hyperliquid USELESS
Phemex USELESSUSDTFunding 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
- −$311.83
- Price spread: +0.069% → −0.063%
- $13.22
- Slippage, 4 orders
- −$145.16
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$464.77
- Costs to cover
- 1.662%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 9 min ago; Phemex: live order book, 4 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, 9 min ago | 1.87 bp | 14.2 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 4 min ago | 30.07 bp | 68.2 bp −$68 | doesn't fit | doesn't fit | doesn't fit |
USELESS on 24 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 | |
|---|---|---|---|---|---|---|---|---|
| Lighter USELESS | +0.0096% | 1h | 0.2870 | −0.275% | $1.3M | $1.1M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2872 | −0.208% | $32K | $70K | 3x | as long as short |
| OKX USELESS-USDT-SWAP | +0.0100% | 4h | 0.2870 | −0.257% | $10.3M | $64.4M | 10x | as long as short |
| Polymarket Perps USELESS-USD | +0.0100% | 1h | 0.2919 | +1.439% | $29K | $138K | 3x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2883 | +0.195% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2878 | +0.021% | $21K | $384K | 20x | as long as short |
| Phemex USELESSUSDTshort | +0.0100% | 4h | 0.2880 | +0.069% | $576K | $1.2M | 20x | |
| KuCoin USELESSUSDTM | +0.0232% | 4h | 0.2868 | −0.337% | $5.3M | $9.6M | 12x | as long as short |
| Aevo USELESS-PERP | +0.0240% | 1h | 0.2900 | +0.766% | $10K | — | 3x | as long as short |
| Gate USELESS_USDT | +0.0366% | 4h | 0.2865 | −0.434% | $7.1M | $7.8M | 50x | as long as short |
Lighter USELESS
Pacifica USELESS
OKX USELESS-USDT-SWAP
Polymarket Perps USELESS-USD
SunX USELESS-USDT
HTX USELESS-USDT
KuCoin USELESSUSDTM
Aevo USELESS-PERP
Gate USELESS_USDTShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni USELESSUSDT | +0.0396% | 1h | 0.2925 | +1.640% | $42K | $699K | 25x | as long as short |
| Bitget USELESSUSDT | +0.0530% | 4h | 0.2869 | −0.320% | $5.5M | $8.8M | 20x | as long as short |
| Extended USELESS-USD | +0.0648% | 1h | 0.2869 | −0.311% | $303K | $968K | 5x | as long as short |
| MEXC USELESS_USDT | +0.0648% | 4h | 0.2870 | −0.257% | $10.1M | $5.9M | 50x | as long as short |
| Binance USELESSUSDT | +0.0649% | 4h | 0.2869 | −0.296% | $24.7M | $110.1M | 50x | as long as short |
| edgeX USELESSUSDC | +0.0661% | 4h | 0.2932 | +1.888% | $22K | $190K | 10x | as long as short |
| Orderly PERP_USELESS_USDC | +0.1184% | 4h | 0.2897 | +0.681% | $22K | $1.4M | 10x | as long as short |
| BingX USELESS-USDT | +0.1200% | 4h | 0.2870 | −0.257% | — | $4.9M | — | as long as short |
| Bybit USELESSUSDT | +0.1228% | 4h | 0.2871 | −0.229% | $29.1M | $42.9M | 13x | as long as short |
| Variational Omni USELESS | +0.1330% | 4h | 0.2930 | +1.797% | $1.2M | $1.7M | — | as long as short |
| Aster USELESSUSDT | +0.1361% | 4h | 0.2888 | +0.342% | $667K | $2.2M | 10x | as long as short |
| Hyperliquid USELESSlong | +0.1585% | 1h | 0.2878 | long leg | $14.7M | $19.7M | 3x | |
| BloFin USELESS-USDT | +0.1617% | 4h | 0.2927 | +1.706% | $1.2M | $2.0M | 12x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.3111 | +8.093% | $5K | $10K | 5.5x | as long as short |
ApeX Omni USELESSUSDT
Bitget USELESSUSDT
Extended USELESS-USD
MEXC USELESS_USDT
Binance USELESSUSDT
edgeX USELESSUSDC
Orderly PERP_USELESS_USDC
BingX USELESS-USDT
Bybit USELESSUSDT
Variational Omni USELESS
Aster USELESSUSDT
BloFin USELESS-USDT
Injective USELESS/USDC PERP