VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0372%/8h= −40.7% APRnext payment −$0.46 per $10,000 · paid last 24h −0.051%

Price spread now: Hyperliquid against Coinbase International+0.348%7-day average −0.164% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$680.679% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 3 days (all we have)−0.416%−$42 · spread now +0.348%, 7d avg −0.164%

Together, before fees−0.769%+ Points / potential airdropHyperliquid: Season 2 · farm board−$77 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.512% dearer against Coinbase International than usual: you sell high and buy low (spread +0.348% now, against its 7-day average of −0.164%): +$51 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 7 days (−0.353% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7187	0.0472	pay 0.0059% / 1h	24m 51s	$196K	$95K	50x
Short	Hyperliquid VIRTUAL	0.7212	0.0100	get 0.0013% / 1h	24m 51s	$8.8M	$3.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now +0.348%Rate

Funding earned: −$78.12
Price spread: +0.348% → −0.164%: $51.16
Slippage, 4 orders: −$48.94
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$94.9
Costs to cover: 0.679%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 58 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 Coinbase International live order book, 58 min ago	6.95 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.63 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7191	+0.050%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0120%	1h	0.7198	+0.152%	$327K	$414K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7189	+0.028%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7181	−0.081%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7198	+0.153%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7196	+0.122%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.974%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7194	+0.097%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7212	+0.348%	$8.8M	$3.8M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7208	+0.291%	$196K	$84K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7184	−0.043%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7199	+0.171%	$16.4M	$37.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7196	+0.125%	$15.6M	$15.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7198	+0.153%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7208	+0.292%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7202	+0.209%	$17.3M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7206	+0.264%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7209	+0.306%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7205	+0.250%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7208	+0.292%	$239K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7170	−0.242%	$525K	$877K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7146	−0.565%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7162	−0.350%	$634K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	−0.529%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7197	+0.143%	$31K	$869K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7188	+0.014%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7196	+0.118%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7205	+0.246%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7195	+0.111%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7195	+0.117%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7197	+0.139%	$810K	$794K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0472%	1h	0.7187	long leg	$196K	$95K	50x
Kraken Futures PF_VIRTUALUSD	+0.0509%	1h	0.7209	+0.302%	$585K	$596K	50x	as long as short