VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h −0.043%

Price spread now: Injective against Hyperliquid−1.852%53s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.974%+$97 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.852% cheaper against Hyperliquid than usual: you would sell low and buy high (−$185 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.974%, so the current rate has only just turned against you. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7251	0.0100	pay 0.0013% / 1h	52m 33s	$8.9M	$4.2M	5x
Short	Injective VIRTUAL/USDC PERP	0.7117	0.0033	get 0.0004% / 1h	52m 33s	$46	$88K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Hyperliquid. 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 HyperliquidbpFee InjectivebpOrdersPrice spread, now −1.852%Rate

Funding earned: −$14
Price spread: −1.852% → 0.000%: −$185.21
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$208.23
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Injective: no order-book sample. Net counts fees only.

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, 10 min ago	1.23 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
ApeX Omni VIRTUALUSDT	−0.1153%	1h	0.7222	−0.404%	$41K	$244K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7240	−0.157%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7245	−0.087%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0008%	1h	0.7224	−0.379%	$328K	$413K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7224	−0.376%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7222	−0.401%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7198	−0.728%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERPshort	+0.0033%	1h	0.7117	−1.852%	$46	$88K	5.5x
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7225	−0.363%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7251	long leg	$8.9M	$4.2M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7232	−0.273%	$171K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7233	−0.257%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7246	−0.072%	$16.7M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7245	−0.087%	$16.5M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7242	−0.128%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7235	−0.225%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7236	−0.211%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7234	−0.239%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7245	−0.087%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7239	−0.170%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7234	−0.239%	$247K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.937%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	−0.356%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7185	−0.920%	$636K	$878K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7250	−0.015%	$49K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7224	−0.376%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7225	−0.370%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7239	−0.171%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7222	−0.401%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7222	−0.399%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7227	−0.335%	$835K	$854K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7210	−0.570%	$196K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1021%	1h	0.7232	−0.267%	$597K	$662K	50x	as long as short