Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 1.7057 | −0.0093 | get 0.0012% / 1h | 26m 52s | $199K | $22K | 5x | Long Phoenix | |
| SHORT | 1.7037 | +0.0100 | get 0.0013% / 1h | 26m 52s | $68.4M | $7.7M | 5x | Short Hyperliquid4% off |
Price gap−0.117%
Funding gap+0.0193% /8h
Funding pays +$6 a day on $10k, but the gap is 0.136% under its 7d average: −$14 if it goes back, about 2.4 days of funding. At the last 7 days' pace that is about 25 hours.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding+$90+0.0193% /8h now · paid +0.896% over the last 7D
Price−$14spread −0.117% now, avg +0.019% → −0.136% if it goes back
Costs−$600.598% of $10k · taker + slippage, in and out
Result+$16+0.16%+ Points / potential airdropHyperliquid: Season 2 · farm boardWhat the last 7D really paid, hour by hour → backtest
Price and funding
1h · historyEntry / Exit
Price spread
Prices
Fundingper 8h
ENTRY / EXIT · 7D
Entry now—
Entry average—
Best entry—
Exit now—
Exit average—
Best exit—
Exit free—
PRICE SPREAD · 7D
Now−0.117%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hZRO on 30 exchanges
lowest funding firstBefore you open
3 ok · 3 to watch- Watch: Thin at this size20.7 / 8.9 bpAt $10k entering Phoenix costs 20.7 bp, fee and slippage, 2.3× Hyperliquid’s.
- Note: Margin at max leverage$2,000 + $2,000Phoenix 5x, Hyperliquid 5x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- OK: Same payment interval1h / 1hBoth legs pay at the same time.Next 24h at the current rates, on $10k a leg: +$5.78Long Phoenix: 24 payments, +$2.78; short Hyperliquid: 24 payments, +$3.00.
- Watch: Gap narrower than usual−0.117% vs +0.019%Less room for the price leg to pay you. If it goes back to average, the short loses.
- Watch: Long leg is thinner$199K vs $68.4M OIPhoenix sets your exit cost. Check its book before closing.
- OK: Points on a legHyperliquid Season 2Volume here counts toward the points program.
- OK: No KYC on either legPhoenix No · Hyperliquid NoBoth exchanges let you trade without ID.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned+0.0427%/8h × 21 periods+$89.64
Price spread−0.117% → +0.019% (7d avg)−$13.60
Slippage, 4 orderslive order books−$43.83
Fee Phoenix bp × 2 orders−$7.00
Fee Hyperliquid bp × 2 orders−$9.00
Net · 7 days · $10k+$16.21
Costs to cover0.598%Break-even5.7 days
Slippage: Phoenix: live order book, 5 min ago; Hyperliquid: live order book, 7 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGPhoenix2.9220.7 bp−$21doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTHyperliquid1.468.9 bp−$928.6 bp−$28694.8 bp−$9,475doesn’t fit
Closing costs about the same again.
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