BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0265%/8h= −29.1% APRnext payment −$0.33 per $10,000 · paid last 24h +0.005%

Price spread now: Deribit against Hyperliquid−0.085%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$160.162% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.085%, 7d avg −0.027%

Together, before fees+0.003%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Deribit is 0.057% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 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	Hyperliquid BTC	85,534	0.0284	pay 0.0035% / 1h	53m 56s	$3.84B	$5.11B	40x
Short	Deribit BTC-PERPETUAL	85,461.7	0.0018	get 0.0002% / 1h	53m 56s	$829.8M	$1.67B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$55.75
Price spread: −0.085% → −0.027%: −$5.73
Slippage, 4 orders: −$0.18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$77.66
Costs to cover: 0.162%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Deribit: live order book, 5 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, 10 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.0 bp −$499	doesn't fit
Sell Deribit live order book, 5 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	5.9 bp −$592	13.0 bp −$6,519

BTC on 56 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
Hotstuff BTC-PERP	−0.0080%	1h	85,455	−0.092%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	−0.109%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,391.5	−0.167%	$425.1M	$685.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,417	−0.137%	$307K	$23.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,467.7	−0.078%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	85,450.8	−0.097%	$930.6M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.4	−0.111%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUALshort	+0.0018%	1h	85,461.7	−0.085%	$829.8M	$1.67B	50x
dYdX BTC-USD	+0.0019%	1h	85,464.7	−0.081%	$16.7M	$21.0M	50x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,445.4	−0.104%	$502.4M	$1.09B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,441.9	−0.108%	$186.4M	$953.8M	100x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,420	−0.133%	—	$17.5M	—	as long as short
Lighter BTC	+0.0096%	1h	85,445.5	−0.103%	$170.5M	$939.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,451.9	−0.096%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,467	−0.078%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,436.5	−0.114%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,434	−0.117%	$264K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,485.6	−0.057%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,459.2	−0.088%	$24.1M	$220.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,475.4	−0.069%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,442.6	−0.107%	$9.41B	$25.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,442.8	−0.107%	$5.08B	$10.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,446.2	−0.103%	$2.61B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,462	−0.084%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,468	−0.077%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.178%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,435.8	−0.115%	$5.46B	$9.83B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,431.4	−0.120%	$5.02B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,437.5	−0.113%	$2.98B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,428.9	−0.123%	$37.7M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	−0.208%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,397.3	−0.160%	$283.2M	$959.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	−0.216%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,343.3	−0.223%	$138.1M	$312.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,397	−0.160%	$30.1M	$216.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,525.4	−0.010%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,314	−0.257%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,466.9	−0.078%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,436.3	−0.114%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,479.3	−0.064%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,452.5	−0.095%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,432	−0.119%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,430.8	−0.121%	$2.26B	$976.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,446.7	−0.102%	$160.1M	$517.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,413.1	−0.141%	$45.7M	$241.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,419.7	−0.134%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,475	−0.069%	$111.3M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,452	−0.096%	$6.6M	$140.2M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	−0.053%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,453.3	−0.094%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,488	−0.054%	$10.8M	$740.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,478.5	−0.065%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTClong	+0.0284%	1h	85,534	long leg	$3.84B	$5.11B	40x
Aftermath Perps BTCUSD	+0.0293%	1h	85,393.6	−0.164%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,404.5	−0.151%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,464	−0.082%	$470K	$18.4M	6.7x	as long as short