Funding you earn now, next payment 07:00 UTC+0.0298%/8h= +32.6% APRnext payment +$0.37 per $10,000 · paid last 24h +0.065%
Price spread now: Hyperliquid against Phoenix+0.089%7-day average −0.006% · you sell dearer than you buy
Net, funding: paid 7d − costs−$1as in the Funding arb table
Net, price: spread back to 7d avg − costs−$7as in the Price arb table
costs, in and out, $10k−$170.165% of the position
Funding, last 7 days+0.156%+$16 on $10k
+Price spread, last 7 days−0.115%−$11 · spread now +0.089%, 7d avg −0.006%
=Together, before fees+0.042%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.095% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.006%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.156% in total (about 8.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.37 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 | Phoenix BTC | 85,441 | −0.0034 | get 0.0004% / 1h | 57m 17s | $2.3M | $10.4M | 40x |
| Short | Hyperliquid BTC | 85,517 | 0.0264 | get 0.0033% / 1h | 57m 17s | $3.79B | $5.11B | 40x |
Phoenix BTC
Hyperliquid BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Phoenix. 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
- $62.51
- Price spread: +0.089% → −0.006%
- $9.54
- Slippage, 4 orders
- −$0.54
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $55.51
- Costs to cover
- 0.165%
- Break-even
- 0.8 days
Slippage from Phoenix: live order book, 2 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 Phoenix live order book, 2 min ago | 0.06 bp | 3.7 bp −$4 | 5.3 bp −$53 | 11.1 bp −$1,111 | doesn't fit |
| Sell Hyperliquid live order book, 7 min ago | 0.06 bp | 4.6 bp −$5 | 4.6 bp −$46 | 4.9 bp −$488 | doesn't fit |
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 | 85,396 | −0.053% | $8K | $2K | 50x | as long as short |
| Phemex BTCUSDT | −0.0052% | 8h | 85,416.7 | −0.028% | $159.5M | $517.0M | 150x | as long as short |
| Phoenix BTClong | −0.0034% | 1h | 85,441 | long leg | $2.3M | $10.4M | 40x | |
| BloFin BTC-USDT | −0.0020% | 8h | 85,412.1 | −0.034% | $425.2M | $685.6M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,412 | −0.034% | $307K | $22.9M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,433.1 | −0.009% | $344K | $2.3M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0001% | 8h | 85,421.1 | −0.023% | $929.8M | $776.8M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,418.5 | −0.026% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0022% | 8h | 85,417.3 | −0.028% | $503.0M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | +0.0027% | 1h | 85,413.1 | −0.033% | $16.7M | $21.0M | 50x | as long as short |
Hotstuff BTC-PERP
Phemex BTCUSDT
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit BTC-PERPETUAL | +0.0041% | 1h | 85,440.9 | 0.000% | $829.4M | $1.67B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,419.2 | −0.026% | $186.4M | $953.7M | 100x | as long as short |
| BingX BTC-USDC | +0.0069% | 8h | 85,397.8 | −0.051% | — | $17.5M | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,430.9 | −0.012% | $169.7M | $935.8M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,428 | −0.015% | $23.6M | $133.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,430 | −0.013% | $8.7M | $58.1M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,413.9 | −0.032% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,400 | −0.048% | $264K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,466.7 | +0.030% | $5.7M | $9.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 85,397.4 | −0.051% | $24.2M | $220.0M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,441 | 0.000% | $40.2M | $604.6M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,421.6 | −0.023% | $9.41B | $25.20B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,418.8 | −0.026% | $5.09B | $10.02B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,413.9 | −0.032% | $2.61B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,403 | −0.044% | $3.8M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,443.3 | +0.003% | $4.6M | $97.7M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,382 | −0.069% | $697.9M | $180.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,415.8 | −0.029% | $5.45B | $9.81B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,417.8 | −0.027% | $5.01B | $5.71B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,411.1 | −0.035% | $2.97B | $5.18B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,388.2 | −0.062% | $37.5M | $192.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,265.8 | −0.205% | $155.3M | $548.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,309.9 | −0.153% | $282.9M | $958.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,349.1 | −0.108% | $214.2M | $159.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,343.3 | −0.114% | $138.1M | $312.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,270.7 | −0.199% | $30.1M | $216.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,495.1 | +0.063% | — | $9.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,327 | −0.133% | $10.9M | $14.9M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,422 | −0.022% | $200K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,419.3 | −0.025% | $2.7M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,463.2 | +0.026% | $194K | $796K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,401.4 | −0.046% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,409 | −0.037% | $59.8M | $336.6M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,412.9 | −0.033% | $2.26B | $975.2M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,387.2 | −0.063% | $45.7M | $241.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,396.6 | −0.052% | — | $106.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,450 | +0.011% | $111.7M | $5.47B | 50x | as long as short |
| Derive BTC-PERP | +0.0133% | 1h | 85,433.6 | −0.009% | $28.8M | $46.9M | 15x | as long as short |
| Reya BTCRUSDPERP | +0.0146% | 1h | 85,407 | −0.040% | $6.6M | $140.7M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0149% | 1h | 85,419 | −0.026% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0175% | 8h | 85,430 | −0.013% | $12.1M | $739.9M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,437.5 | −0.004% | $8.9M | $42.9M | 25x | as long as short |
| Hyperliquid BTCshort | +0.0264% | 1h | 85,517 | +0.089% | $3.79B | $5.11B | 40x | |
| Aftermath Perps BTCUSD | +0.0283% | 1h | 85,342.7 | −0.115% | $81K | $249K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0320% | 1h | 85,377.1 | −0.075% | $683K | $7.8M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,417.3 | −0.028% | $471K | $18.4M | 6.7x | as long as short |
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Derive BTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC