Funding arb · Price arb /

DOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.087%

Price spread now: Hyperliquid against Phemex+0.043%48s7-day average −0.161% · you sell dearer than you buy

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$530.533% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.770%−$77 on $10k

Price spread, last 4 days (all we have)−0.151%−$15 · spread now +0.043%, 7d avg −0.161%

Together, before fees−0.921%+ Points / potential airdropHyperliquid: Season 2 · farm board−$92 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.204% dearer against Phemex than usual: you sell high and buy low (spread +0.043% now, against its 7-day average of −0.161%): +$20 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.1 days. At the pace of the last 7 days (−0.770% in total) that is about 44 hours. The two prices were read 48 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	Phemex DOTUSDT	1.1650	0.0211	pay 0.0211% / 8h	42m 24s	$2.4M	$2.2M	50x
Short	Hyperliquid DOT	1.1655	0.0100	get 0.0013% / 1h	42m 24s	$5.6M	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$23.31
Price spread: +0.043% → −0.161%: $20.37
Slippage, 4 orders: −$32.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$56.25
Costs to cover: 0.533%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Hyperliquid: live order book, 10 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 Phemex live order book, 1 min ago	4.29 bp	20.1 bp −$20	52.7 bp −$527	109.8 bp −$11.0K	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.86 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit

DOT on 29 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
Deribit DOT_USDC-PERPETUAL	−0.3594%	1h	1.1661	+0.094%	$247K	$152K	50x	as long as short
Reya DOTRUSDPERP	−0.0166%	1h	1.1653	+0.024%	$252	—	—	as long as short
Coinbase International DOT-PERP-INTX	−0.0104%	1h	1.1660	+0.086%	$170K	$2.0M	50x	as long as short
gTrade (Gains Network) DOT/USD	L 0.0000% / S +0.0004%	1h	1.1654	+0.034%	$3K	—	150x	as long as short
dYdX DOT-USD	+0.0003%	1h	1.1654	+0.031%	$140K	$6K	10x	as long as short
Injective DOT/USDC PERP	+0.0033%	1h	1.2020	+3.176%	$328	$121K	12x	as long as short
Lighter DOT	+0.0096%	1h	1.1654	+0.038%	$245K	$674K	10x	as long as short
Hyperliquid DOTshort	+0.0100%	1h	1.1655	+0.043%	$5.6M	$4.6M	10x
Aster DOTUSDT	+0.0100%	8h	1.1653	+0.028%	$839K	$606K	50x	as long as short
Binance DOTUSDT	+0.0100%	8h	1.1655	+0.040%	$42.6M	$88.8M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit DOTUSDT	+0.0100%	8h	1.1651	+0.009%	$23.7M	$20.2M	75x	as long as short
OKX DOT-USDT-SWAP	+0.0100%	8h	1.1652	+0.017%	$9.0M	$25.4M	50x	as long as short
Gate DOT_USDT	+0.0100%	8h	1.1650	0.000%	$6.6M	$12.9M	75x	as long as short
MEXC DOT_USDT	+0.0100%	8h	1.1654	+0.034%	$37.1M	$62.5M	300x	as long as short
KuCoin DOTUSDTM	+0.0100%	8h	1.1656	+0.052%	$6.1M	$9.4M	75x	as long as short
Bitget DOTUSDT	+0.0100%	8h	1.1651	+0.009%	$22.4M	$14.6M	75x	as long as short
BingX DOT-USDC	+0.0100%	8h	1.1652	+0.017%	—	$1.3M	—	as long as short
Backpack DOT_USDC_PERP	+0.0100%	1h	1.1645	−0.043%	$88K	$130K	10x	as long as short
Variational Omni DOT	+0.0100%	8h	1.1646	−0.032%	$530K	$50K	—	as long as short
edgeX DOTUSDC	+0.0100%	4h	1.1662	+0.100%	$34K	$337K	20x	as long as short
GRVT DOT_USDT_Perp	+0.0100%	8h	1.1650	+0.001%	$223K	$432K	10x	as long as short
Orderly PERP_DOT_USDC	+0.0100%	8h	1.1660	+0.086%	$8K	$19K	10x	as long as short
SunX DOT-USDT	+0.0100%	8h	1.1672	+0.189%	$2K	$1.3M	20x	as long as short
HTX DOT-USDT	+0.0100%	8h	1.1643	−0.060%	$262K	$282K	75x	as long as short
Extended DOT-USD	+0.0104%	1h	1.1651	+0.008%	$14K	$272K	25x	as long as short
Phemex DOTUSDTlong	+0.0211%	8h	1.1650	long leg	$2.4M	$2.2M	50x
BloFin DOT-USDT	+0.0220%	8h	1.1656	+0.052%	$1.9M	$896K	75x	as long as short
GMX DOT/USD [WBTC.b-USDC]	L +0.0291% / S −0.0937%	1h	1.1655	+0.042%	$20K	—	100x	as long as short
Kraken Futures PF_DOTUSD	+0.0338%	1h	1.1662	+0.105%	$4.4M	$1.5M	50x	as long as short