ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0241%/8h= −26.4% APRnext payment −$0.30 per $10,000 · paid last 24h −0.051%

Price spread now: Injective against Hyperliquid+0.084%73s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as 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−$700.698% of the position

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 4 days (all we have)−0.531%−$53 · spread now +0.084%, 7d avg −0.005%

Together, before fees−0.423%+ Points / potential airdropHyperliquid: Season 2 · farm board−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.089% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.084% now, against its 7-day average of −0.005%): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 29 hours. Mind the row above: over the last 7 days funding on this pair paid +0.108%, so the current rate has only just turned against you. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.108% in total (about 5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 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 ETH	2,738	0.0100	pay 0.0013% / 1h	51m 56s	$3.11B	$2.05B	25x
Short	Injective ETH/USDC PERP	2,740.3	−0.0141	pay 0.0018% / 1h	51m 56s	$118K	$22.5M	52x

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 +0.084%Rate

Funding earned: −$50.71
Price spread: +0.084% → −0.005%: $8.86
Slippage, 4 orders: −$60.81
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$111.67
Costs to cover: 0.698%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Injective: live order book, 2 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, 12 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.5 bp −$553	7.5 bp −$3,725
Sell Injective live order book, 2 min ago	12.21 bp	48.2 bp −$48	49.6 bp −$496	49.7 bp −$4,975	doesn't fit

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,735.6	−0.089%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERPshort	−0.0141%	1h	2,740.3	+0.084%	$118K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,735.6	−0.088%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736	−0.072%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.7	−0.010%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736	−0.073%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.117%	$832K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.2	−0.068%	$25.5M	—	200x	as long as short
SoDEX ETH-USD	+0.0045%	1h	2,735.2	−0.102%	$54.5M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0051%	1h	2,735.4	−0.094%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0055%	8h	2,735.3	−0.099%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,736.2	−0.064%	$1.68B	$10.61B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,735.5	−0.091%	$380.1M	$573.4M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,736.1	−0.070%	$253.0M	$840.5M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.2	−0.175%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,735.5	−0.090%	$1.55B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,735.8	−0.080%	$6.35B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,735.9	−0.076%	$112.6M	$431.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.7	−0.046%	$24.4M	$103.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,737.5	−0.017%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.9	−0.078%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.8	+0.064%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.8	−0.117%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.6	−0.088%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,738	long leg	$3.11B	$2.05B	25x
Pacifica ETH	+0.0100%	1h	2,737	−0.037%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,736	−0.073%	$2.43B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.5	−0.128%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.5	−0.091%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.101%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736	−0.072%	$3.38B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.1	−0.071%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.3	−0.099%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	+0.108%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.9	+0.068%	$182.1M	$665.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.024%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.112%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.3	+0.047%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.6	−0.014%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.3	−0.026%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.5	−0.019%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,734.4	−0.132%	$959K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,735.7	−0.086%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,735.1	−0.107%	$265.8M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.3	−0.097%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.5	−0.017%	$51.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0125%	1h	2,739.7	+0.062%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,737.3	−0.026%	$7.7M	$672.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0174%	1h	2,736.7	−0.046%	$260.0M	$194.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,738.1	+0.002%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,738.4	+0.015%	$285.5M	$172.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.9	−0.075%	$85.9M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,735.8	−0.082%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.6	+0.058%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1676%	1h	2,736.3	−0.064%	$21K	$20K	25x	as long as short