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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0188%/8h= +20.5% APRnext payment +$0.23 per $10,000 · paid last 24h +0.043%
Price spread now: Hyperliquid against Injective+0.108%7-day average +0.007% · you sell dearer than you buy
Net, funding: paid 7d − costs−$82as in the Funding arb table
Net, price: spread back to 7d avg − costs−$60as in the Price arb table
costs, in and out, $10k−$700.696% of the position
Long on InjectiveShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days−0.123%−$12 on $10k
Price spread, last 3 days (all we have)+0.093%+$9 · spread now +0.108%, 7d avg +0.007%
Together, before fees−0.030%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.101% dearer against Injective than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.007%. Mind the row above: over the last 7 days funding on this pair cost −0.123%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.123% in total (about -6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.23 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongInjective ETH/USDC PERP2,782.5−0.0088get 0.0011% / 1h54m 55s$119K$22.5M52x
ShortHyperliquid ETH2,785.50.0100get 0.0013% / 1h54m 55s$3.20B$2.35B25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid against Injective. 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

Funding earned
$39.38
Price spread: +0.108% → +0.007%
$10.11
Slippage, 4 orders
−$60.61
Fee Injective: 0.01 bp × 2 orders
−$0.02
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$20.14
Costs to cover
0.696%
Break-even
10.6 days
Slippage from Injective: live order book, 4 min ago; Hyperliquid: live order book, 9 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Injective live order book, 4 min ago14.38 bp14.4 bp −$1414.4 bp −$14414.4 bp −$1,43920624.1 bp −$10.31M
Sell Hyperliquid live order book, 9 min ago0.18 bp4.7 bp −$54.7 bp −$475.5 bp −$5467.6 bp −$3,811

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,784+0.055%$289K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,783.1+0.021%$5.7M$11.9M25xas long as short
ApeX Omni ETHUSDT−0.0131%1h2,779.8−0.096%$8.8M$32.7M100xas long as short
Injective ETH/USDC PERPlong−0.0088%1h2,782.5long leg$119K$22.5M52x
Hotstuff ETH-PERP−0.0080%1h2,783.3+0.029%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0032%1h2,783.8+0.047%$169K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0002%1h2,779.5−0.106%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,784.4+0.068%$12.8M$45.9M50xas long as short
Phoenix ETH0.0000%1h2,778.7−0.137%$881K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,784.5+0.071%$22.5M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0015%8h2,784+0.054%—$1.21B—as long as short
OKX ETH-USDT-SWAP+0.0019%8h2,783.5+0.037%$1.71B$11.91B100xas long as short
Phemex ETHUSDT+0.0023%8h2,783.8+0.046%$271.2M$68.8M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,784.4+0.069%$12.9M—200xas long as short
Aster ETHUSDT+0.0036%8h2,783.9+0.049%$255.2M$998.4M200xas long as short
Deribit ETH-PERPETUAL+0.0052%1h2,784.8+0.082%$258.8M$222.5M50xas long as short
Bullet ETH-USD+0.0057%1h2,783.7+0.045%$182K$1.7M20xas long as short
MEXC ETH_USDT+0.0062%8h2,784.3+0.063%$1.60B$2.62B500xas long as short
Binance ETHUSDT+0.0062%8h2,784.1+0.057%$6.46B$17.25B150xas long as short
Aevo ETH-PERP+0.0064%1h2,782.1−0.013%$5.0M$636K20xas long as short
Bitget ETHUSDT+0.0065%8h2,784+0.053%$2.11B$3.10B150xas long as short
Nado ETH-PERP+0.0065%1h2,783.4+0.034%$14.4M$118.2M50xas long as short
Gate ETH_USDT+0.0071%8h2,784+0.053%$3.31B$9.57B200xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,784.4+0.067%$60.3M$4.62B50xas long as short
HTX ETH-USDT+0.0089%8h2,783.1+0.022%$1.08B$1.32B200xas long as short
Bybit ETHUSDT+0.0090%8h2,784+0.053%$2.52B$4.62B150xas long as short
KuCoin ETHUSDTM+0.0091%8h2,783.6+0.038%$424.2M$739.3M100xas long as short
Vest ETH-PERP+0.0095%1h2,783.6+0.039%—$1.1M50xas long as short
Lighter ETH+0.0096%1h2,783.8+0.045%$116.4M$494.7M50xas long as short
Lighter RH ETH+0.0096%1h2,785+0.090%$25.4M$120.5M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,783.3+0.027%$16.0M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,782.9+0.014%$478K$2.7M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,785.5+0.108%$3.20B$2.35B25x
Pacifica ETH+0.0100%1h2,783.1+0.023%$31.3M$306.5M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,781.6−0.032%$2.8M$17.2M25xas long as short
Arcus ETH-USD+0.0100%1h2,784.5+0.072%$2.7M$17.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,777.9−0.164%$168.1M$250.4M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,783.1+0.023%$15.1M$44.0M50xas long as short
Variational Omni ETH+0.0100%8h2,781.4−0.039%$147.6M$336.7M—as long as short
edgeX ETHUSDC+0.0100%4h2,779−0.125%$181.9M$779.8M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,780.8−0.062%$161.7M$90.3M50xas long as short
StandX ETH-USD+0.0100%1h2,782.6+0.004%$21.5M$58.3M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,784.7+0.079%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,784+0.052%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,785.7+0.115%$42.9M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,783.1+0.020%$976K$13.9M100xas long as short
SoDEX ETH-USD+0.0100%1h2,783.1+0.022%$55.4M$229.0M40xas long as short
Extended ETH-USD+0.0104%1h2,783.4+0.033%$32.7M$77.6M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,784.1+0.059%—$41.8M500xas long as short
Kraken Futures PF_ETHUSD+0.0122%1h2,784.3+0.064%$86.8M$332.7M100xas long as short
Kalshi KXETHPERP+0.0124%8h2,783.6+0.040%$8.4M$681.6M4.9xas long as short
Orderly PERP_ETH_USDC+0.0136%8h2,786.5+0.142%$32.7M$12.0M100xas long as short
BloFin ETH-USDT+0.0182%8h2,783.7+0.043%$285.4M$195.1M150xas long as short
Reya ETHRUSDPERP+0.0197%1h2,783.3+0.028%$7.4M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0296%1h2,781.9−0.023%$271K$1.5M20xas long as short