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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 06:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.032%
Price spread now: Hyperliquid against Phemex+0.068%7-day average +0.072% · you sell dearer than you buy
Net, funding: paid 7d − costs−$12as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$220.225% of the position
Long on PhemexShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.107%+$11 on $10k
Price spread, last 4 days (all we have)+0.012%+$1 · spread now +0.068%, 7d avg +0.072%
Together, before fees+0.119%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.072%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,7290.0087pay 0.0087% / 8h2h 56m$264.2M$64.1M150x
ShortHyperliquid ETH2,730.90.0100get 0.0013% / 1h56m 07s$3.09B$2.05B25x

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

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$2.64
Price spread: +0.068% → +0.072%
−$0.4
Slippage, 4 orders
−$1.47
Fee Phemex: 6 bp × 2 orders
−$12
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$20.23
Costs to cover
0.225%
Break-even
60.6 days
Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 8 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 Phemex live order book, 3 min ago0.40 bp6.7 bp −$77.4 bp −$7410.8 bp −$1,08314.2 bp −$7,097
Sell Hyperliquid live order book, 8 min ago0.18 bp4.7 bp −$54.8 bp −$486.4 bp −$6368.0 bp −$3,997

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−0.0335%43m2,728.1−0.033%$288K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,726.3−0.100%$5K$1K50xas long as short
HTX ETH-USDT−0.0020%8h2,729−0.002%$1.05B$1.21B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,729.4+0.012%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,727.6−0.053%$814K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,728.6−0.014%$10.7M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,729.6+0.022%$28.0M—200xas long as short
Injective ETH/USDC PERP+0.0009%1h2,726.5−0.093%$117K$22.5M52xas long as short
BingX ETH-USDC+0.0030%8h2,728.6−0.016%—$18.5M—as long as short
Bybit ETHUSDT+0.0039%8h2,728.5−0.019%$2.36B$4.40B150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0040%1h2,729.2+0.006%$186K$785K50xas long as short
Deribit ETH-PERPETUAL+0.0054%1h2,730.5+0.053%$258.5M$203.1M50xas long as short
SunX ETH-USDT+0.0058%8h2,728.7−0.012%$958K$11.1M100xas long as short
KuCoin ETHUSDTM+0.0065%8h2,728.6−0.017%$378.2M$576.0M100xas long as short
ApeX Omni ETHUSDT+0.0076%1h2,728−0.039%$8.7M$31.2M100xas long as short
Aster ETHUSDT+0.0078%8h2,729.1+0.003%$252.5M$843.0M200xas long as short
Aevo ETH-PERP+0.0080%1h2,727.5−0.057%$4.9M$155K20xas long as short
Bullet ETH-USD+0.0081%1h2,728.7−0.012%$177K$1.7M20xas long as short
Aftermath Perps ETHUSD+0.0083%1h2,728.6−0.015%$30K$20K20xas long as short
MEXC ETH_USDT+0.0083%8h2,728.6−0.016%$1.56B$2.55B500xas long as short
Binance ETHUSDT+0.0084%8h2,729−0.003%$6.33B$15.97B150xas long as short
OKX ETH-USDT-SWAP+0.0084%8h2,728.6−0.018%$1.67B$10.75B100xas long as short
Phemex ETHUSDTlong+0.0087%8h2,729long leg$264.2M$64.1M150x
Lighter ETH+0.0096%1h2,729.2+0.005%$112.0M$428.3M50xas long as short
Lighter RH ETH+0.0096%1h2,730.9+0.069%$23.4M$102.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,729−0.002%—$31.0M500xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.3−0.027%$500K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,730.1+0.038%$15.4M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,727.9−0.041%$13.7M$104.9M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,730.9+0.068%$3.09B$2.05B25x
Pacifica ETH+0.0100%1h2,729.6+0.021%$31.8M$334.3M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,729.6+0.021%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,728.7−0.012%$1.5M$16.1M25xas long as short
Gate ETH_USDT+0.0100%8h2,728.8−0.011%$3.33B$8.83B200xas long as short
Bitget ETHUSDT+0.0100%8h2,728.6−0.015%$2.08B$2.74B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,728.5−0.019%$15.0M$42.7M50xas long as short
Variational Omni ETH+0.0100%8h2,726.2−0.104%$134.1M$323.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,726.1−0.106%$183.4M$673.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,727.4−0.060%$158.7M$87.2M50xas long as short
StandX ETH-USD+0.0100%1h2,730.2+0.043%$21.0M$73.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,729.7+0.025%—$846K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,729.7+0.024%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,729.8+0.027%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,730.9+0.070%$40.9M$30.1M15xas long as short
SoDEX ETH-USD+0.0100%1h2,729.4+0.013%$54.4M$187.8M40xas long as short
Bulk ETH-USD+0.0100%1h2,726.9−0.077%$164.5M$309.8M25xas long as short
Extended ETH-USD+0.0104%1h2,728.8−0.010%$30.6M$73.8M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,730.4+0.051%$50.1M$4.28B50xas long as short
RISEx ETH/USDC+0.0108%1h2,728.6−0.014%$5.6M$11.7M25xas long as short
Kalshi KXETHPERP+0.0127%8h2,729.7+0.024%$6.4M$688.1M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0176%1h2,729.8+0.027%$83.0M$316.8M100xas long as short
Orderly PERP_ETH_USDC+0.0189%8h2,732+0.109%$32.1M$11.5M100xas long as short
Reya ETHRUSDPERP+0.0205%1h2,727.5−0.057%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0232%1h2,732.3+0.121%$250K$1.4M20xas long as short
BloFin ETH-USDT+0.0332%8h2,730.6+0.058%$283.8M$174.7M150xas long as short