Funding you earn now, next payment 22:00 UTC−0.0819%/8h= −89.7% APRpaid last 24h −0.174%
Price spread now: Phemex against Hyperliquid−0.224%7-day average −0.198% · you buy dearer than you sell
Net, funding: paid 7d − costs−$130as in the Funding arb table
Net, price: spread back to 7d avg − costs−$87as in the Price arb table
costs, in and out, $10k−$840.841% of the position
Funding, last 7 days−0.461%−$46 on $10k
+Price spread, last 3 days (all we have)−0.334%−$33 · spread now −0.224%, 7d avg −0.198%
=Together, before fees−0.795%+ Points / potential airdropHyperliquid: Season 2 · farm board−$80 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Phemex is 0.027% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.198%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.461% in total (about -24.1% a year). A funding rate is set anew for every payment. 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 RENDER | 1.8712 | 0.0919 | pay 0.0115% / 1h | 37m 43s | $4.3M | $4.3M | 5x |
| Short | Phemex RENDERUSDT | 1.8670 | 0.0100 | get 0.0100% / 8h | 2h 37m | $1.9M | $4.0M | 50x |
Hyperliquid RENDER
Phemex RENDERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Hyperliquid. 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
- −$171.94
- Price spread: −0.224% → −0.198%
- −$2.68
- Slippage, 4 orders
- −$63.06
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$258.69
- Costs to cover
- 0.841%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 4 min ago; Phemex: live order book, 6 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, 4 min ago | 3.21 bp | 14.8 bp −$15 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 6 min ago | 8.05 bp | 26.4 bp −$26 | 99.1 bp −$991 | doesn't fit | doesn't fit |
RENDER on 22 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective RENDER/USDC PERP | −0.0440% | 1h | 1.8640 | −0.385% | $6K | $141K | 12x | as long as short |
| Variational Omni RENDER | −0.0257% | 4h | 1.8615 | −0.518% | $225K | $258K | — | as long as short |
| Bybit RENDERUSDT | −0.0105% | 4h | 1.8667 | −0.240% | $12.2M | $14.6M | 50x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | −0.0071% | 1h | 1.8681 | −0.166% | $11K | $30K | 25x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8699 | −0.067% | $19K | $21K | 5x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8690 | −0.118% | $272K | $189K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8694 | −0.095% | $12.5M | $49.0M | 75x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8690 | −0.118% | $3.2M | $8.8M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8680 | −0.171% | $547K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8690 | −0.118% | $12.0M | $10.2M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
Bybit RENDERUSDT
Deribit RENDER_USDC-PERPETUAL
dYdX RENDER-USD
Aster RENDERUSDT
Binance RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8690 | −0.118% | $5.2M | $13.0M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8689 | −0.123% | $10.0M | $10.3M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8690 | −0.118% | — | $4.3M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8646 | −0.353% | $44K | $265K | 50x | as long as short |
| Phemex RENDERUSDTshort | +0.0100% | 8h | 1.8670 | −0.224% | $1.9M | $4.0M | 50x | |
| Extended RENDER-USD | +0.0104% | 1h | 1.8692 | −0.110% | $31K | $178K | 10x | as long as short |
| Phoenix RENDER | +0.0173% | 1h | 1.8635 | −0.412% | $40K | $336K | 5x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8650 | −0.331% | $601K | $1.4M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0341% / S −0.0785% | 1h | 1.8680 | −0.169% | $14K | — | 100x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0520% | 1h | 1.8640 | −0.385% | $154K | $68K | 50x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.0744% | 1h | 1.8701 | −0.058% | $489K | $1.1M | 50x | as long as short |
| Hyperliquid RENDERlong | +0.0919% | 1h | 1.8712 | long leg | $4.3M | $4.3M | 5x |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Extended RENDER-USD
Phoenix RENDER
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Coinbase International RENDER-PERP-INTX
Kraken Futures PF_RENDERUSD