Funding you earn now, next payment 23:00 UTC+0.1019%/8h= +111.6% APRpaid last 24h +0.199%
Price spread now: Hyperliquid against Phemex+0.340%7-day average +0.070% · you sell dearer than you buy
Net, funding: paid 7d − costs−$248as in the Funding arb table
Net, price: spread back to 7d avg − costs−$290as in the Price arb table
costs, in and out, $10k−$3173.175% of the position
Funding, last 7 days+0.696%+$70 on $10k
+Price spread, last 3 days (all we have)−0.078%−$8 · spread now +0.340%, 7d avg +0.070%
=Together, before fees+0.618%+ Points / potential airdropHyperliquid: Season 2 · farm board+$62 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Hyperliquid is 0.270% dearer against Phemex than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of +0.070%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.696% in total (about 36.3% 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 | Phemex USELESSUSDT | 0.2765 | 0.0100 | pay 0.0050% / 4h | 1h 32m | $569K | $1.2M | 20x |
| Short | Hyperliquid USELESS | 0.2774 | 0.1119 | get 0.0140% / 1h | 32m 10s | $13.7M | $20.3M | 3x |
Phemex USELESSUSDT
Hyperliquid USELESSFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $214.05
- Price spread: +0.340% → +0.070%
- $27
- Slippage, 4 orders
- −$296.47
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$76.42
- Costs to cover
- 3.175%
- Break-even
- 9.5 days
Slippage from Phemex: live order book, 1 min ago; Hyperliquid: live order book, 11 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 | 23.73 bp | 113.3 bp −$113 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 2.12 bp | 21.4 bp −$21 | doesn't fit | doesn't fit | doesn't fit |
USELESS on 24 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 | |
|---|---|---|---|---|---|---|---|---|
| Lighter USELESS | +0.0096% | 1h | 0.2775 | +0.373% | $1.3M | $1.1M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2792 | +0.968% | $31K | $70K | 3x | as long as short |
| OKX USELESS-USDT-SWAP | +0.0100% | 4h | 0.2771 | +0.228% | $9.8M | $63.2M | 10x | as long as short |
| Polymarket Perps USELESS-USD | +0.0100% | 1h | 0.2780 | +0.539% | $26K | $144K | 3x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2779 | +0.499% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2798 | +1.193% | $36K | $437K | 20x | as long as short |
| Phemex USELESSUSDTlong | +0.0100% | 4h | 0.2765 | long leg | $569K | $1.2M | 20x | |
| Aevo USELESS-PERP | +0.0216% | 1h | 0.2775 | +0.351% | $10K | — | 3x | as long as short |
| KuCoin USELESSUSDTM | +0.0340% | 4h | 0.2773 | +0.297% | $5.2M | $9.8M | 12x | as long as short |
| Gate USELESS_USDT | +0.0350% | 4h | 0.2771 | +0.217% | $6.9M | $7.9M | 50x | as long as short |
Lighter USELESS
Pacifica USELESS
OKX USELESS-USDT-SWAP
Polymarket Perps USELESS-USD
SunX USELESS-USDT
HTX USELESS-USDT
Aevo USELESS-PERP
KuCoin USELESSUSDTM
Gate USELESS_USDTShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni USELESSUSDT | +0.0412% | 1h | 0.2813 | +1.736% | $40K | $699K | 25x | as long as short |
| MEXC USELESS_USDT | +0.0542% | 4h | 0.2776 | +0.394% | $10.0M | $5.8M | 50x | as long as short |
| Binance USELESSUSDT | +0.0543% | 4h | 0.2776 | +0.393% | $23.5M | $112.4M | 50x | as long as short |
| Extended USELESS-USD | +0.0544% | 1h | 0.2775 | +0.353% | $293K | $965K | 5x | as long as short |
| Bitget USELESSUSDT | +0.0546% | 4h | 0.2773 | +0.300% | $5.3M | $9.0M | 20x | as long as short |
| edgeX USELESSUSDC | +0.0556% | 4h | 0.2813 | +1.738% | $21K | $191K | 10x | as long as short |
| Hyperliquid USELESSshort | +0.1119% | 1h | 0.2774 | +0.340% | $13.7M | $20.3M | 3x | |
| Aster USELESSUSDT | +0.1221% | 4h | 0.2777 | +0.427% | $642K | $2.2M | 10x | as long as short |
| Orderly PERP_USELESS_USDC | +0.1254% | 4h | 0.2779 | +0.499% | $22K | $1.4M | 10x | as long as short |
| BingX USELESS-USDT | +0.1436% | 4h | 0.2774 | +0.311% | — | $4.9M | — | as long as short |
| Bybit USELESSUSDT | +0.1444% | 4h | 0.2774 | +0.344% | $28.0M | $43.6M | 13x | as long as short |
| Variational Omni USELESS | +0.1528% | 4h | 0.2815 | +1.807% | $1.2M | $1.8M | — | as long as short |
| BloFin USELESS-USDT | +0.1921% | 4h | 0.2800 | +1.255% | $1.2M | $1.9M | 12x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.2976 | +7.635% | $5K | $9K | 5.5x | as long as short |
ApeX Omni USELESSUSDT
MEXC USELESS_USDT
Binance USELESSUSDT
Extended USELESS-USD
Bitget USELESSUSDT
edgeX USELESSUSDC
Aster USELESSUSDT
Orderly PERP_USELESS_USDC
BingX USELESS-USDT
Bybit USELESSUSDT
Variational Omni USELESS
BloFin USELESS-USDT
Injective USELESS/USDC PERP