VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0372%/8h= −40.7% APRnext payment −$0.46 per $10,000 · paid last 24h −0.051%

Price spread now: Hyperliquid against Coinbase International−0.365%7-day average −0.163% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$660.658% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 3 days (all we have)+0.342%+$34 · spread now −0.365%, 7d avg −0.163%

Together, before fees−0.012%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Hyperliquid is 0.202% cheaper against Coinbase International than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.163%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7176	0.0472	pay 0.0059% / 1h	52m 31s	$195K	$95K	50x
Short	Hyperliquid VIRTUAL	0.7150	0.0100	get 0.0013% / 1h	52m 31s	$8.7M	$3.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. 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 Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now −0.365%Rate

Funding earned: −$78.12
Price spread: −0.365% → −0.163%: −$20.2
Slippage, 4 orders: −$46.76
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$164.09
Costs to cover: 0.658%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 30 min ago; Hyperliquid: live order book, 10 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 Coinbase International live order book, 30 min ago	6.95 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.49 bp	10.5 bp −$11	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0868%	1h	0.7147	−0.404%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0152%	1h	0.7138	−0.532%	$325K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7146	−0.418%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7152	−0.334%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7188	+0.173%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7151	−0.343%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.822%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0088%	1h	0.7144	−0.449%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7147	−0.404%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7150	−0.365%	$8.7M	$3.7M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7144	−0.450%	$193K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7144	−0.449%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7144	−0.452%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7140	−0.502%	$15.4M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7144	−0.446%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7145	−0.432%	$1.4M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7143	−0.460%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7144	−0.446%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7146	−0.418%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7142	−0.474%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7141	−0.488%	$235K	$157K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	+0.033%	$526K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7185	+0.131%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7184	+0.114%	$636K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7188	+0.167%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	−0.268%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7146	−0.418%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7141	−0.493%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7147	−0.405%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7152	−0.334%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7145	−0.432%	$808K	$790K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0472%	1h	0.7176	long leg	$195K	$95K	50x
Kraken Futures PF_VIRTUALUSD	+0.0512%	1h	0.7160	−0.226%	$536K	$544K	50x	as long as short