Funding you earn now, next payment 09:00 UTC−0.0062%/8h= −6.8% APRnext payment −$0.08 per $10,000 · paid last 24h −0.002%
Price spread now: Hyperliquid against Deribit−0.003%7-day average +0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs−$13as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$180.177% of the position
Funding, last 7 days+0.048%+$5 on $10k
+Price spread, last 4 days (all we have)+0.207%+$21 · spread now −0.003%, 7d avg +0.027%
=Together, before fees+0.255%+ Points / potential airdropHyperliquid: Season 2 · farm board+$25 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hyperliquid is 0.030% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.027%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit BTC-PERPETUAL | 85,954.3 | 0.0217 | pay 0.0027% / 1h | 18m 16s | $832.9M | $1.62B | 50x |
| Short | Hyperliquid BTC | 85,952 | 0.0154 | get 0.0019% / 1h | 18m 16s | $3.87B | $4.75B | 40x |
Deribit BTC-PERPETUAL
Hyperliquid BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Deribit. 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
- −$13.08
- Price spread: −0.003% → +0.027%
- −$3.01
- Slippage, 4 orders
- −$1.72
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$33.8
- Costs to cover
- 0.177%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 1 min ago; Hyperliquid: 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 Deribit live order book, 1 min ago | 0.09 bp | 3.6 bp −$4 | 4.5 bp −$45 | 7.4 bp −$742 | 11.8 bp −$5,904 |
| Sell Hyperliquid live order book, 6 min ago | 0.06 bp | 4.6 bp −$5 | 5.0 bp −$50 | 5.8 bp −$576 | doesn't fit |
BTC on 56 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.0621% | 1h | 85,946.3 | −0.009% | $195K | $683K | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,876 | −0.091% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,812.5 | −0.165% | $425.5M | $623.1M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,817 | −0.160% | $307K | $26.6M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,881.6 | −0.085% | $354K | $2.1M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,898.7 | −0.065% | $36.7M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0024% | 8h | 85,876.2 | −0.091% | $923.5M | $697.0M | 125x | as long as short |
| Aster BTCUSDT | +0.0043% | 8h | 85,886.2 | −0.079% | $505.4M | $1.00B | 200x | as long as short |
| dYdX BTC-USD | +0.0046% | 1h | 85,874 | −0.093% | $16.8M | $19.6M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,931.7 | −0.026% | $187.9M | $872.4M | 100x | as long as short |
Bluefin BTC-PERP
Hotstuff BTC-PERP
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
dYdX BTC-USD
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | +0.0075% | 1h | 85,843 | −0.129% | $2.3M | $10.4M | 40x | as long as short |
| BingX BTC-USDC | +0.0080% | 8h | 85,870.2 | −0.098% | — | $17.0M | — | as long as short |
| Nado BTC-PERP | +0.0085% | 1h | 85,869.6 | −0.099% | $22.7M | $211.2M | 50x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,898.5 | −0.065% | $172.4M | $956.2M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,887 | −0.078% | $23.3M | $136.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,870 | −0.098% | $8.7M | $52.6M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,897.3 | −0.066% | $2.4M | $6.7M | 20x | as long as short |
| Bybit BTCUSDT | +0.0098% | 8h | 85,879.3 | −0.087% | $5.11B | $9.75B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,852 | −0.119% | $252K | $8.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,921.7 | −0.038% | $5.8M | $9.1M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,904.7 | −0.058% | $40.4M | $591.1M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,876.9 | −0.090% | $9.43B | $23.24B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,899.9 | −0.063% | $2.61B | $10.86B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,875 | −0.092% | $3.9M | $16.5M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,884 | −0.082% | $4.6M | $95.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,879.2 | −0.087% | $5.51B | $10.05B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,873.7 | −0.094% | $5.10B | $5.81B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,900 | −0.063% | $2.98B | $4.64B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,820.7 | −0.155% | $37.8M | $188.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,817.8 | −0.159% | $156.4M | $529.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,769 | −0.216% | $286.9M | $969.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,841.6 | −0.131% | $215.6M | $155.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,826.9 | −0.148% | $137.1M | $305.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,856 | −0.114% | $30.3M | $214.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,942.5 | −0.014% | — | $9.7M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,864 | −0.105% | $11.0M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,877 | −0.090% | $210K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,903 | −0.060% | $2.6M | $9.5M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,444.6 | −0.593% | $28.8M | $52.4M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,899.8 | −0.063% | $3.1M | $7.0M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,900 | −0.063% | $60.1M | $271.7M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,929.9 | −0.028% | $2.27B | $916.9M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,911 | −0.050% | $166.6M | $502.4M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,869.6 | −0.098% | $707.4M | $169.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,879.1 | −0.087% | $46.2M | $226.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,881.2 | −0.085% | — | $94.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,961.4 | +0.008% | $112.4M | $5.34B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0151% | 1h | 85,857.1 | −0.113% | $6.6M | $134.9M | 40x | as long as short |
| Hyperliquid BTCshort | +0.0154% | 1h | 85,952 | −0.003% | $3.87B | $4.75B | 40x | |
| Kalshi KXBTCPERP | +0.0189% | 8h | 85,880 | −0.086% | $11.0M | $728.2M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,898.6 | −0.065% | $9.0M | $40.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0198% / S −0.0175% | 1h | 85,889.6 | −0.075% | $13.0M | — | 200x | as long as short |
| Deribit BTC-PERPETUALlong | +0.0217% | 1h | 85,954.3 | long leg | $832.9M | $1.62B | 50x | |
| Hibachi BTC/USDT-P | +0.0336% | 1h | 85,833.6 | −0.140% | $701K | $7.4M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0358% | 1h | 85,746.5 | −0.242% | $81K | $260K | 20x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,877 | −0.090% | $470K | $16.9M | 6.7x | as long as short |
Phoenix BTC
BingX BTC-USDC
Nado BTC-PERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Bybit BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Perpl BTC