Funding you earn now, next payment 06:00 UTC+0.0062%/8h= +6.7% APRnext payment +$0.08 per $10,000 · paid last 24h +0.009%
Price spread now: Deribit against Hyperliquid−0.034%7-day average −0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs−$21as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$160.162% of the position
Funding, last 7 days−0.047%−$5 on $10k
+Price spread, last 4 days (all we have)+0.006%+$1 · spread now −0.034%, 7d avg −0.027%
=Together, before fees−0.041%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid BTC | 85,455 | 0.0100 | pay 0.0013% / 1h | 17m 51s | $3.75B | $5.07B | 40x |
| Short | Deribit BTC-PERPETUAL | 85,426.2 | 0.0162 | get 0.0020% / 1h | 17m 51s | $866.8M | $1.61B | 50x |
Hyperliquid BTC
Deribit BTC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- $12.92
- Price spread: −0.034% → −0.027%
- −$0.71
- Slippage, 4 orders
- −$0.18
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$3.97
- Costs to cover
- 0.162%
- Break-even
- 9.2 days
Slippage from Hyperliquid: live order book, 6 min ago; Deribit: live order book, 1 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, 6 min ago | 0.06 bp | 4.6 bp −$5 | 5.0 bp −$50 | 5.8 bp −$580 | doesn't fit |
| Sell Deribit live order book, 1 min ago | 0.03 bp | 3.5 bp −$4 | 4.2 bp −$42 | 7.3 bp −$735 | 15.1 bp −$7,543 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0112% | 43m | 85,373.5 | −0.095% | $526K | $18.4M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,308 | −0.172% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,393 | −0.073% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,340.9 | −0.134% | $922.6M | $765.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,351 | −0.122% | $420.0M | $681.5M | 150x | as long as short |
| Aster BTCUSDT | −0.0014% | 8h | 85,349.4 | −0.124% | $512.8M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,373.6 | −0.095% | $354K | $2.4M | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,341.2 | −0.133% | $16.7M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,397 | −0.068% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,225 | −0.269% | $338K | $26.8M | 52x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0038% | 1h | 85,347.8 | −0.126% | $24.8M | $222.5M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,403.1 | −0.061% | $187.6M | $954.5M | 100x | as long as short |
| BingX BTC-USDC | +0.0068% | 8h | 85,336.4 | −0.139% | — | $17.4M | — | as long as short |
| Phemex BTCUSDT | +0.0074% | 8h | 85,376.5 | −0.092% | $147.8M | $505.3M | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,381.2 | −0.086% | $2.4M | $6.7M | 20x | as long as short |
| Bitget BTCUSDT | +0.0086% | 8h | 85,350.6 | −0.122% | $2.96B | $5.16B | 150x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,355.9 | −0.116% | $5.05B | $5.74B | 500x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,355.6 | −0.116% | $9.44B | $24.86B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,391 | −0.075% | $171.1M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,390.3 | −0.076% | $23.7M | $148.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,358 | −0.114% | $8.3M | $55.8M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,418.5 | −0.043% | $117.3M | $5.41B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,330 | −0.146% | $237K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,404.6 | −0.059% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTClong | +0.0100% | 1h | 85,455 | long leg | $3.75B | $5.07B | 40x | |
| Pacifica BTC | +0.0100% | 1h | 85,372.5 | −0.097% | $40.0M | $597.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,349.3 | −0.124% | $5.15B | $9.95B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,350.1 | −0.123% | $2.58B | $12.20B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,342 | −0.132% | $3.8M | $17.5M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,358.5 | −0.113% | $4.6M | $98.7M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,163.7 | −0.341% | $678.5M | $565.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,352 | −0.121% | $5.50B | $11.02B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,366.5 | −0.104% | $36.3M | $176.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,218.8 | −0.276% | $154.2M | $561.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,241.6 | −0.250% | $279.4M | $948.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,107.4 | −0.407% | $213.8M | $166.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,093.4 | −0.423% | $139.1M | $315.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,285.1 | −0.199% | $30.1M | $207.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,429.8 | −0.029% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,372 | −0.097% | $11.0M | $14.4M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,384 | −0.083% | $205K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,387.2 | −0.079% | $2.6M | $9.6M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,434.5 | −0.024% | $228K | $760K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,361.5 | −0.109% | $30.0M | $48.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,358.3 | −0.113% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,388 | −0.078% | $59.8M | $336.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,369 | −0.101% | $2.26B | $941.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,328.8 | −0.148% | $45.0M | $239.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,394.8 | −0.070% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0117% | 1h | 85,373.1 | −0.096% | $6.6M | $147.4M | 40x | as long as short |
| Deribit BTC-PERPETUALshort | +0.0162% | 1h | 85,426.2 | −0.034% | $866.8M | $1.61B | 50x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,388.1 | −0.078% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0190% | 8h | 85,387 | −0.080% | $11.5M | $743.3M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0220% | 1h | 85,263.3 | −0.224% | $78K | $227K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,319.8 | −0.158% | $688K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,363.5 | −0.107% | $8.7M | $43.3M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Aevo BTC-PERP
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC