Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%
Price spread now: Orderly against Hyperliquid−0.055%7-day average −0.077% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.008%−$1 on $10k
+Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.055%, 7d avg −0.077%
=Together, before fees−0.019%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.022% dearer against Hyperliquid than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.077%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid BTC | 85,434.3 | 0.0100 | pay 0.0013% / 1h | 17m 45s | $3.75B | $5.07B | 40x |
| Short | Orderly PERP_BTC_USDC | 85,387.2 | 0.0100 | get 0.0100% / 8h | 2h 17m | $2.6M | $9.6M | 100x |
Hyperliquid BTC
Orderly PERP_BTC_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly 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
- $0
- Price spread: −0.055% → −0.077%
- $2.2
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$12.8
- Costs to cover
- 0.150%
- Break-even
- never at this rate
Slippage unknown: Hyperliquid: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.
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 Orderly no order-book sample | — | — | — | — | — |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.071% | $526K | $18.4M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,308 | −0.148% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,393 | −0.048% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,354.2 | −0.094% | $922.8M | $765.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,351 | −0.098% | $420.0M | $681.5M | 150x | as long as short |
| Aster BTCUSDT | −0.0013% | 8h | 85,347.8 | −0.101% | $512.8M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,373.6 | −0.071% | $354K | $2.4M | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,386.9 | −0.055% | $16.7M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,397 | −0.044% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,225 | −0.245% | $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 | −0.101% | $24.8M | $222.5M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,403.1 | −0.037% | $187.6M | $954.5M | 100x | as long as short |
| BingX BTC-USDT | +0.0067% | 8h | 85,352.3 | −0.096% | — | $1.56B | — | as long as short |
| Phemex BTCUSDT | +0.0074% | 8h | 85,376.5 | −0.068% | $147.8M | $505.3M | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,381.2 | −0.062% | $2.4M | $6.7M | 20x | as long as short |
| Bitget BTCUSDT | +0.0086% | 8h | 85,366.5 | −0.079% | $2.96B | $5.16B | 150x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,374.6 | −0.070% | $5.05B | $5.74B | 500x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,363.5 | −0.083% | $9.44B | $24.85B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,361.4 | −0.085% | $171.1M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,368 | −0.078% | $23.7M | $148.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,358 | −0.089% | $8.3M | $55.8M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,418.5 | −0.018% | $117.3M | $5.41B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,330 | −0.122% | $237K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,428.2 | −0.007% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTClong | +0.0100% | 1h | 85,434.3 | long leg | $3.75B | $5.07B | 40x | |
| Pacifica BTC | +0.0100% | 1h | 85,384 | −0.059% | $40.0M | $597.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,373.1 | −0.072% | $5.15B | $9.95B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,371 | −0.074% | $2.58B | $12.20B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,369 | −0.076% | $3.8M | $17.5M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,384.8 | −0.058% | $4.6M | $98.8M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,163.7 | −0.317% | $678.5M | $565.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,352 | −0.096% | $5.50B | $11.02B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,366.5 | −0.079% | $36.3M | $176.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,218.8 | −0.252% | $154.2M | $561.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,241.6 | −0.226% | $279.4M | $948.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,107.4 | −0.383% | $213.8M | $166.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,093.4 | −0.399% | $139.1M | $315.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,285.1 | −0.175% | $30.1M | $207.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,429.8 | −0.005% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,372 | −0.073% | $11.0M | $14.4M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,384 | −0.059% | $205K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDCshort | +0.0100% | 8h | 85,387.2 | −0.055% | $2.6M | $9.6M | 100x | |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,434.5 | 0.000% | $228K | $760K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,361.5 | −0.085% | $30.0M | $48.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,358.3 | −0.089% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,388 | −0.054% | $59.8M | $336.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,369 | −0.076% | $2.26B | $941.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,328.8 | −0.124% | $45.0M | $239.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,394.8 | −0.046% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0117% | 1h | 85,373.1 | −0.072% | $6.6M | $147.4M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0162% | 1h | 85,426.2 | −0.010% | $866.8M | $1.61B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,388.1 | −0.054% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0190% | 8h | 85,387 | −0.055% | $11.5M | $743.3M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0220% | 1h | 85,263.3 | −0.200% | $78K | $227K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,319.8 | −0.134% | $688K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,363.5 | −0.083% | $8.7M | $43.3M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDT
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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC