Funding you earn now, next payment 00:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h −0.039%
Price spread now: Phemex against Hyperliquid−0.094%7-day average −0.078% · you buy dearer than you sell
Net, funding: paid 7d − costs−$32as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$210.212% of the position
Funding, last 7 days−0.113%−$11 on $10k
+Price spread, last 3 days (all we have)+0.013%+$1 · spread now −0.094%, 7d avg −0.078%
=Together, before fees−0.100%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.078%, 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 | 86,593 | 0.0100 | pay 0.0013% / 1h | 49m 47s | $3.79B | $5.11B | 40x |
| Short | Phemex BTCUSDT | 86,511.8 | 0.0044 | get 0.0044% / 8h | 49m 47s | $149.7M | $479.6M | 150x |
Hyperliquid BTC
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$11.83
- Price spread: −0.094% → −0.078%
- −$1.63
- Slippage, 4 orders
- −$0.19
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$34.65
- Costs to cover
- 0.212%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 4 min ago; Phemex: live order book, 4 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, 4 min ago | 0.06 bp | 4.6 bp −$5 | 4.6 bp −$46 | 4.6 bp −$456 | 5.2 bp −$2,619 |
| Sell Phemex live order book, 4 min ago | 0.01 bp | 6.0 bp −$6 | 6.6 bp −$66 | 7.7 bp −$767 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0118% | 1h | 86,543 | −0.058% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,557 | −0.042% | $9K | $3K | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0035% | 1h | 86,601 | +0.009% | $333K | $26.8M | 52x | as long as short |
| RISEx BTC/USDC | −0.0024% | 1h | 86,559.3 | −0.039% | $8.3M | $42.9M | 25x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 86,555.4 | −0.043% | $358K | $2.5M | 50x | as long as short |
| Aster BTCUSDT | −0.0002% | 8h | 86,518.5 | −0.086% | $502.2M | $1.15B | 200x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,544.4 | −0.056% | $916.6M | $1.49B | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,547.5 | −0.053% | $36.9M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0010% | 8h | 86,509.9 | −0.096% | $850.0M | $714.4M | 125x | as long as short |
| Reya BTCRUSDPERP | +0.0025% | 1h | 86,540.4 | −0.061% | $6.7M | $145.3M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
Injective BTC/USDC PERP
RISEx BTC/USDC
01 Exchange BTCUSD
Aster BTCUSDT
Deribit BTC-PERPETUAL
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Reya BTCRUSDPERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| dYdX BTC-USD | +0.0040% | 1h | 86,591.4 | −0.002% | $17.0M | $21.1M | 50x | as long as short |
| BingX BTC-USDC | +0.0041% | 8h | 86,499.8 | −0.108% | — | $15.4M | — | as long as short |
| Phemex BTCUSDTshort | +0.0044% | 8h | 86,511.8 | −0.094% | $149.7M | $479.6M | 150x | |
| Bitget BTCUSDT | +0.0052% | 8h | 86,511.2 | −0.094% | $2.96B | $5.12B | 150x | as long as short |
| MEXC BTC_USDT | +0.0071% | 8h | 86,510 | −0.096% | $5.16B | $5.63B | 500x | as long as short |
| Binance BTCUSDT | +0.0072% | 8h | 86,510 | −0.096% | $9.42B | $24.55B | 150x | as long as short |
| Aevo BTC-PERP | +0.0072% | 1h | 86,516.8 | −0.088% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0082% | 8h | 86,515.9 | −0.089% | $5.87B | $10.71B | 200x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,522.8 | −0.081% | $170.3M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,539.2 | −0.062% | $24.1M | $151.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,544 | −0.057% | $8.5M | $52.5M | 100x | as long as short |
| Bybit BTCUSDT | +0.0099% | 8h | 86,518.4 | −0.086% | $5.26B | $9.81B | 150x | as long as short |
| Aftermath Perps BTCUSD | +0.0100% | 1h | 86,542.4 | −0.058% | $79K | $220K | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,530 | −0.073% | $202K | $7.0M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,602.8 | +0.011% | $4.8M | $8.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,566.6 | −0.031% | $21.8M | $234.6M | 50x | as long as short |
| Hyperliquid BTClong | +0.0100% | 1h | 86,593 | long leg | $3.79B | $5.11B | 40x | |
| Pacifica BTC | +0.0100% | 1h | 86,594 | +0.001% | $41.2M | $521.5M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,519.7 | −0.085% | $2.55B | $12.74B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,566 | −0.031% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,582 | −0.013% | $7.6M | $95.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,560.7 | −0.037% | $572.5M | $17.8M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,510.8 | −0.095% | $37.9M | $154.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,524.8 | −0.079% | $155.3M | $568.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,512.3 | −0.093% | $279.6M | $945.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,538.5 | −0.063% | $217.2M | $173.5M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,585.9 | −0.008% | $141.5M | $323.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,532.3 | −0.070% | $30.7M | $204.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,596.6 | +0.004% | — | $11.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,546 | −0.054% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,531 | −0.072% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,529.5 | −0.073% | $2.4M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,556.2 | −0.042% | $140K | $663K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,555 | −0.044% | $30.6M | $62.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,516.1 | −0.089% | $3.4M | $5.4M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,506 | −0.100% | $60.5M | $337.6M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,513.4 | −0.092% | $2.30B | $969.5M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,493.2 | −0.115% | $45.4M | $227.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,550.2 | −0.049% | — | $99.1M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0110% | 1h | 86,535.6 | −0.066% | $193.5M | $951.0M | 100x | as long as short |
| Perpl BTC | +0.0112% | 43m | 86,544.8 | −0.056% | $416K | $23.4M | 6.7x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,552.1 | −0.047% | $132.7M | $5.68B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0176% | 1h | 86,578.4 | −0.017% | $722K | $8.0M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0191% / S −0.0214% | 1h | 86,543.2 | −0.057% | $15.1M | — | 200x | as long as short |
| BloFin BTC-USDT | +0.0192% | 8h | 86,530.5 | −0.072% | $414.3M | $658.1M | 150x | as long as short |
| Kalshi KXBTCPERP | +0.0205% | 8h | 86,575 | −0.021% | $9.7M | $740.6M | 6.4x | as long as short |
dYdX BTC-USD
BingX BTC-USDC
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Gate BTC_USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Bybit BTCUSDT
Aftermath Perps BTCUSD
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
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
Kraken Futures PF_XBTUSD
Perpl BTC
Coinbase International BTC-PERP-INTX
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
BloFin BTC-USDT
Kalshi KXBTCPERP