Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.039%

Price spread now: Hyperliquid against Phemex+0.012%48s7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.211% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 3 days (all we have)+0.236%+$24 · spread now +0.012%, 7d avg +0.076%

Together, before fees+0.348%+ Points / potential airdropHyperliquid: Season 2 · farm board+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.064% cheaper against Phemex than usual: you would sell low and buy high (spread +0.012% now, against its 7-day average of +0.076%). If the spread goes back, that is −$6 on $10k: about 26 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.112% in total) that is about 4.0 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.112% in total (about 5.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,966.6	0.0013	pay 0.0013% / 8h	3h 19m	$151.9M	$462.6M	150x
Short	Hyperliquid BTC	86,977	0.0213	get 0.0027% / 1h	19m 29s	$3.89B	$5.08B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.012%Rate

Funding earned: $42.01
Price spread: +0.012% → +0.076%: −$6.44
Slippage, 4 orders: −$0.13
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $14.45
Costs to cover: 0.211%
Break-even: 4.6 days

Slippage from Phemex: live order book, 5 min ago; Hyperliquid: live order book, 9 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 Phemex live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	8.3 bp −$831	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.7 bp −$2,868

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	−0.0335%	43m	86,903.2	−0.073%	$437K	$25.8M	6.7x	as long as short
Phoenix BTC	−0.0123%	1h	86,939	−0.032%	$2.2M	$12.0M	40x	as long as short
dYdX BTC-USD	−0.0114%	1h	86,970.5	+0.005%	$18.2M	$19.9M	50x	as long as short
Aftermath Perps BTCUSD	−0.0101%	1h	87,000.7	+0.039%	$85K	$191K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,974	+0.009%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,923.7	−0.049%	$364K	$2.5M	50x	as long as short
KuCoin XBTUSDTM	−0.0005%	8h	86,877	−0.103%	$842.6M	$706.1M	125x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	87,008.8	+0.049%	$936.4M	$1.33B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,915.1	−0.059%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0010%	1h	86,949.4	−0.020%	$8.9M	$41.7M	25x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDTlong	+0.0013%	8h	86,966.6	long leg	$151.9M	$462.6M	150x
BingX BTC-USDT	+0.0013%	8h	86,887.5	−0.091%	—	$1.58B	—	as long as short
Reya BTCRUSDPERP	+0.0018%	1h	86,876.9	−0.103%	$6.9M	$142.3M	40x	as long as short
Bitget BTCUSDT	+0.0018%	8h	86,877.8	−0.102%	$2.96B	$5.09B	150x	as long as short
ApeX Omni BTCUSDT	+0.0020%	1h	86,930.2	−0.042%	$142.4M	$322.5M	100x	as long as short
Aster BTCUSDT	+0.0028%	8h	86,898.6	−0.078%	$506.7M	$1.16B	200x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	87,347	+0.437%	$312K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0041%	1h	87,021.3	+0.063%	$196.1M	$922.9M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0043%	8h	86,900	−0.077%	$2.61B	$12.71B	100x	as long as short
Binance BTCUSDT	+0.0046%	8h	86,887.4	−0.091%	$9.49B	$24.27B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,876	−0.104%	$5.23B	$5.59B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,889	−0.089%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0059%	8h	86,886.3	−0.092%	$5.90B	$10.63B	200x	as long as short
SoDEX BTC-USD	+0.0061%	1h	86,972	+0.006%	$60.9M	$336.4M	40x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,894.8	−0.083%	$5.31B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	87,006.8	+0.046%	$161.3M	$556.5M	—	as long as short
Orderly PERP_BTC_USDC	+0.0093%	8h	86,907	−0.069%	$2.4M	$8.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,935	−0.036%	$174.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,940.8	−0.030%	$24.3M	$150.6M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,952	−0.017%	$218.3M	$188.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,893	−0.085%	$8.5M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,961.5	−0.006%	$4.8M	$8.1M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,907	−0.069%	$191K	$6.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,881.2	−0.098%	$23.3M	$236.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,948	−0.021%	$37.7M	$475.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,928	−0.044%	$4.0M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,984.1	+0.020%	$7.8M	$94.7M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,943.5	−0.027%	$38.4M	$144.3M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,955	−0.013%	$286.9M	$932.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,969.9	+0.004%	$30.9M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,966.9	0.000%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,893	−0.085%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,972.9	+0.007%	$208K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,875.6	−0.105%	$160K	$574K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,981.5	+0.017%	$30.1M	$61.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,985.7	+0.022%	$3.4M	$5.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,973.6	+0.008%	$2.31B	$951.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,971.4	+0.005%	$573.9M	$25.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,907.5	−0.068%	$46.5M	$229.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,939.8	−0.031%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0110%	8h	87,009	+0.049%	$9.1M	$720.7M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0136%	1h	87,022.4	+0.064%	$132.5M	$5.99B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	87,028.2	+0.071%	$750K	$7.1M	30x	as long as short
BloFin BTC-USDT	+0.0166%	8h	86,974.8	+0.009%	$419.7M	$642.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0203%	1h	86,913.9	−0.061%	$15.3M	—	200x	as long as short
Hyperliquid BTCshort	+0.0213%	1h	86,977	+0.012%	$3.89B	$5.08B	40x