ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0207%/8h= +22.6% APRnext payment +$0.26 per $10,000 · paid last 24h +0.043%

Price spread now: Hyperliquid against Injective+0.130%113s7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as 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−$700.696% of the position

Long on Injective Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 3 days (all we have)+0.118%+$12 · spread now +0.130%, 7d avg +0.007%

Together, before fees−0.013%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.123% dearer against Injective than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.007%. Mind the row above: over the last 7 days funding on this pair cost −0.131%, so the current rate has only just turned in your favour. The two prices were read 113 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 -0.131% in total (about -6.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.26 per $10,000. 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	Injective ETH/USDC PERP	2,766.1	−0.0107	get 0.0013% / 1h	37m 24s	$119K	$22.5M	52x
Short	Hyperliquid ETH	2,769.7	0.0100	get 0.0013% / 1h	37m 24s	$3.19B	$2.38B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Injective. 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 InjectivebpFee HyperliquidbpOrdersPrice spread, now +0.130%Rate

Funding earned: $43.4
Price spread: +0.130% → +0.007%: $12.34
Slippage, 4 orders: −$60.56
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$13.84
Costs to cover: 0.696%
Break-even: 9.2 days

Slippage from Injective: live order book, 2 min ago; Hyperliquid: live order book, 7 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 Injective live order book, 2 min ago	14.09 bp	14.1 bp −$14	14.1 bp −$141	14.1 bp −$1,410	20740.2 bp −$10.37M
Sell Hyperliquid live order book, 7 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	4.7 bp −$469	5.9 bp −$2,951

ETH on 55 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 ETH	−0.0112%	43m	2,767.9	+0.066%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERPlong	−0.0107%	1h	2,766.1	long leg	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,763.9	−0.080%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	−0.031%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,767.8	+0.061%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	+0.040%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,767.8	+0.060%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.8	+0.097%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.6	+0.052%	$22.3M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,766.7	+0.023%	$1.70B	$11.83B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0024%	1h	2,767.7	+0.056%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,767.3	+0.044%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,766.7	+0.021%	$266.2M	$66.0M	150x	as long as short
BingX ETH-USDT	+0.0034%	8h	2,767.5	+0.052%	—	$1.18B	—	as long as short
Aster ETHUSDT	+0.0038%	8h	2,767.4	+0.046%	$255.8M	$995.2M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,767.5	+0.050%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,767.4	+0.047%	$6.42B	$17.18B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,764.5	−0.058%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,767.6	+0.055%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,767.2	+0.038%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,767	+0.033%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.026%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,768	+0.068%	$115.2M	$511.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.4	+0.120%	$25.3M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.7	−0.016%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.8	+0.060%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.8	+0.061%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.5	+0.051%	$14.8M	$116.7M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,769.7	+0.130%	$3.19B	$2.38B	25x
Pacifica ETH	+0.0100%	1h	2,768.1	+0.072%	$31.2M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,767	+0.034%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.4	+0.047%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.6	+0.128%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.020%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,767.5	+0.052%	$424.5M	$741.8M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.4	+0.047%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.079%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	−0.014%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.1	−0.036%	$21.3M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.8	+0.062%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.7	+0.094%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.2	+0.038%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.1	+0.108%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766	−0.005%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,766.7	+0.022%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,765.9	−0.007%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.1	+0.037%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.4	+0.081%	$60.2M	$4.62B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0115%	1h	2,768.5	+0.085%	$258.4M	$224.5M	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,765.3	−0.029%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,769.7	+0.129%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,763.1	−0.108%	$285.6M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,766.3	+0.006%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768.2	+0.074%	$88.3M	$329.4M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,767.6	+0.054%	$272K	$1.5M	20x	as long as short