Funding you earn now, next payment 21:00 UTC+0.0330%/8h= +36.2% APRnext payment +$0.41 per $10,000 · paid last 24h +0.011%
Price spread now: Phoenix against Hyperliquid+0.274%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.071%+$7 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Phoenix is 0.274% dearer against Hyperliquid than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.41 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 | Hyperliquid FET | 0.2004 | 0.0145 | pay 0.0018% / 1h | 32m 38s | $9.0M | $7.6M | 5x |
| Short | Phoenix FET | 0.2010 | 0.0476 | get 0.0059% / 1h | 32m 38s | $27K | $37K | 5x |
Hyperliquid FET
Phoenix FETFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- $69.37
- Price spread: +0.274% → 0.000%
- $27.44
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $80.81
- Costs to cover
- 0.160%
- Break-even
- from the start
Slippage unknown: Hyperliquid: live order book, 10 min ago; Phoenix: 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, 10 min ago | 0.25 bp | 10.9 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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.
FET on 20 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit FET_USDC-PERPETUAL | −0.4225% | 1h | 0.2002 | −0.110% | $26K | $230K | 10x | as long as short |
| Coinbase International FET-PERP-INTX | −0.0480% | 1h | 0.2017 | +0.639% | $161K | $188K | 50x | as long as short |
| Gate FET_USDT | −0.0066% | 8h | 0.2002 | −0.110% | $2.7M | $11.8M | 50x | as long as short |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0012% | 1h | 0.2005 | +0.025% | $31K | — | 150x | as long as short |
| Kraken Futures PF_FETUSD | +0.0032% | 1h | 0.2006 | +0.092% | $1.0M | $2.1M | 50x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2004 | −0.007% | $345K | $527K | 10x | as long as short |
| Binance FETUSDT | +0.0100% | 8h | 0.2003 | −0.069% | $31.2M | $107.1M | 75x | as long as short |
| OKX FET-USDT-SWAP | +0.0100% | 4h | 0.2003 | −0.060% | $852K | $7.5M | 20x | as long as short |
| MEXC FET_USDT | +0.0100% | 8h | 0.2003 | −0.060% | $35.0M | $25.3M | 200x | as long as short |
| KuCoin FETUSDTM | +0.0100% | 8h | 0.2002 | −0.110% | $10.4M | $19.0M | 50x | as long as short |
Deribit FET_USDC-PERPETUAL
Coinbase International FET-PERP-INTX
Gate FET_USDT
gTrade (Gains Network) FET/USD
Kraken Futures PF_FETUSD
Aster FETUSDT
Binance FETUSDT
OKX FET-USDT-SWAP
MEXC FET_USDT
KuCoin FETUSDTMShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni FET | +0.0100% | 8h | 0.2014 | +0.510% | $273K | $315K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2002 | −0.110% | $37K | $5K | 10x | as long as short |
| Extended FET-USD | +0.0104% | 1h | 0.2003 | −0.072% | $32K | $144K | 10x | as long as short |
| BingX FET-USDT | +0.0139% | 8h | 0.2004 | −0.010% | — | $5.6M | — | as long as short |
| Hyperliquid FETlong | +0.0145% | 1h | 0.2004 | long leg | $9.0M | $7.6M | 5x | |
| Bitget FETUSDT | +0.0159% | 8h | 0.2005 | +0.040% | $16.4M | $11.4M | 75x | as long as short |
| GMX FET/USD [ETH-USDC] | L +0.0201% / S −0.0278% | 1h | 0.2003 | −0.078% | $13K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0220% | 8h | 0.2004 | −0.010% | $1.7M | $2.6M | 100x | as long as short |
| Injective FET/USDC PERP | +0.0371% | 1h | 0.2030 | +1.287% | $3K | $118K | 12x | as long as short |
| Phoenix FETshort | +0.0476% | 1h | 0.2010 | +0.274% | $27K | $37K | 5x |
Variational Omni FET
Orderly PERP_FET_USDC
Extended FET-USD
BingX FET-USDT
Bitget FETUSDT
GMX FET/USD [ETH-USDC]
BloFin FET-USDT
Injective FET/USDC PERP