Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.061%
Price spread now: Deribit against Hyperliquid−0.048%7-day average −0.039% · you buy dearer than you sell
Net, funding: paid 7d − costs−$55as in the Funding arb table
Net, price: spread back to 7d avg − costs−$40as in the Price arb table
costs, in and out, $10k−$390.392% of the position
Funding, last 7 days−0.154%−$15 on $10k
+Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.048%, 7d avg −0.039%
=Together, before fees−0.061%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid OP | 0.1254 | 0.0100 | pay 0.0013% / 1h | 20m 00s | $3.4M | $3.0M | 5x |
| Short | Deribit OP_USDC-PERPETUAL | 0.1253 | 0 | get 0.0000% / 1h | 20m 00s | $40K | $139K | 25x |
Hyperliquid OP
Deribit OP_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- −$21
- Price spread: −0.048% → −0.039%
- −$0.88
- Slippage, 4 orders
- −$23.16
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$61.04
- Costs to cover
- 0.392%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 1 min ago; Deribit: live order book, 28 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, 1 min ago | 0.40 bp | 4.9 bp −$5 | 14.2 bp −$142 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 28 min ago | 3.93 bp | 15.3 bp −$15 | doesn't fit | doesn't fit | doesn't fit |
OP on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective OP/USDC PERP | −0.1583% | 1h | 0.1238 | −1.244% | $34K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1253 | −0.034% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1253 | −0.066% | $39K | $532 | 10x | as long as short |
| Deribit OP_USDC-PERPETUALshort | 0.0000% | 1h | 0.1253 | −0.048% | $40K | $139K | 25x | |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1253 | −0.018% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0009% | 8h | 0.1252 | −0.128% | $59K | $142K | 10x | as long as short |
| Variational Omni OP | +0.0015% | 8h | 0.1247 | −0.508% | $221K | $45K | — | as long as short |
| Kraken Futures PF_OPUSD | +0.0074% | 1h | 0.1254 | +0.062% | $755K | $629K | 20x | as long as short |
| Bybit OPUSDT | +0.0086% | 8h | 0.1253 | −0.032% | $18.4M | $25.6M | 75x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1253 | −0.064% | $278K | $1.0M | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Variational Omni OP
Kraken Futures PF_OPUSD
Bybit OPUSDT
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OPlong | +0.0100% | 1h | 0.1254 | long leg | $3.4M | $3.0M | 5x | |
| Aster OPUSDT | +0.0100% | 8h | 0.1254 | +0.017% | $205K | $210K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1254 | +0.032% | $19.7M | $64.1M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1254 | +0.032% | $6.2M | $29.0M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1254 | +0.032% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1253 | −0.048% | $22.9M | $7.7M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1252 | −0.128% | $2.9M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1253 | −0.048% | $5.8M | $6.6M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1254 | +0.032% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1253 | −0.056% | $105K | $215K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1242 | −0.903% | $376K | $767K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1244 | −0.788% | $307K | $5.4M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1240 | −1.085% | $43K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1252 | −0.104% | $202 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1252 | −0.104% | $173K | $240K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1252 | −0.126% | $101K | $506K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1252 | −0.109% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0160% | 1h | 0.1243 | −0.846% | $26K | $59K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1247 | −0.487% | $993K | $275K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0443% | 1h | 0.1252 | −0.105% | $696 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDC
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP