Funding you earn now, next payment 21:00 UTC−0.0314%/8h= −34.4% APRnext payment −$0.39 per $10,000 · paid last 24h −0.132%
Price spread now: Coinbase International against Hyperliquid+0.371%49s7-day average +0.096% · you sell dearer than you buy
Net, funding: paid 7d − costs−$157as 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−$1771.767% of the position
Funding, last 7 days+0.199%+$20 on $10k
+Price spread, last 3 days (all we have)−0.608%−$61 · spread now +0.371%, 7d avg +0.096%
=Together, before fees−0.408%+ Points / potential airdropHyperliquid: Season 2 · farm board−$41 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Coinbase International is 0.275% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.371% now, against its 7-day average of +0.096%): +$27 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.199%, so the current rate has only just turned against you. The two prices were read 49 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 0.199% in total (about 10.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.39 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 RENDER | 1.8601 | 0.0834 | pay 0.0104% / 1h | 13m 31s | $4.2M | $3.7M | 5x |
| Short | Coinbase International RENDER-PERP-INTX | 1.8670 | 0.0520 | get 0.0065% / 1h | 13m 31s | $154K | $69K | 50x |
Hyperliquid RENDER
Coinbase International RENDER-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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
- −$65.99
- Price spread: +0.371% → +0.096%
- $27.49
- Slippage, 4 orders
- −$157.75
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$215.25
- Costs to cover
- 1.767%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 8 min ago; Coinbase International: 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 Hyperliquid live order book, 8 min ago | 2.94 bp | 12.9 bp −$13 | doesn't fit | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 9 min ago | 7.99 bp | 79.4 bp −$79 | doesn't fit | doesn't fit | doesn't fit |
RENDER on 22 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 RENDER/USDC PERP | −0.0440% | 1h | 1.8730 | +0.694% | $6K | $141K | 12x | as long as short |
| Variational Omni RENDER | −0.0337% | 4h | 1.8519 | −0.440% | $221K | $294K | — | as long as short |
| Deribit RENDER_USDC-PERPETUAL | −0.0072% | 1h | 1.8605 | +0.022% | $11K | $30K | 25x | as long as short |
| Bybit RENDERUSDT | −0.0021% | 4h | 1.8543 | −0.312% | $12.1M | $14.5M | 50x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8599 | −0.011% | $19K | $21K | 5x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8612 | +0.059% | $266K | $186K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8570 | −0.167% | $12.4M | $48.8M | 75x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8580 | −0.113% | $3.2M | $8.7M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8584 | −0.091% | $543K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8600 | −0.005% | $12.0M | $10.4M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
Deribit RENDER_USDC-PERPETUAL
Bybit RENDERUSDT
dYdX RENDER-USD
Aster RENDERUSDT
Binance RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8590 | −0.059% | $5.1M | $13.1M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8573 | −0.151% | $10.0M | $10.3M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8600 | −0.005% | — | $4.3M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8640 | +0.210% | $45K | $267K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8610 | +0.048% | $1.9M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8597 | −0.020% | $31K | $178K | 10x | as long as short |
| Phoenix RENDER | +0.0173% | 1h | 1.8627 | +0.140% | $40K | $336K | 5x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8640 | +0.210% | $607K | $1.4M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0362% / S −0.0904% | 1h | 1.8604 | +0.015% | $15K | — | 100x | as long as short |
| Coinbase International RENDER-PERP-INTXshort | +0.0520% | 1h | 1.8670 | +0.371% | $154K | $69K | 50x | |
| Kraken Futures PF_RENDERUSD | +0.0746% | 1h | 1.8634 | +0.180% | $482K | $1.1M | 50x | as long as short |
| Hyperliquid RENDERlong | +0.0834% | 1h | 1.8601 | long leg | $4.2M | $3.7M | 5x |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
Phoenix RENDER
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Kraken Futures PF_RENDERUSD