Funding you earn now, next payment 22:00 UTC−0.1023%/8h= −112.0% APRpaid last 24h −0.163%
Price spread now: Phemex against Hyperliquid−0.263%48s7-day average −0.194% · you buy dearer than you sell
Net, funding: paid 7d − costs−$202as 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−$1571.575% of the position
Funding, last 7 days−0.447%−$45 on $10k
+Price spread, last 3 days (all we have)−0.609%−$61 · spread now −0.263%, 7d avg −0.194%
=Together, before fees−1.056%+ Points / potential airdropHyperliquid: Season 2 · farm board−$106 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Phemex is 0.070% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.194%). Swap the legs. 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 -0.447% in total (about -23.3% 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 | Hyperliquid RENDER | 1.8599 | 0.1123 | pay 0.0140% / 1h | 56m 32s | $4.3M | $4.3M | 5x |
| Short | Phemex RENDERUSDT | 1.8550 | 0.0100 | get 0.0100% / 8h | 2h 56m | $1.9M | $4.0M | 50x |
Hyperliquid RENDER
Phemex RENDERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$214.86
- Price spread: −0.263% → −0.194%
- −$6.98
- Slippage, 4 orders
- −$136.48
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$379.32
- Costs to cover
- 1.575%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 5 min ago; Phemex: live order book, 2 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, 5 min ago | 2.15 bp | 9.3 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 18.90 bp | 87.9 bp −$88 | 152.0 bp −$1,520 | 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 | 1.8540 | −0.317% | $6K | $92K | 12x | as long as short |
| Variational Omni RENDER | −0.0183% | 4h | 1.8505 | −0.504% | $222K | $255K | — | as long as short |
| Bybit RENDERUSDT | −0.0063% | 4h | 1.8539 | −0.323% | $12.2M | $14.6M | 50x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8580 | −0.103% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8565 | −0.183% | $11K | $34K | 25x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8577 | −0.117% | $270K | $191K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8563 | −0.193% | $12.3M | $49.3M | 75x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8560 | −0.210% | $3.2M | $8.8M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8564 | −0.188% | $539K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8550 | −0.263% | $12.2M | $10.0M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
Bybit RENDERUSDT
dYdX RENDER-USD
Deribit RENDER_USDC-PERPETUAL
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 | 1.8560 | −0.210% | $5.2M | $13.0M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8563 | −0.194% | $9.9M | $10.4M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8560 | −0.210% | — | $4.4M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8504 | −0.511% | $44K | $260K | 50x | as long as short |
| Phemex RENDERUSDTshort | +0.0100% | 8h | 1.8550 | −0.263% | $1.9M | $4.0M | 50x | |
| Extended RENDER-USD | +0.0104% | 1h | 1.8578 | −0.114% | $31K | $178K | 10x | as long as short |
| Phoenix RENDER | +0.0220% | 1h | 1.8516 | −0.446% | $40K | $319K | 5x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0340% / S −0.0785% | 1h | 1.8565 | −0.180% | $14K | — | 100x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8530 | −0.371% | $598K | $1.4M | 90x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0520% | 1h | 1.8570 | −0.156% | $154K | $64K | 50x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.0748% | 1h | 1.8587 | −0.063% | $487K | $1.1M | 50x | as long as short |
| Hyperliquid RENDERlong | +0.1123% | 1h | 1.8599 | long leg | $4.3M | $4.3M | 5x |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Extended RENDER-USD
Phoenix RENDER
GMX RENDER/USD [ETH-USDC]
BloFin RENDER-USDT
Coinbase International RENDER-PERP-INTX
Kraken Futures PF_RENDERUSD