Funding you earn now, next payment 23:00 UTC+0.0698%/8h= +76.4% APRpaid last 24h +0.175%
Price spread now: Hyperliquid against Phemex+0.147%7-day average +0.195% · you sell dearer than you buy
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs−$81as in the Price arb table
costs, in and out, $10k−$760.757% of the position
Funding, last 7 days+0.470%+$47 on $10k
+Price spread, last 3 days (all we have)+0.292%+$29 · spread now +0.147%, 7d avg +0.195%
=Together, before fees+0.762%+ Points / potential airdropHyperliquid: Season 2 · farm board+$76 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hyperliquid is 0.049% cheaper against Phemex than usual: you would sell low and buy high (spread +0.147% now, against its 7-day average of +0.195%). If the spread goes back, that is −$5 on $10k: about 6 hours of funding at the current rate (+$21 a day). At the pace of the last 7 days (+0.470% in total) that is about 17 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.470% in total (about 24.5% 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 | Phemex RENDERUSDT | 1.8400 | 0.0100 | pay 0.0100% / 8h | 1h 50m | $1.8M | $4.0M | 50x |
| Short | Hyperliquid RENDER | 1.8427 | 0.0798 | get 0.0100% / 1h | 50m 54s | $4.2M | $3.6M | 5x |
Phemex RENDERUSDT
Hyperliquid RENDERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Phemex. 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
- $146.49
- Price spread: +0.147% → +0.195%
- −$4.87
- Slippage, 4 orders
- −$54.68
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $65.94
- Costs to cover
- 0.757%
- Break-even
- 3.8 days
Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 11 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 Phemex live order book, 3 min ago | 2.71 bp | 20.7 bp −$21 | 87.5 bp −$875 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 2.16 bp | 11.6 bp −$12 | 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 | −0.0576% | 1h | 1.8390 | −0.054% | $6K | $165K | 12x | as long as short |
| Variational Omni RENDER | −0.0355% | 4h | 1.8443 | +0.236% | $222K | $296K | — | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8398 | −0.010% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8394 | −0.033% | $10K | $30K | 25x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8394 | −0.032% | $263K | $182K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8395 | −0.025% | $12.2M | $48.6M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8360 | −0.217% | $12.0M | $14.2M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8380 | −0.109% | $3.1M | $8.5M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8400 | 0.000% | $535K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8390 | −0.054% | $11.4M | $10.3M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
dYdX RENDER-USD
Deribit RENDER_USDC-PERPETUAL
Aster RENDERUSDT
Binance RENDERUSDT
Bybit 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 | 1.8380 | −0.109% | $5.0M | $12.9M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8383 | −0.092% | $9.8M | $10.4M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8390 | −0.054% | — | $4.4M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8410 | +0.054% | $43K | $268K | 50x | as long as short |
| Phemex RENDERUSDTlong | +0.0100% | 8h | 1.8400 | long leg | $1.8M | $4.0M | 50x | |
| Extended RENDER-USD | +0.0104% | 1h | 1.8391 | −0.048% | $31K | $178K | 10x | as long as short |
| Phoenix RENDER | +0.0131% | 1h | 1.8408 | +0.043% | $40K | $325K | 5x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8370 | −0.163% | $591K | $1.3M | 90x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0352% | 1h | 1.8670 | +1.467% | $154K | $69K | 50x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0361% / S −0.0904% | 1h | 1.8393 | −0.038% | $15K | — | 100x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.0580% | 1h | 1.8421 | +0.115% | $468K | $1.1M | 50x | as long as short |
| Hyperliquid RENDERshort | +0.0798% | 1h | 1.8427 | +0.147% | $4.2M | $3.6M | 5x |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Extended RENDER-USD
Phoenix RENDER
BloFin RENDER-USDT
Coinbase International RENDER-PERP-INTX
GMX RENDER/USD [ETH-USDC]
Kraken Futures PF_RENDERUSD