Funding you earn now, next payment 21:00 UTC+0.0824%/8h= +90.2% APRnext payment +$1.03 per $10,000 · paid last 24h +0.180%
Price spread now: Hyperliquid against Phoenix+0.204%7-day average +0.116% · you sell dearer than you buy
Net, funding: paid 7d − costs+$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$42as in the Price arb table
costs, in and out, $10k−$510.510% of the position
Funding, last 7 days+0.611%+$61 on $10k
+Price spread, last 3 days (all we have)−0.355%−$36 · spread now +0.204%, 7d avg +0.116%
=Together, before fees+0.256%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and Hyperliquid is 0.088% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.116%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix RENDER | 1.8635 | 0.0173 | pay 0.0022% / 1h | 40m 56s | $40K | $336K | 5x |
| Short | Hyperliquid RENDER | 1.8673 | 0.0996 | get 0.0125% / 1h | 40m 56s | $4.3M | $4.3M | 5x |
Phoenix RENDER
Hyperliquid RENDERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Phoenix. 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
- $172.98
- Price spread: +0.204% → +0.116%
- $8.76
- Slippage, 4 orders
- −$35.05
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $130.7
- Costs to cover
- 0.510%
- Break-even
- 1.7 days
Slippage from Phoenix: live order book, 45 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 Phoenix live order book, 45 min ago | 1.09 bp | 13.4 bp −$13 | 53.4 bp −$534 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 3.22 bp | 12.4 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 | −0.0440% | 1h | 1.8620 | −0.080% | $6K | $141K | 12x | as long as short |
| Variational Omni RENDER | −0.0246% | 4h | 1.8580 | −0.295% | $223K | $255K | — | as long as short |
| Bybit RENDERUSDT | −0.0191% | 4h | 1.8620 | −0.080% | $12.2M | $14.6M | 50x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | −0.0018% | 1h | 1.8643 | +0.043% | $11K | $33K | 25x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8613 | −0.118% | $19K | $21K | 5x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8640 | +0.027% | $271K | $189K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8640 | +0.027% | $12.4M | $49.1M | 75x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8640 | +0.027% | $3.2M | $8.8M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8633 | −0.011% | $545K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8640 | +0.027% | $12.1M | $10.2M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
Bybit RENDERUSDT
Deribit RENDER_USDC-PERPETUAL
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 | 1.8630 | −0.027% | $5.2M | $13.0M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8648 | +0.070% | $10.0M | $10.3M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8630 | −0.027% | — | $4.3M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8618 | −0.091% | $44K | $265K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8620 | −0.080% | $1.9M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8645 | +0.052% | $31K | $178K | 10x | as long as short |
| Phoenix RENDERlong | +0.0173% | 1h | 1.8635 | long leg | $40K | $336K | 5x | |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8640 | +0.027% | $604K | $1.4M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0341% / S −0.0785% | 1h | 1.8641 | +0.034% | $14K | — | 100x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0520% | 1h | 1.8570 | −0.349% | $153K | $68K | 50x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.0745% | 1h | 1.8666 | +0.165% | $488K | $1.1M | 50x | as long as short |
| Hyperliquid RENDERshort | +0.0996% | 1h | 1.8673 | +0.204% | $4.3M | $4.3M | 5x |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Coinbase International RENDER-PERP-INTX
Kraken Futures PF_RENDERUSD