VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0318%/8h= −34.8% APRnext payment −$0.40 per $10,000 · paid last 24h −0.055%

Price spread now: Hyperliquid against Coinbase International−0.406%7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$162as in the Funding arb table

Net, price: spread back to 7d avg − costs−$151as in the Price arb table

costs, in and out, $10k−$1261.260% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.361%−$36 on $10k

Price spread, last 3 days (all we have)+0.194%+$19 · spread now −0.406%, 7d avg −0.158%

Together, before fees−0.167%+ Points / potential airdropHyperliquid: Season 2 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Hyperliquid is 0.248% cheaper against Coinbase International than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.158%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7366	0.0448	pay 0.0056% / 1h	41m 03s	$200K	$92K	50x
Short	Hyperliquid VIRTUAL	0.7336	0.0130	get 0.0016% / 1h	41m 03s	$9.1M	$4.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now −0.406%Rate

Funding earned: −$66.8
Price spread: −0.406% → −0.158%: −$24.76
Slippage, 4 orders: −$107
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$217.56
Costs to cover: 1.260%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 32 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 Coinbase International live order book, 32 min ago	6.86 bp	51.3 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.82 bp	11.2 bp −$11	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7333	−0.449%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7302	−0.866%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7333	−0.448%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7330	−0.489%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7332	−0.466%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−3.380%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0056%	1h	0.7323	−0.577%	$332K	$417K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7330	−0.489%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7335	−0.421%	$200K	$158K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7335	−0.418%	$73K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7325	−0.552%	$16.9M	$39.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7324	−0.570%	$16.4M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7319	−0.638%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7330	−0.489%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7321	−0.611%	$18.5M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7332	−0.462%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7331	−0.475%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7328	−0.516%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7329	−0.502%	$248K	$166K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7333	−0.443%	$548K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7304	−0.838%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7318	−0.657%	$650K	$916K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7299	−0.910%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7339	−0.361%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7335	−0.421%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7330	−0.493%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7327	−0.526%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7329	−0.509%	$18K	—	3x	as long as short
Hyperliquid VIRTUALshort	+0.0130%	1h	0.7336	−0.406%	$9.1M	$4.0M	5x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7330	−0.489%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7326	−0.543%	$829K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0448%	1h	0.7366	long leg	$200K	$92K	50x
Kraken Futures PF_VIRTUALUSD	+0.0737%	1h	0.7344	−0.293%	$606K	$634K	50x	as long as short