VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0296%/8h= +32.4% APRnext payment +$0.37 per $10,000 · paid last 24h +0.072%

Price spread now: Coinbase International against Hyperliquid+0.593%7-day average +0.187% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$1351.348% of the position

Long on Hyperliquid Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.376%+$38 on $10k

Price spread, last 4 days (all we have)−0.381%−$38 · spread now +0.593%, 7d avg +0.187%

Together, before fees−0.004%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Coinbase International is 0.406% dearer against Hyperliquid than usual: you sell high and buy low: +$41 more if the spread goes back to its 7-day average of +0.187%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7133	0.0184	pay 0.0023% / 1h	52m 37s	$8.8M	$3.8M	5x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7175	0.0480	get 0.0060% / 1h	52m 37s	$200K	$101K	50x

Funding 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 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 HyperliquidbpFee Coinbase InternationalbpOrdersPrice spread, now +0.593%Rate

Funding earned: $62.06
Price spread: +0.593% → +0.187%: $40.57
Slippage, 4 orders: −$115.79
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$32.17
Costs to cover: 1.348%
Break-even: 10.6 days

Slippage from Hyperliquid: live order book, 10 min ago; Coinbase International: live order book, 50 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, 10 min ago	0.70 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 50 min ago	7.01 bp	64.2 bp −$64	753.3 bp −$7,533	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
Kraken Futures PF_VIRTUALUSD	−0.0338%	1h	0.7118	−0.211%	$519K	$747K	50x	as long as short
Lighter VIRTUAL	−0.0176%	1h	0.7118	−0.212%	$321K	$403K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0171%	1h	0.7115	−0.248%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7114	−0.266%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0124%	4h	0.7100	−0.456%	$527K	$903K	—	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7120	−0.178%	$2K	$106	10x	as long as short
Bybit VIRTUALUSDT	−0.0074%	4h	0.7114	−0.262%	$16.2M	$18.9M	50x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7134	+0.014%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7117	−0.216%	$14K	—	150x	as long as short
ApeX Omni VIRTUALUSDT	+0.0009%	1h	0.7118	−0.206%	$40K	$236K	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.220%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0072%	4h	0.7113	−0.276%	$16K	$1.6M	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0097%	1h	0.7118	−0.202%	$47K	$1.0M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7124	−0.122%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7123	−0.139%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7120	−0.176%	$16.0M	$42.2M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7120	−0.178%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7122	−0.150%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7122	−0.150%	$15.7M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7122	−0.150%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7123	−0.136%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7117	−0.220%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7121	−0.164%	$236K	$176K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7112	−0.286%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7127	−0.080%	$635K	$1.1M	10x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7124	−0.122%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7115	−0.255%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7118	−0.204%	$53K	$263K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7116	−0.237%	$18K	—	3x	as long as short
Hyperliquid VIRTUALlong	+0.0184%	1h	0.7133	long leg	$8.8M	$3.8M	5x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7117	−0.226%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7112	−0.290%	$780K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0480%	1h	0.7175	+0.593%	$200K	$101K	50x