Build a Funding Rate Arbitrage Dashboard in 5 Minutes with AI

Build a Funding Rate Arbitrage Dashboard in 5 Minutes with AI

Yes — you can build a functional funding rate arbitrage dashboard in 5 minutes using Mithril Builder. The Builder connects directly to the Mithril API, which provides unified funding rate data across Hyperliquid, Paradex, Extended, Pacifica, Hibachi, Aftermath, and Carbon. The result is a live dashboard that shows spreads across all 7 DEXs and calculates estimated yields automatically.

What a Funding Rate Arbitrage Dashboard Does

A funding rate arbitrage dashboard solves one specific problem: identifying when the funding rate on one venue is high enough relative to another that a delta-neutral position earns a predictable yield. You go long on the venue paying low funding and short on the venue charging high funding. The spread between the two rates is your gross yield, with no directional market risk.

The challenge is that funding rates change every 8 hours on most venues — and every hour on some. Manually checking 7 DEXs every few hours is impractical. An automated dashboard surfaces the opportunity the moment it opens and calculates whether the spread exceeds your minimum yield threshold.

Funding rate spreads across perpetual DEX venues regularly reach 0.05% to 0.25% per 8-hour period, which translates to annualized yields of 16% to 82% on the deployed capital — without any directional price exposure in neutral market conditions.

What the Mithril API Provides for Arbitrage

The Mithril API is the data backbone for this dashboard. It normalizes funding rate data from all 7 supported DEXs into a single consistent schema, handling the differences in rate intervals, precision, and field names across venues. Without this normalization, comparing a Hyperliquid 8-hour rate against a Carbon 1-hour rate requires manual conversion — a source of errors in any live system.

The 7 DEXs covered by the Mithril API for funding rate data are:

• Hyperliquid — high-volume perpetuals, 8-hour funding intervals
• Paradex — StarkEx-based perpetuals, 8-hour funding intervals
• Extended — cross-margin perpetual exchange
• Pacifica — perpetuals with frequent rate updates
• Hibachi — high-frequency DEX with shorter funding windows
• Aftermath — Sui-based perpetuals market
• Carbon — on-chain perpetuals with hourly funding

The API returns funding rates normalized to a common decimal format, alongside open interest, funding interval, and next predicted rate — everything needed to calculate arbitrage yield and assess position size against available liquidity.

Building the Dashboard in 5 Minutes

Navigate to build.mithril.money and start a new project. The five prompts below will build a complete, functional funding rate arbitrage dashboard from scratch. Each prompt builds on the previous one — run them in sequence without clearing context between steps.

Step 1: Initialize the Dashboard

This first prompt establishes the data foundation and layout structure:

Build a funding rate arbitrage dashboard connected to
the Mithril API. Display live funding rates for BTC-PERP
and ETH-PERP across all 7 supported DEXs: Hyperliquid,
Paradex, Extended, Pacifica, Hibachi, Aftermath, and Carbon.
Normalize all rates to annualized percentage yield.
Auto-refresh every 30 seconds.

The Builder will generate the API connection, fetch live data, and render an initial table. At this stage you have a working data layer — 7 venues, 2 markets, refreshing automatically.

Step 2: Build the Arbitrage Spread Table

The core of a funding rate arbitrage dashboard is the spread calculation. This prompt adds the comparison logic:

Add a "Live Arbitrage Spreads" table above the venue detail table.
For each market (BTC-PERP, ETH-PERP), automatically calculate
every possible venue pair combination. Show: Long Venue, Short Venue,
Long Rate (annualized %), Short Rate (annualized %),
Spread (annualized %), and Estimated 30-Day Yield per $10,000 deployed.
Sort by spread descending. Highlight rows where spread exceeds 10% annualized.

For 7 venues, this generates 21 unique pair combinations per market — all ranked by yield opportunity. The Builder handles the combinatorial math and sorts the table in real time as rates update.

Step 3: Add an Estimated Yield Calculator

The spread percentage is informative, but traders need to know what a specific position size earns. This prompt adds an interactive yield calculator:

Add a yield calculator panel. The user inputs a position size in USD.
For the currently highlighted best spread, calculate: gross 30-day yield,
estimated gas costs (assume $5 per entry and exit per venue),
net yield after gas, and annualized net return percentage.
Update the calculation live when the spread data refreshes.

This transforms the dashboard from an informational display into a decision tool. A trader can see at a glance whether a $25,000 position generates enough yield to justify the execution cost and capital commitment. With over $2.4 billion in daily perpetual DEX volume across the venues Mithril tracks, liquidity is rarely the limiting factor for retail position sizes.

Step 4: Add Venue-Level Detail Rows

Understanding the context behind a funding rate — not just the rate itself — improves decision quality. Open interest tells you how crowded the trade is. High open interest on the short side suggests other traders are already harvesting the same carry, increasing the chance the spread compresses quickly:

Below the spreads table, add a venue detail section with expandable rows
per venue. Each row shows: current funding rate (annualized),
next predicted funding rate, open interest USD, funding interval (hours),
and a 24-hour sparkline chart of the funding rate trend.
Color-code funding rates: green for positive (longs pay shorts),
red for negative (shorts pay longs).

Step 5: Add Threshold Alerts

Funding rate spreads are transient — they often compress within hours as traders act. An alert configuration ensures you see opportunities when they open:

Add an alert configuration panel in the top right. The user sets a
minimum spread threshold percentage. When any venue pair for BTC-PERP
or ETH-PERP crosses the threshold, show a prominent alert banner at
the top with the specific long/short venues, current spread, and
estimated 30-day yield for a $10,000 position. Play a subtle audio
notification when the alert fires.

After running all five prompts, the complete dashboard is built. Total elapsed time from first prompt to working product is typically 4–7 minutes depending on the complexity of refinements requested.

Dashboard Feature Summary

What Makes Mithril Builder Faster Than Custom Development

Building this dashboard from scratch in React or plain JavaScript would require: API authentication and rate limiting logic, normalization functions for 7 different venue schemas, combinatorial spread calculation across all venue pairs, real-time data refresh with debouncing, conditional formatting and sorting, and the yield calculator math. A competent developer would spend 8–12 hours on a clean implementation.

Mithril Builder handles all of that infrastructure from natural language prompts. The Builder also maintains state across prompts, so each refinement step builds on the previous output without requiring the user to re-specify the entire application context.

Connecting the Dashboard to Automated Execution

A funding rate arbitrage dashboard that identifies opportunities but requires manual execution misses a significant portion of the value. Funding rate windows can open and compress in under 4 hours — a manual workflow that depends on checking the dashboard periodically will miss many of the best spreads.

The Mithril bot platform allows you to connect execution directly to the spread data the dashboard surfaces. When the spread matrix identifies a threshold breach, a pre-configured bot can open the corresponding long/short positions on both venues simultaneously, monitor the spread throughout the funding period, and close positions when the spread compresses below the exit threshold.

The full execution workflow looks like this:

1. Dashboard detects spread above threshold between two venues on BTC-PERP
2. Alert fires with position sizing recommendation
3. Bot opens equal-size long on low-funding venue and short on high-funding venue
4. Funding payment is received at the next funding interval (typically 1 or 8 hours)
5. Bot monitors spread — closes both positions when the spread falls below exit threshold
6. Net yield is booked: funding received minus funding paid minus execution costs

Additional tutorials on connecting dashboards to execution are available on the Mithril blog.

Frequently Asked Questions

Do I need an API key to use the Mithril API with Mithril Builder?

Mithril Builder handles authentication to the Mithril API automatically. You do not need to configure API keys or credentials manually when building through the Builder interface. If you are integrating the API directly into a custom application, API key setup is documented at api.mithril.money/docs.

How accurate are the estimated yields in the dashboard?

The yield estimates reflect the current funding rate spread at the moment of calculation. Actual yield depends on how long the spread persists before compressing. The dashboard shows current spread data — past spread persistence for any pair is visible in the 24-hour sparklines added in Step 4. Using historical spread stability as a filter improves yield estimate accuracy.

Which markets can I add beyond BTC-PERP and ETH-PERP?

The Mithril API covers all perpetual markets available across the 7 supported DEXs — including SOL-PERP, ARB-PERP, and others where sufficient cross-venue liquidity exists. You can extend the dashboard to additional markets by adding a follow-up prompt specifying the market symbols. Liquidity is thinner on altcoin perps, so estimated yields must be adjusted for wider bid-ask spreads at entry and exit.

Can I save and share the dashboard I build in Mithril Builder?

Yes. Dashboards built in Mithril Builder can be saved as persistent projects and accessed via a unique URL. This makes it practical to share a funding rate arbitrage dashboard with a trading team or embed it in an internal tool without any additional infrastructure.

What is the minimum spread worth acting on for funding rate arbitrage?

A practical minimum threshold for most retail position sizes is a 10% annualized spread, which covers execution costs and leaves meaningful net yield. Below 5% annualized, slippage and gas costs typically erode the gross yield entirely on positions under $50,000. The yield calculator added in Step 3 of this tutorial lets you compute the exact breakeven spread for any position size.