Funding arb · Price arb /

ARB

all ARB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.053%

Price spread now: Hyperliquid against Phemex+0.130%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.242%+$24 on $10k

Price spread, last 4 days (all we have)−2.727%−$273 · spread now +0.130%, 7d avg +0.079%

Together, before fees−2.485%+ Points / potential airdropHyperliquid: Season 2 · farm board−$249 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.051% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ARBUSDT	0.2233	0.0068	pay 0.0068% / 8h	5h 17m	$5.0M	$12.9M	50x
Short	Hyperliquid ARB	0.2236	0.0100	get 0.0013% / 1h	17m 51s	$38.8M	$49.1M	10x

Funding 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 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.130%Rate

Funding earned: $6.73
Price spread: +0.130% → +0.079%: $5.09
Slippage, 4 orders: −$19.71
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$28.89
Costs to cover: 0.407%
Break-even: 37.0 days

Slippage from Phemex: live order book, 6 min ago; Hyperliquid: live order book, 6 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, 6 min ago	2.24 bp	12.0 bp −$12	25.9 bp −$259	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.45 bp	6.6 bp −$7	doesn't fit	doesn't fit	doesn't fit

ARB on 36 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 ARB/USDC PERP	−0.1577%	1h	0.2225	−0.358%	$40K	$372K	12x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0153%	1h	0.2232	−0.049%	$25K	$34K	25x	as long as short
Variational Omni ARB	−0.0147%	8h	0.2240	+0.293%	$1.9M	$2.9M	—	as long as short
OKX ARB-USDT-SWAP	−0.0137%	8h	0.2234	+0.031%	$22.5M	$150.9M	50x	as long as short
MEXC ARB_USDT	−0.0135%	8h	0.2233	+0.013%	$38.4M	$59.3M	200x	as long as short
01 Exchange ARBUSD	−0.0120%	1h	0.2234	+0.027%	$7K	$2K	10x	as long as short
Gate ARB_USDT	−0.0113%	8h	0.2235	+0.076%	$5.4M	$19.2M	60x	as long as short
Polymarket Perps ARB-USD	−0.0103%	1h	0.2231	−0.067%	$93K	$2.1M	10x	as long as short
Kraken Futures PF_ARBUSD	−0.0098%	1h	0.2233	+0.019%	$1.1M	$4.4M	50x	as long as short
Bybit ARBUSDT	−0.0089%	8h	0.2234	+0.036%	$56.9M	$125.9M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ARB-USD	−0.0076%	1h	0.2232	−0.045%	$10K	$2.4M	5x	as long as short
Orderly PERP_ARB_USDC	−0.0073%	8h	0.2232	−0.045%	$13K	$386K	10x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2235	+0.070%	$66K	$5K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0013%	1h	0.2232	−0.027%	$11K	—	150x	as long as short
Binance ARBUSDT	+0.0024%	8h	0.2234	+0.063%	$65.2M	$306.9M	75x	as long as short
Extended ARB-USD	+0.0024%	1h	0.2233	−0.014%	$356K	$2.5M	25x	as long as short
Phemex ARBUSDTlong	+0.0068%	8h	0.2233	long leg	$5.0M	$12.9M	50x
Bitget ARBUSDT	+0.0080%	8h	0.2234	+0.045%	$21.3M	$34.6M	50x	as long as short
BingX ARB-USDC	+0.0084%	8h	0.2234	+0.058%	—	$6.5M	—	as long as short
Aevo ARB-PERP	+0.0088%	1h	0.2233	−0.009%	$142K	$7K	3x	as long as short
BloFin ARB-USDT	+0.0090%	8h	0.2235	+0.067%	$3.1M	$2.7M	75x	as long as short
Lighter ARB	+0.0096%	1h	0.2233	−0.004%	$1.2M	$6.4M	15x	as long as short
Hyperliquid ARBshort	+0.0100%	1h	0.2236	+0.130%	$38.8M	$49.1M	10x
Aster ARBUSDT	+0.0100%	8h	0.2235	+0.073%	$654K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2233	+0.013%	$43K	$169K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2234	+0.045%	$19.7M	$15.3M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2240	+0.319%	$40K	$462K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2236	+0.134%	$484K	$3.6M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2241	+0.358%	$121K	$283K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2234	+0.045%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2234	+0.049%	$299K	$935K	50x	as long as short
Coinbase International ARB-PERP-INTX	+0.0224%	1h	0.2233	0.000%	$504K	$2.0M	50x	as long as short
RISEx ARB/USDC	+0.0232%	1h	0.2235	+0.077%	$487K	$2.6M	10x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0273% / S −0.0155%	1h	0.2232	−0.027%	$833K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0290%	1h	0.2231	−0.087%	$2K	$695	20x	as long as short
Backpack ARB_USDC_PERP	+0.0584%	1h	0.2236	+0.139%	$1.0M	$2.8M	20x	as long as short