Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.015%

Price spread now: Hyperliquid against BloFin+0.207%67s7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.214% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 3 days (all we have)−0.092%−$9 · spread now +0.207%, 7d avg +0.069%

Together, before fees−0.221%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.138% dearer against BloFin than usual: you sell high and buy low (spread +0.207% now, against its 7-day average of +0.069%): +$14 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.0 days. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,778	0.0176	pay 0.0176% / 8h	1h 41m	$285.6M	$194.6M	150x
Short	Hyperliquid ETH	2,783.7	0.0100	get 0.0013% / 1h	41m 54s	$3.20B	$2.39B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.207%Rate

Funding earned: −$15.99
Price spread: +0.207% → +0.069%: $13.78
Slippage, 4 orders: −$0.4
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$23.61
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Hyperliquid: live order book, 12 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 BloFin live order book, 7 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.2 bp −$721	9.7 bp −$4,836
Sell Hyperliquid live order book, 12 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	4.7 bp −$472	6.4 bp −$3,215

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,780.5	+0.092%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,780.4	+0.089%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.1	+0.005%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.7	−0.081%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,781.1	+0.113%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0030%	1h	2,775.9	−0.073%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,781.6	+0.129%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.2	−0.135%	$885K	$3.7M	25x	as long as short
Phemex ETHUSDT	+0.0005%	8h	2,781	+0.109%	$270.5M	$68.5M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.7	+0.135%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0017%	8h	2,780.9	+0.106%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,781.2	+0.116%	$1.71B	$11.84B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,781.6	+0.130%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,781	+0.108%	$257.0M	$989.8M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,780.6	+0.095%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0039%	1h	2,780.1	+0.076%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,782.8	+0.174%	$1.62B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,778.6	+0.023%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,781.2	+0.117%	$6.46B	$17.10B	150x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,781.2	+0.117%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0079%	8h	2,781.2	+0.117%	$3.30B	$9.57B	200x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,781	+0.108%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,782	+0.144%	$115.3M	$497.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,783	+0.181%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,781.5	+0.127%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,781.3	+0.119%	$2.53B	$4.59B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,781	+0.111%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,780.6	+0.095%	$482K	$2.7M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,783.7	+0.207%	$3.20B	$2.39B	25x
Pacifica ETH	+0.0100%	1h	2,780.9	+0.106%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779.3	+0.048%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,782.2	+0.154%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.265%	$166.0M	$246.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,781.3	+0.121%	$426.9M	$737.5M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,781.8	+0.139%	$15.3M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.8	−0.149%	$135.8M	$327.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.5	−0.087%	$179.9M	$780.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	−0.051%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	−0.050%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	−0.063%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,780.4	+0.088%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.6	+0.131%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781.5	+0.128%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.4	+0.195%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.3	+0.086%	$975K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,781	+0.109%	$55.4M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.7	+0.099%	$31.4M	$74.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0104%	1h	2,778.9	+0.033%	$281K	$1.5M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.5	+0.162%	$60.4M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,781	+0.109%	$8.6M	$673.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,782.5	+0.163%	$258.4M	$221.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,783.6	+0.204%	$32.7M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,782.2	+0.151%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDTlong	+0.0176%	8h	2,778	long leg	$285.6M	$194.6M	150x
Reya ETHRUSDPERP	+0.0189%	1h	2,780.6	+0.094%	$7.4M	$1.1M	25x	as long as short