Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.051%

Price spread now: Hotstuff against Bybit−0.103%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.103% cheaper against Bybit than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,747.7	0.0100	pay 0.0100% / 8h	5h 22m	$2.46B	$4.16B	150x
Short	Hotstuff ETH-PERP	2,744.9	−0.0080	pay 0.0010% / 1h	22m 28s	$5K	$1K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Bybit. 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 BybitbpFee HotstuffbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$37.8
Price spread: −0.103% → 0.000%: −$10.26
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$64.06
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Hotstuff: no order-book sample. Net counts fees only.

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 Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$696	9.0 bp −$4,475
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hotstuff ETH-PERPshort	−0.0080%	1h	2,744.9	−0.103%	$5K	$1K	50x
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	−0.183%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,745.1	−0.095%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746	−0.064%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,747.1	−0.021%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,748	+0.011%	$25.0M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,742.3	−0.197%	$847K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,747.9	+0.007%	$182K	$863K	50x	as long as short
ApeX Omni ETHUSDT	+0.0034%	1h	2,742.2	−0.201%	$8.8M	$30.8M	100x	as long as short
BingX ETH-USDT	+0.0051%	8h	2,747.5	−0.007%	—	$1.15B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0066%	8h	2,747.8	+0.001%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,748	+0.009%	$382.6M	$577.8M	100x	as long as short
Bullet ETH-USD	+0.0075%	1h	2,747.5	−0.008%	$183K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.9	+0.007%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,747.4	−0.013%	$253.5M	$841.2M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,747	−0.026%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,747.5	−0.007%	$6.39B	$15.66B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,746.3	−0.053%	$112.8M	$434.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.7	−0.003%	$24.7M	$104.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.4	−0.086%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,743.2	−0.165%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.7	−0.039%	$58.4M	$4.25B	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.3	+0.129%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.2	−0.019%	$471K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.5	−0.008%	$13.9M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.1	+0.087%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.6	−0.004%	$31.7M	$334.4M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,747.7	long leg	$2.46B	$4.16B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745	−0.099%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.8	+0.003%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,742.3	−0.197%	$165.2M	$299.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,747.8	+0.004%	$3.39B	$8.75B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,748	+0.009%	$2.09B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.3	−0.125%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740	−0.281%	$132.7M	$328.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741	−0.245%	$182.2M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.9	−0.320%	$159.3M	$84.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.1	−0.095%	$21.2M	$67.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.8	+0.004%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.7	+0.036%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.5	−0.043%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744	−0.136%	$963K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744.9	−0.103%	$54.7M	$187.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,744.8	−0.107%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.9	−0.101%	$266.9M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.7	−0.039%	$30.6M	$71.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0126%	1h	2,744.1	−0.132%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,745.1	−0.095%	$7.5M	$669.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0192%	8h	2,747.4	−0.010%	$32.3M	$11.4M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746	−0.062%	$86.7M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,747.2	−0.017%	$7.3M	$1.1M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0238%	1h	2,746.7	−0.039%	$259.8M	$196.9M	50x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,746	−0.062%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0299%	1h	2,744.8	−0.105%	$21K	$20K	25x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,744.6	−0.112%	$285.8M	$181.2M	150x	as long as short