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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.0047%/8h= +5.1% APRnext payment +$0.06 per $10,000 · paid last 24h +0.017%
Price spread now: Hyperliquid against Deribit+0.079%7-day average +0.028% · you sell dearer than you buy
Net, funding: paid 7d − costs−$15as in the Funding arb table
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$200.197% of the position
Long on DeribitShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.051%+$5 on $10k
Price spread, last 3 days (all we have)+0.017%+$2 · spread now +0.079%, 7d avg +0.028%
Together, before fees+0.069%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 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 Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.028%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDeribit ETH-PERPETUAL2,769.10.0053pay 0.0007% / 1h57m 53s$258.4M$225.1M50x
ShortHyperliquid ETH2,771.30.0100get 0.0013% / 1h57m 53s$3.19B$2.40B25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid against Deribit. 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

Funding earned
$9.87
Price spread: +0.079% → +0.028%
$5.12
Slippage, 4 orders
−$3.65
Fee Deribit: 3.5 bp × 2 orders
−$7
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$4.67
Costs to cover
0.197%
Break-even
10.3 days
Slippage from Deribit: live order book, 1 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
LegHalf-spread$10k$100k$1M$5M
Buy Deribit live order book, 1 min ago0.18 bp5.1 bp −$56.0 bp −$6012.3 bp −$1,22623.4 bp −$11.7K
Sell Hyperliquid live order book, 6 min ago0.18 bp4.7 bp −$54.7 bp −$474.7 bp −$4685.4 bp −$2,688

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0112%43m2,769.10.000%$290K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,768.5−0.023%$5.8M$12.1M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,768−0.040%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0064%1h2,768.7−0.014%$169K$1.2M50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,769.5+0.014%$119K$22.5M52xas long as short
Phoenix ETH−0.0023%1h2,770.5+0.051%$884K$3.6M25xas long as short
Nado ETH-PERP−0.0001%1h2,768.2−0.031%$14.3M$118.9M50xas long as short
Aftermath Perps ETHUSD0.0000%1h2,771+0.070%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,770.4+0.048%$12.7M$45.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,769.3+0.007%$22.4M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDC+0.0017%8h2,767.6−0.053%—$17.3M—as long as short
OKX ETH-USDT-SWAP+0.0023%8h2,769.1−0.002%$1.71B$11.85B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,769.2+0.003%$13.2M—200xas long as short
Aster ETHUSDT+0.0032%8h2,769.2+0.003%$256.1M$994.5M200xas long as short
ApeX Omni ETHUSDT+0.0034%1h2,770.6+0.055%$8.7M$32.6M100xas long as short
Bullet ETH-USD+0.0036%1h2,768.5−0.022%$182K$1.8M20xas long as short
Phemex ETHUSDT+0.0039%8h2,768.3−0.029%$266.7M$66.0M150xas long as short
SoDEX ETH-USD+0.0045%1h2,767.5−0.058%$55.1M$228.6M40xas long as short
Aevo ETH-PERP+0.0048%1h2,765.3−0.137%$5.0M$636K20xas long as short
MEXC ETH_USDT+0.0052%8h2,768−0.040%$1.59B$2.62B500xas long as short
Binance ETHUSDT+0.0052%8h2,768−0.040%$6.42B$17.21B150xas long as short
Deribit ETH-PERPETUALlong+0.0053%1h2,769.1long leg$258.4M$225.1M50x
Bitget ETHUSDT+0.0074%8h2,769.10.000%$2.10B$3.12B150xas long as short
Gate ETH_USDT+0.0076%8h2,768.2−0.033%$3.28B$9.52B200xas long as short
HTX ETH-USDT+0.0096%8h2,767.6−0.056%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,768.5−0.023%$114.6M$494.0M50xas long as short
Lighter RH ETH+0.0096%1h2,769.8+0.025%$25.4M$120.5M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,771.8+0.096%—$41.8M500xas long as short
Variational Omni ETH+0.0099%8h2,770.9+0.065%$140.8M$321.1M—as long as short
Paradex ETH-USD-PERP+0.0100%8h2,768.3−0.030%$15.9M$10.7M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,769−0.004%$481K$2.7M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,771.3+0.079%$3.19B$2.40B25x
Pacifica ETH+0.0100%1h2,769.2+0.002%$31.2M$293.6M50xas long as short
Bybit ETHUSDT+0.0100%8h2,769.3+0.008%$2.51B$4.63B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,768.6−0.018%$2.8M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,770.5+0.049%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,771+0.067%$164.2M$249.6M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,767.7−0.051%$421.8M$742.0M100xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,768.1−0.036%$15.2M$43.1M50xas long as short
edgeX ETHUSDC+0.0100%4h2,770.6+0.053%$179.5M$783.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,771.5+0.086%$161.2M$96.5M50xas long as short
StandX ETH-USD+0.0100%1h2,771+0.069%$21.4M$57.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,769.4+0.011%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,770.1+0.036%$10.8M$7.7M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,769−0.005%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,769.8+0.024%$42.6M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,769.6+0.016%$971K$14.1M100xas long as short
Extended ETH-USD+0.0104%1h2,767.6−0.053%$31.5M$75.4M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,769.1+0.001%$59.8M$4.61B50xas long as short
Kalshi KXETHPERP+0.0109%8h2,769.7+0.022%$8.5M$673.3M4.9xas long as short
Orderly PERP_ETH_USDC+0.0137%8h2,770.3+0.044%$32.5M$12.1M100xas long as short
Kraken Futures PF_ETHUSD+0.0170%1h2,768.8−0.009%$86.0M$331.7M100xas long as short
BloFin ETH-USDT+0.0173%8h2,771+0.067%$285.9M$195.0M150xas long as short
Reya ETHRUSDPERP+0.0186%1h2,768.6−0.017%$7.3M$1.1M25xas long as short
Hibachi ETH/USDT-P+0.0472%1h2,771.9+0.100%$279K$1.5M20xas long as short