Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.007%

Price spread now: Hyperliquid against Derive+0.045%7-day average +0.013% · you sell dearer than you buy

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

Long on Derive Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now +0.045%, 7d avg +0.013%

Together, before fees−0.108%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.032% dearer against Derive than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,749.1	0.0100	pay 0.0013% / 1h	53m 04s	$42.0M	$29.0M	15x
Short	Hyperliquid ETH	2,750.3	0.0100	get 0.0013% / 1h	53m 04s	$3.13B	$2.14B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Derive. 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 DerivebpFee HyperliquidbpOrdersPrice spread, now +0.045%Rate

Funding earned: $0
Price spread: +0.045% → +0.013%: $3.24
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$11.76
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Hyperliquid: live order book, 11 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 11 min ago	0.36 bp	4.9 bp −$5	4.9 bp −$49	5.1 bp −$509	7.0 bp −$3,500

Derive: 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
ApeX Omni ETHUSDT	−0.0865%	1h	2,751.3	+0.082%	$8.8M	$31.4M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,745.6	−0.127%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.2	−0.359%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,745.2	−0.141%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.1	−0.071%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,756.1	+0.256%	$865K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.1	−0.180%	$10.9M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,745.1	−0.144%	$180K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.4	−0.059%	$22.2M	—	200x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,749	−0.004%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0033%	8h	2,746.7	−0.087%	$1.07B	$1.23B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0035%	8h	2,750.1	+0.039%	$1.67B	$11.08B	100x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,747.6	−0.052%	$257.4M	$854.7M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,748.1	−0.036%	$1.58B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,749.4	+0.014%	$6.37B	$16.31B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,745.5	−0.131%	$4.9M	$163K	20x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,749.7	+0.025%	$3.33B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,748.8	−0.011%	$2.07B	$2.86B	150x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,747.1	−0.072%	$383.8M	$607.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,750.1	+0.036%	$30K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.6	−0.017%	$59.5M	$4.39B	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.272%	$132.7M	$345.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,747.6	−0.054%	$113.2M	$438.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.9	−0.007%	$25.0M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.9	−0.189%	—	$35.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746.4	−0.095%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.2	−0.177%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.4	−0.132%	$14.0M	$113.2M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,750.3	+0.045%	$3.13B	$2.14B	25x
Pacifica ETH	+0.0100%	1h	2,744.9	−0.150%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,750.2	+0.041%	$2.46B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.1	−0.217%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.7	−0.121%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.130%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748.3	−0.029%	$14.9M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.5	+0.088%	$183.7M	$729.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.9	−0.332%	$159.3M	$81.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,741.2	−0.286%	$21.2M	$65.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746	−0.112%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.3	−0.100%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746.9	−0.078%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.1	−0.070%	$21K	$22K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,749.1	long leg	$42.0M	$29.0M	15x
SunX ETH-USDT	+0.0100%	8h	2,747	−0.075%	$963K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.2	−0.068%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.8	−0.048%	$267.2M	$66.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.7	−0.087%	$30.5M	$74.5M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0125%	1h	2,748.4	−0.024%	$258.8M	$202.3M	50x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,745	−0.148%	$7.7M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,750.2	+0.041%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,741.7	−0.269%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,747.3	−0.063%	$286.1M	$178.5M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.5	−0.166%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,746.4	−0.096%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.3	−0.027%	$93.0M	$319.6M	100x	as long as short