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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 04:00 UTC+0.0110%/8h= +12.0% APRnext payment +$0.14 per $10,000 · paid last 24h +0.044%
Price spread now: Hyperliquid against GMX+0.037%7-day average +0.039% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.020%+$2 on $10k
Price spread, last 4 days (all we have)−0.032%−$3 · spread now +0.037%, 7d avg +0.039%
Together, before fees−0.012%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.039%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX ETH/USD [ETH-USDC]2,737.8L −0.0010% / S +0.0043%get 0.0001% / 1h57m 10s$12.0M—200x
ShortHyperliquid ETH2,738.80.0100get 0.0013% / 1h57m 10s$3.11B$2.06B25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid against GMX. 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
$23.02
Price spread: +0.037% → +0.039%
−$0.21
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$1.81
Costs to cover
0.210%
Break-even
6.4 days
Slippage unknown: GMX: no order-book sample; Hyperliquid: live order book, 7 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy GMX no order-book sample—————
Sell Hyperliquid live order book, 7 min ago0.18 bp4.7 bp −$54.9 bp −$496.3 bp −$6288.1 bp −$4,051
GMX: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective ETH/USDC PERP−0.0141%1h2,736.3−0.054%$117K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,736.7−0.040%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]longL −0.0010% / S +0.0043%1h2,737.8long leg$12.0M—200x
dYdX ETH-USD0.0000%1h2,737.2−0.023%$10.8M$41.7M50xas long as short
01 Exchange ETHUSD0.0000%1h2,735.4−0.087%$181K$834K50xas long as short
Perpl ETH0.0000%43m2,735.4−0.086%$301K$5.5M8.3xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,738.2+0.015%$25.3M—200xas long as short
Phoenix ETH+0.0017%1h2,739+0.044%$844K$2.9M25xas long as short
ApeX Omni ETHUSDT+0.0039%1h2,740.1+0.083%$8.8M$30.7M100xas long as short
BingX ETH-USDC+0.0054%8h2,736.3−0.053%—$18.4M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
SoDEX ETH-USD+0.0058%1h2,737.7−0.003%$54.5M$187.6M40xas long as short
OKX ETH-USDT-SWAP+0.0069%8h2,738.1+0.012%$1.69B$10.58B100xas long as short
Bullet ETH-USD+0.0070%1h2,736.7−0.041%$181K$1.7M20xas long as short
KuCoin ETHUSDTM+0.0071%8h2,737.8+0.002%$380.9M$573.7M100xas long as short
Aster ETHUSDT+0.0081%8h2,737−0.029%$253.2M$840.6M200xas long as short
Aevo ETH-PERP+0.0088%1h2,735−0.102%$4.9M$154K20xas long as short
MEXC ETH_USDT+0.0090%8h2,737.80.000%$1.56B$2.52B500xas long as short
Binance ETHUSDT+0.0090%8h2,737.6−0.008%$6.36B$15.70B150xas long as short
Lighter ETH+0.0096%1h2,738+0.009%$112.3M$429.9M50xas long as short
Lighter RH ETH+0.0096%1h2,739.5+0.061%$24.5M$102.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,736−0.066%—$30.5M500xas long as short
RISEx ETH/USDC+0.0099%1h2,735.4−0.087%$5.6M$11.4M25xas long as short
HTX ETH-USDT+0.0100%8h2,737.8+0.001%$1.06B$1.18B200xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,738.2+0.014%$15.9M$8.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,734−0.138%$499K$3.1M50xas long as short
Nado ETH-PERP+0.0100%1h2,734.7−0.113%$13.9M$104.6M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,738.8+0.037%$3.11B$2.06B25x
Pacifica ETH+0.0100%1h2,736.2−0.058%$31.6M$335.1M50xas long as short
Bybit ETHUSDT+0.0100%8h2,738.1+0.011%$2.43B$4.18B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,734.4−0.124%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,735.3−0.091%$2.8M$16.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,739.7+0.071%$165.8M$302.8M25xas long as short
Gate ETH_USDT+0.0100%8h2,737−0.029%$3.38B$8.66B200xas long as short
Bitget ETHUSDT+0.0100%8h2,738.9+0.042%$2.07B$2.72B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,735.5−0.083%$15.0M$39.6M50xas long as short
Variational Omni ETH+0.0100%8h2,739+0.043%$133.0M$324.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,738.7+0.035%$182.0M$667.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,738.8+0.036%$159.2M$83.5M50xas long as short
StandX ETH-USD+0.0100%1h2,738.8+0.037%$21.2M$69.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,737.1−0.026%—$843K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,737.5−0.010%$10.9M$8.8M50xas long as short
Derive ETH-PERP+0.0100%1h2,739.1+0.048%$41.4M$29.7M15xas long as short
SunX ETH-USDT+0.0100%8h2,736.3−0.055%$960K$11.4M100xas long as short
Phemex ETHUSDT+0.0100%8h2,738.1+0.010%$266.0M$65.2M150xas long as short
Extended ETH-USD+0.0104%1h2,736.9−0.033%$30.6M$72.4M50xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,739.6+0.066%$53.6M$4.25B50xas long as short
Aftermath Perps ETHUSD+0.0136%1h2,739.9+0.077%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0158%8h2,736.5−0.047%$7.6M$672.4M4.9xas long as short
Deribit ETH-PERPETUAL+0.0174%1h2,739.4+0.058%$260.0M$194.8M50xas long as short
Orderly PERP_ETH_USDC+0.0195%8h2,740+0.082%$32.2M$11.5M100xas long as short
BloFin ETH-USDT+0.0210%8h2,737.7−0.005%$285.5M$175.3M150xas long as short
Kraken Futures PF_ETHUSD+0.0222%1h2,738.8+0.036%$85.9M$309.7M100xas long as short
Reya ETHRUSDPERP+0.0225%1h2,736−0.067%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0248%1h2,739.3+0.055%$251K$1.4M20xas long as short
Bluefin ETH-PERP+0.6077%1h2,738.4+0.022%$21K$20K25xas long as short