Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.016%

Price spread now: Arcus against Hyperliquid−0.020%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$140.142% of the position

Long on Hyperliquid Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.018%−$2 on $10k

Price spread, last 7 days+0.021%+$2 · spread now −0.020%, 7d avg −0.013%

Together, before fees+0.002%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,740.1	0.0100	pay 0.0013% / 1h	58m 15s	$3.11B	$2.06B	25x
Short	Arcus ETH-USD	2,739.6	0.0100	get 0.0013% / 1h	58m 15s	$2.8M	$16.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Hyperliquid. 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 HyperliquidbpFee ArcusbpOrdersPrice spread, now −0.020%Rate

Funding earned: $0
Price spread: −0.020% → −0.013%: −$0.66
Slippage, 4 orders: −$0.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$14.85
Costs to cover: 0.142%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Arcus: live order book, 6 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 Hyperliquid live order book, 6 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.5 bp −$553	7.5 bp −$3,725
Sell Arcus live order book, 6 min ago	0.16 bp	2.4 bp −$2	5.4 bp −$54	9.4 bp −$944	doesn't fit

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
Injective ETH/USDC PERP	−0.0141%	1h	2,738.7	−0.051%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740.6	+0.018%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738	−0.075%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.1	0.000%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,739.7	−0.015%	$301K	$5.5M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,738	−0.076%	$25.3M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,738.8	−0.047%	$182K	$834K	50x	as long as short
Phoenix ETH	+0.0017%	1h	2,741.1	+0.036%	$847K	$2.9M	25x	as long as short
SoDEX ETH-USD	+0.0027%	1h	2,737.3	−0.102%	$54.5M	$187.6M	40x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,740.1	−0.002%	$8.8M	$30.7M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack ETH_USDC_PERP	+0.0050%	1h	2,739	−0.041%	$15.0M	$39.5M	50x	as long as short
BingX ETH-USDT	+0.0054%	8h	2,737.3	−0.104%	—	$1.14B	—	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,736.2	−0.142%	$1.69B	$10.55B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,737.7	−0.086%	$380.9M	$573.3M	100x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,738	−0.076%	$253.3M	$840.5M	200x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,737.8	−0.085%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,735.3	−0.175%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,737.8	−0.083%	$1.56B	$2.51B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,736.6	−0.129%	$6.36B	$15.69B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.8	−0.120%	$112.4M	$429.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738.2	−0.068%	$24.6M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.7	+0.022%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,739.4	−0.027%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,743.8	+0.136%	$15.9M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.9	−0.044%	$493K	$3.1M	50x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,736.7	−0.125%	$1.06B	$1.18B	200x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	−0.069%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,740.1	long leg	$3.11B	$2.06B	25x
Pacifica ETH	+0.0100%	1h	2,740.5	+0.014%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,736.1	−0.147%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.3	+0.007%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USDshort	+0.0100%	1h	2,739.6	−0.020%	$2.8M	$16.3M	25x
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.014%	$165.8M	$302.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738	−0.075%	$3.39B	$8.65B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.6	−0.093%	$2.08B	$2.72B	150x	as long as short
Variational Omni ETH	+0.0100%	8h	2,739	−0.042%	$133.0M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.7	−0.050%	$182.0M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.9	−0.008%	$159.3M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.3	−0.029%	$21.2M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.5	−0.022%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.3	−0.029%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.1	−0.037%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.5	−0.094%	$960K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736.8	−0.119%	$265.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.7	−0.125%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,739	−0.041%	$54.0M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0137%	1h	2,740.7	+0.021%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0137%	1h	2,738.6	−0.054%	$260.0M	$194.8M	50x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,739.6	−0.018%	$7.6M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,739.7	−0.016%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,739.4	−0.025%	$285.5M	$177.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.7	−0.088%	$86.0M	$309.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,737.1	−0.110%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.1	−0.035%	$251K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.3321%	1h	2,765.3	+0.919%	$21K	$20K	25x	as long as short