Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0015%/8h= −1.6% APRpaid last 24h −0.023%

Price spread now: Aster against Hyperliquid−0.088%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 7 days+0.073%+$7 · spread now −0.088%, 7d avg −0.034%

Together, before fees0.000%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Aster is 0.054% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,736.2	0.0100	pay 0.0013% / 1h	8m 47s	$3.11B	$2.05B	25x
Short	Aster ETHUSDT	2,733.8	0.0085	get 0.0085% / 8h	4h 08m	$251.0M	$841.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$3.1
Price spread: −0.088% → −0.034%: −$5.38
Slippage, 4 orders: −$0.81
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$26.28
Costs to cover: 0.178%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Aster: live order book, 5 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, 5 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	4.9 bp −$491	6.3 bp −$3,163
Sell Aster live order book, 5 min ago	0.02 bp	4.0 bp −$4	4.0 bp −$40	5.4 bp −$540	10.8 bp −$5,405

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
Perpl ETH	−0.0447%	43m	2,734.7	−0.055%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.073%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.3	−0.033%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.9	−0.049%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.5	−0.063%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,735.1	−0.040%	$187K	$822K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,735.7	−0.018%	$828K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735	−0.045%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0011%	1h	2,734.5	−0.062%	$181K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0026%	8h	2,733.3	−0.107%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0046%	8h	2,733.9	−0.086%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0055%	8h	2,733.7	−0.093%	$2.38B	$4.35B	150x	as long as short
ApeX Omni ETHUSDT	+0.0055%	1h	2,734.1	−0.079%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,733.6	−0.095%	$380.4M	$573.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0074%	8h	2,734.1	−0.079%	$1.67B	$10.71B	100x	as long as short
Phemex ETHUSDT	+0.0074%	8h	2,734.8	−0.053%	$265.8M	$65.1M	150x	as long as short
Aster ETHUSDTshort	+0.0085%	8h	2,733.8	−0.088%	$251.0M	$841.9M	200x
MEXC ETH_USDT	+0.0093%	8h	2,733.7	−0.091%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,733.8	−0.087%	$6.35B	$15.87B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.2	−0.075%	$112.8M	$441.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.4	−0.028%	$23.4M	$106.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,735	−0.045%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,731.8	−0.161%	$4.9M	$155K	20x	as long as short
SoDEX ETH-USD	+0.0098%	1h	2,734	−0.080%	$54.5M	$187.6M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,738	+0.065%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.3	−0.033%	$5.6M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.7	−0.055%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.8	−0.052%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,736.2	long leg	$3.11B	$2.05B	25x
Pacifica ETH	+0.0100%	1h	2,735.6	−0.022%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.1	−0.077%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.4	−0.031%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.8	−0.088%	$3.34B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734	−0.082%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733.4	−0.102%	$15.1M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,733.2	−0.109%	$133.8M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,733.8	−0.089%	$183.9M	$670.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.4	−0.103%	$159.0M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.2	−0.073%	$21.1M	$68.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736.1	−0.004%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.9	−0.048%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.8	−0.013%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.8	−0.087%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,732.6	−0.131%	$165.4M	$300.2M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.6	−0.022%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732.5	−0.137%	$30.4M	$72.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,735.3	−0.035%	$51.3M	$4.27B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0119%	1h	2,735.4	−0.029%	$259.7M	$196.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0123%	1h	2,734.6	−0.060%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0133%	8h	2,735	−0.044%	$6.9M	$678.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0196%	8h	2,737.1	+0.033%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,733.9	−0.083%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,734.6	−0.059%	$83.2M	$314.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,735.1	−0.039%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0374%	8h	2,733.7	−0.093%	$283.0M	$175.6M	150x	as long as short