Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.032%

Price spread now: BingX against Hyperliquid−0.105%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 7 days+0.075%+$7 · spread now −0.105%, 7d avg −0.080%

Together, before fees−0.025%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.025% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,780.5	0.0100	pay 0.0013% / 1h	24m 43s	$3.19B	$2.36B	25x
Short	BingX ETH-USDC	2,777.6	0.0016	get 0.0016% / 8h	1h 24m	—	$17.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$17.64
Price spread: −0.105% → −0.080%: −$2.51
Slippage, 4 orders: −$2.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$41.7
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; BingX: live order book, 4 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, 9 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	4.9 bp −$487	6.5 bp −$3,239
Sell BingX live order book, 4 min ago	0.20 bp	5.2 bp −$5	5.3 bp −$53	7.6 bp −$759	11.4 bp −$5,715

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	2,774	−0.233%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,773.3	−0.260%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.8	−0.313%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.8	−0.313%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773.9	−0.237%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0014%	1h	2,773.6	−0.249%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.6	−0.103%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,773.9	−0.237%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.8	−0.168%	$22.4M	—	200x	as long as short
BingX ETH-USDCshort	+0.0016%	8h	2,777.6	−0.105%	—	$17.4M	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0021%	8h	2,775.5	−0.180%	$269.8M	$68.7M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,776.5	−0.145%	$1.70B	$11.89B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,775.7	−0.173%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,777.9	−0.092%	$256.4M	$991.4M	200x	as long as short
Bullet ETH-USD	+0.0037%	1h	2,774.7	−0.209%	$181K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,777.8	−0.099%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,777.6	−0.106%	$6.44B	$17.19B	150x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,772.8	−0.277%	$14.3M	$118.1M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,772.4	−0.291%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,778	−0.090%	$2.10B	$3.11B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,777.8	−0.098%	$3.29B	$9.62B	200x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,772.4	−0.290%	$8.8M	$32.6M	100x	as long as short
SoDEX ETH-USD	+0.0076%	1h	2,774.7	−0.209%	$55.2M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,777.3	−0.116%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,774.5	−0.216%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,778.5	−0.073%	$115.1M	$500.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,780	−0.020%	$25.4M	$121.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.4	−0.254%	—	$41.6M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0096%	1h	2,776.5	−0.145%	$258.3M	$222.1M	50x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,777.8	−0.098%	$423.9M	$739.4M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771.8	−0.314%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.6	−0.248%	$477K	$2.7M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,780.5	long leg	$3.19B	$2.36B	25x
Pacifica ETH	+0.0100%	1h	2,772.8	−0.277%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.4	−0.291%	$2.8M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.3	−0.189%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.470%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.8	−0.168%	$15.2M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.9	−0.309%	$137.1M	$324.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.7	−0.352%	$181.3M	$782.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.9	−0.272%	$161.3M	$91.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.1	−0.230%	$21.4M	$58.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.5	−0.217%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776	−0.162%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.7	−0.172%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777	−0.126%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773	−0.270%	$971K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.2	−0.119%	$32.8M	$77.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.1	−0.158%	$60.1M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,774.5	−0.216%	$8.4M	$678.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,777.5	−0.109%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,775.9	−0.166%	$86.0M	$331.7M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,774.5	−0.217%	$285.6M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,774.5	−0.216%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,775.1	−0.193%	$271K	$1.5M	20x	as long as short