Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h −0.033%

Price spread now: Bitget against Hyperliquid−0.102%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 7 days+0.094%+$9 · spread now −0.102%, 7d avg −0.038%

Together, before fees+0.015%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bitget is 0.064% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,778.9	0.0100	pay 0.0013% / 1h	19m 48s	$3.21B	$2.39B	25x
Short	Bitget ETHUSDT	2,776.1	0.0074	get 0.0074% / 8h	2h 19m	$2.10B	$3.13B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.102%Rate

Funding earned: −$5.46
Price spread: −0.102% → −0.038%: −$6.39
Slippage, 4 orders: −$0.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$33.25
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bitget: 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, 4 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	6.1 bp −$612	8.0 bp −$3,990
Sell Bitget live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.4 bp −$737	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
Perpl ETH	−0.0112%	43m	2,776.5	−0.087%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	−0.115%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.9	−0.072%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,776.8	−0.076%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.198%	$858K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,776.8	−0.076%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.5	−0.088%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0001%	1h	2,775.2	−0.134%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.7	−0.080%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0012%	8h	2,776.5	−0.086%	$267.4M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,775.6	−0.120%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776.7	−0.081%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,775.9	−0.110%	$256.7M	$995.6M	200x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,776.7	−0.081%	$8.8M	$32.6M	100x	as long as short
MEXC ETH_USDT	+0.0048%	8h	2,775.9	−0.107%	$1.60B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.5	−0.121%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0049%	8h	2,776.2	−0.098%	$6.44B	$17.23B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0067%	1h	2,777.5	−0.050%	$258.5M	$224.9M	50x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.2	−0.097%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDTshort	+0.0074%	8h	2,776.1	−0.102%	$2.10B	$3.13B	150x
Bullet ETH-USD	+0.0082%	1h	2,775.8	−0.111%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0096%	8h	2,776.8	−0.077%	$141.1M	$320.7M	—	as long as short
Lighter ETH	+0.0096%	1h	2,776.5	−0.085%	$115.1M	$514.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.1	−0.028%	$25.4M	$122.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.7	−0.081%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.1	−0.102%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.6	−0.083%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.2	−0.097%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,778.9	long leg	$3.21B	$2.39B	25x
Pacifica ETH	+0.0100%	1h	2,776.6	−0.083%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,775.8	−0.113%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.5	−0.122%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.5	−0.015%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	−0.029%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.5	−0.088%	$422.8M	$742.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,776.3	−0.095%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.4	−0.089%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.9	−0.072%	$178.5M	$792.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	−0.067%	$161.6M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	−0.068%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.2	−0.062%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.5	−0.050%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.7	−0.080%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.3	−0.022%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.6	−0.121%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,775.7	−0.115%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,776	−0.105%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.9	−0.106%	$31.4M	$75.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.7	−0.043%	$60.1M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,777.4	−0.054%	$8.6M	$674.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,778.9	−0.001%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0169%	8h	2,776.1	−0.103%	$284.2M	$195.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,775.8	−0.110%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.1	−0.066%	$86.6M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,778.1	−0.029%	$283K	$1.5M	20x	as long as short