Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0078%/8h= +8.5% APRpaid last 24h +0.015%

Price spread now: BloFin against Hyperliquid−0.105%67s7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.224% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now −0.105%, 7d avg −0.070%

Together, before fees+0.146%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.035% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.105% now, against its 7-day average of −0.070%). If the spread goes back, that is −$4 on $10k: about 36 hours of funding at the current rate (+$2 a day). The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,775	0.0100	pay 0.0013% / 1h	16m 11s	$3.17B	$2.36B	25x
Short	BloFin ETH-USDT	2,772.1	0.0178	get 0.0178% / 8h	16m 11s	$286.4M	$194.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.105%Rate

Funding earned: $16.37
Price spread: −0.105% → −0.070%: −$3.51
Slippage, 4 orders: −$1.42
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$9.56
Costs to cover: 0.224%
Break-even: 11.1 days

Slippage from Hyperliquid: live order book, 8 min ago; BloFin: live order book, 3 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, 8 min ago	0.18 bp	5.7 bp −$6	6.3 bp −$63	6.6 bp −$662	8.2 bp −$4,108
Sell BloFin live order book, 3 min ago	0.04 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$672	9.3 bp −$4,641

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	−0.0223%	43m	2,772.5	−0.092%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773	−0.074%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.465%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.9	−0.076%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0026%	1h	2,773	−0.072%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,773.4	−0.058%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.5	−0.055%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,769.9	−0.184%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.9	−0.077%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.6	−0.088%	$1.70B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,772.8	−0.081%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0026%	1h	2,772.4	−0.092%	$29K	$22K	20x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,772.3	−0.097%	$270.3M	$68.9M	150x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,772.5	−0.092%	$255.9M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0040%	1h	2,772.5	−0.090%	$55.2M	$229.0M	40x	as long as short
Bullet ETH-USD	+0.0043%	1h	2,772.2	−0.101%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770.1	−0.178%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,772.5	−0.090%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,772.4	−0.094%	$6.46B	$17.31B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,772.5	−0.089%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0068%	8h	2,772.6	−0.087%	$3.29B	$9.68B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0071%	1h	2,774.2	−0.030%	$259.0M	$222.4M	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,772.5	−0.092%	$421.2M	$739.2M	100x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,772.6	−0.088%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,773.9	−0.039%	$60.3M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,772.7	−0.083%	$2.51B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,773.2	−0.064%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,772.2	−0.100%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.1	−0.070%	$115.2M	$500.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.5	−0.018%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.2	−0.066%	—	$43.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773	−0.071%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.6	−0.086%	$476K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.6	−0.085%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,775	long leg	$3.17B	$2.36B	25x
Pacifica ETH	+0.0100%	1h	2,773.6	−0.052%	$31.3M	$315.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.8	−0.079%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.9	−0.040%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,773	−0.074%	$170.1M	$265.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.6	−0.088%	$15.1M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.7	−0.082%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.2	−0.138%	$181.9M	$784.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,773	−0.073%	$161.2M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	−0.137%	$21.4M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	−0.072%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.3	−0.062%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.1	−0.104%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.5	−0.019%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.9	−0.112%	$32.5M	$78.2M	50x	as long as short
Kalshi KXETHPERP	+0.0112%	8h	2,773.5	−0.054%	$8.3M	$687.6M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,773.8	−0.042%	$89.1M	$337.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0142%	8h	2,774.7	−0.010%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDTshort	+0.0178%	8h	2,772.1	−0.105%	$286.4M	$194.7M	150x
Reya ETHRUSDPERP	+0.0204%	1h	2,772.5	−0.089%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,772.2	−0.102%	$252K	$1.6M	20x	as long as short