Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Bluefin against Hyperliquid−0.084%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.084% cheaper against Hyperliquid than usual: you would sell low and buy high, −$8 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,776.1	0.0100	pay 0.0013% / 1h	56m 03s	$3.19B	$2.40B	25x
Short	Bluefin ETH-PERP	2,773.8	0.0100	get 0.0013% / 1h	56m 03s	$21K	$25K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.084%Rate

Funding earned: $0
Price spread: −0.084% → 0.000%: −$8.39
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$24.39
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Bluefin: no order-book sample. Net counts fees only.

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	6.2 bp −$6	7.1 bp −$71	8.7 bp −$874	10.7 bp −$5,348
Sell Bluefin no order-book sample	—	—	—	—	—

Bluefin: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,773.1	−0.108%	$290K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,773	−0.111%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.5	−0.058%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,772.8	−0.119%	$169K	$1.2M	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,768.7	−0.267%	$119K	$22.5M	52x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.5	−0.202%	$884K	$3.6M	25x	as long as short
Aftermath Perps ETHUSD	−0.0001%	1h	2,771.4	−0.168%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.8	−0.010%	$12.7M	$45.5M	50x	as long as short
Nado ETH-PERP	+0.0002%	1h	2,773.3	−0.100%	$14.3M	$118.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.3	−0.100%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi ETH/USDT-P	+0.0016%	1h	2,771.8	−0.156%	$280K	$1.5M	20x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,773.3	−0.101%	—	$1.19B	—	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,773.3	−0.101%	$1.71B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0027%	8h	2,772.5	−0.129%	$267.1M	$65.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,773.3	−0.102%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,773.5	−0.094%	$256.5M	$993.8M	200x	as long as short
ApeX Omni ETHUSDT	+0.0034%	1h	2,770.6	−0.198%	$8.7M	$32.6M	100x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,772.6	−0.126%	$183K	$1.8M	20x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,770.8	−0.192%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0052%	8h	2,773.5	−0.095%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0052%	8h	2,774.1	−0.074%	$6.44B	$17.20B	150x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,773.4	−0.099%	$2.10B	$3.12B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0074%	1h	2,774.5	−0.057%	$258.4M	$225.0M	50x	as long as short
Gate ETH_USDT	+0.0079%	8h	2,774	−0.076%	$3.29B	$9.53B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.1	−0.108%	$115.0M	$494.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.6	−0.053%	$25.4M	$120.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.7	−0.086%	—	$41.8M	500x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,772.7	−0.122%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0099%	8h	2,770.9	−0.188%	$140.8M	$321.1M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,774.1	−0.073%	$15.9M	$10.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.2	−0.104%	$480K	$2.8M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,776.1	long leg	$3.19B	$2.40B	25x
Pacifica ETH	+0.0100%	1h	2,774.8	−0.046%	$31.3M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.5	−0.095%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.1	−0.072%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.6	−0.019%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	−0.185%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,773.2	−0.105%	$422.5M	$740.5M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.8	−0.084%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.2	−0.286%	$179.4M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	−0.167%	$161.2M	$96.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.7	−0.231%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772.9	−0.116%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774	−0.076%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERPshort	+0.0100%	1h	2,773.8	−0.084%	$21K	$25K	25x
Derive ETH-PERP	+0.0100%	1h	2,775.1	−0.035%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.2	−0.142%	$972K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,772.9	−0.115%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.9	−0.115%	$31.5M	$75.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.4	−0.060%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,774.3	−0.065%	$8.6M	$673.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,775.7	−0.014%	$32.6M	$12.1M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,774	−0.077%	$86.1M	$331.6M	100x	as long as short
BloFin ETH-USDT	+0.0172%	8h	2,770.6	−0.197%	$285.9M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,772.4	−0.133%	$7.3M	$1.1M	25x	as long as short