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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.021%
Price spread now: Bulk against Hyperliquid+0.164%7-day average −0.032% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs+$2as in the Price arb table
costs, in and out, $10k−$170.174% of the position
Long on HyperliquidShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.022%−$2 on $10k
Price spread, last 7 days−0.183%−$18 · spread now +0.164%, 7d avg −0.032%
Together, before fees−0.205%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.196% dearer against Hyperliquid than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.032%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHyperliquid ETH2,748.10.0100pay 0.0013% / 1h53m 14s$3.12B$2.14B25x
ShortBulk ETH-USD2,752.60.0100get 0.0013% / 1h53m 14s$169.2M$297.0M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk 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

Funding earned
$0
Price spread: +0.164% → −0.032%
$19.57
Slippage, 4 orders
−$1.4
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
$2.17
Costs to cover
0.174%
Break-even
from the start
Slippage from Hyperliquid: live order book, 11 min ago; Bulk: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Hyperliquid live order book, 11 min ago0.36 bp5.5 bp −$65.7 bp −$576.9 bp −$6888.7 bp −$4,345
Sell Bulk live order book, 1 min ago0.02 bp3.5 bp −$43.5 bp −$353.7 bp −$3755.9 bp −$2,959

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
ApeX Omni ETHUSDT−0.0865%1h2,751.3+0.116%$8.8M$31.4M100xas long as short
Perpl ETH−0.0447%43m2,745.6−0.094%$323K$6.2M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,739.2−0.325%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,745.2−0.108%$5.5M$11.3M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,747.1−0.037%$12.0M—200xas long as short
Phoenix ETH−0.0006%1h2,756.1+0.290%$865K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,744.1−0.147%$10.9M$41.7M50xas long as short
01 Exchange ETHUSD0.0000%1h2,745.1−0.111%$180K$1.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,747.4−0.025%$22.2M—200xas long as short
BingX ETH-USDC+0.0027%8h2,746.3−0.068%—$17.3M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
HTX ETH-USDT+0.0033%8h2,746.7−0.054%$1.07B$1.23B200xas long as short
OKX ETH-USDT-SWAP+0.0035%8h2,748.8+0.023%$1.67B$11.07B100xas long as short
Aster ETHUSDT+0.0039%8h2,747−0.042%$257.3M$854.5M200xas long as short
MEXC ETH_USDT+0.0054%8h2,748.1−0.002%$1.58B$2.52B500xas long as short
Binance ETHUSDT+0.0055%8h2,747.8−0.011%$6.37B$16.31B150xas long as short
Aevo ETH-PERP+0.0056%1h2,745.5−0.097%$4.9M$163K20xas long as short
Gate ETH_USDT+0.0065%8h2,747.4−0.027%$3.32B$8.69B200xas long as short
Bitget ETHUSDT+0.0082%8h2,747.3−0.031%$2.07B$2.86B150xas long as short
KuCoin ETHUSDTM+0.0083%8h2,747.1−0.039%$383.8M$607.0M100xas long as short
Aftermath Perps ETHUSD+0.0083%1h2,750.1+0.070%$30K$21K20xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,748.6+0.017%$59.5M$4.39B50xas long as short
Variational Omni ETH+0.0095%8h2,741.6−0.239%$132.7M$345.8M—as long as short
Lighter ETH+0.0096%1h2,747.6−0.020%$113.2M$438.5M50xas long as short
Lighter RH ETH+0.0096%1h2,748.9+0.027%$25.0M$105.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,743.9−0.156%—$35.6M500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,746.4−0.062%$15.9M$8.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,744.2−0.143%$468K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,745.4−0.099%$14.0M$113.2M50xas long as short
Hyperliquid ETHlong+0.0100%1h2,748.1long leg$3.12B$2.14B25x
Pacifica ETH+0.0100%1h2,744.9−0.116%$31.2M$332.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,748.10.000%$2.46B$4.37B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,743.1−0.183%$2.8M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,745.7−0.088%$2.8M$16.8M25xas long as short
Bulk ETH-USDshort+0.0100%1h2,752.6+0.164%$169.2M$297.0M25x
Backpack ETH_USDC_PERP+0.0100%1h2,742.9−0.189%$14.9M$42.5M50xas long as short
edgeX ETHUSDC+0.0100%4h2,751.5+0.122%$183.7M$729.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,739.9−0.298%$159.3M$81.8M50xas long as short
StandX ETH-USD+0.0100%1h2,741.2−0.253%$21.2M$65.6M40xas long as short
Vest ETH-PERP+0.0100%1h2,746−0.078%—$871K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,746.3−0.067%$10.3M$8.0M50xas long as short
Bullet ETH-USD+0.0100%1h2,746.9−0.045%$182K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,747.1−0.036%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,749.1+0.033%$42.0M$29.0M15xas long as short
SunX ETH-USDT+0.0100%8h2,747−0.041%$963K$12.7M100xas long as short
SoDEX ETH-USD+0.0100%1h2,747.2−0.034%$54.7M$187.6M40xas long as short
Phemex ETHUSDT+0.0100%8h2,747.8−0.014%$267.2M$66.1M150xas long as short
Extended ETH-USD+0.0104%1h2,746.7−0.054%$30.5M$74.5M50xas long as short
Deribit ETH-PERPETUAL+0.0125%1h2,748.4+0.009%$258.8M$202.3M50xas long as short
Kalshi KXETHPERP+0.0130%8h2,745−0.114%$7.7M$671.4M4.9xas long as short
Orderly PERP_ETH_USDC+0.0159%8h2,750.2+0.074%$32.4M$11.2M100xas long as short
Hibachi ETH/USDT-P+0.0168%1h2,741.7−0.236%$250K$1.5M20xas long as short
BloFin ETH-USDT+0.0175%8h2,747.3−0.029%$286.1M$178.5M150xas long as short
Injective ETH/USDC PERP+0.0209%1h2,744.5−0.132%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0217%1h2,746.4−0.063%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,748.3+0.006%$93.0M$319.6M100xas long as short