Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Derive against Hyperliquid−0.045%7-day average −0.013% · you buy dearer than you sell

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

Long on Hyperliquid Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.045%, 7d avg −0.013%

Together, before fees+0.108%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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: Derive is 0.032% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,750.3	0.0100	pay 0.0013% / 1h	53m 01s	$3.13B	$2.14B	25x
Short	Derive ETH-PERP	2,749.1	0.0100	get 0.0013% / 1h	53m 01s	$42.0M	$29.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.045%Rate

Funding earned: $0
Price spread: −0.045% → −0.013%: −$3.24
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$18.24
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Derive: 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, 11 min ago	0.36 bp	5.5 bp −$6	5.7 bp −$57	6.9 bp −$688	8.7 bp −$4,345
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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
ApeX Omni ETHUSDT	−0.0865%	1h	2,751.3	+0.037%	$8.8M	$31.4M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,745.6	−0.172%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.2	−0.404%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,745.2	−0.186%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.1	−0.116%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,756.1	+0.211%	$865K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.1	−0.225%	$10.9M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,745.1	−0.189%	$180K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.4	−0.104%	$22.2M	—	200x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,749	−0.049%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0033%	8h	2,746.7	−0.132%	$1.07B	$1.23B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0035%	8h	2,750.1	−0.006%	$1.67B	$11.08B	100x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,747.6	−0.097%	$257.4M	$854.7M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,748.1	−0.081%	$1.58B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,749.4	−0.032%	$6.37B	$16.31B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,745.5	−0.176%	$4.9M	$163K	20x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,749.7	−0.020%	$3.33B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,748.8	−0.056%	$2.07B	$2.86B	150x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,747.1	−0.117%	$383.8M	$607.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,750.1	−0.009%	$30K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.6	−0.062%	$59.5M	$4.39B	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.317%	$132.7M	$345.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,747.6	−0.099%	$113.2M	$438.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.9	−0.052%	$25.0M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.9	−0.234%	—	$35.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746.4	−0.140%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.2	−0.222%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.4	−0.177%	$14.0M	$113.2M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,750.3	long leg	$3.13B	$2.14B	25x
Pacifica ETH	+0.0100%	1h	2,744.9	−0.195%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,750.2	−0.004%	$2.46B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.1	−0.262%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.7	−0.167%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.085%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748.3	−0.074%	$14.9M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.5	+0.043%	$183.7M	$729.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.9	−0.377%	$159.3M	$81.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,741.2	−0.331%	$21.2M	$65.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746	−0.157%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.3	−0.145%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746.9	−0.124%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.1	−0.115%	$21K	$22K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,749.1	−0.045%	$42.0M	$29.0M	15x
SunX ETH-USDT	+0.0100%	8h	2,747	−0.120%	$963K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.2	−0.113%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.8	−0.093%	$267.2M	$66.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.7	−0.132%	$30.5M	$74.5M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0125%	1h	2,748.4	−0.069%	$258.8M	$202.3M	50x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,745	−0.193%	$7.7M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,750.2	−0.004%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,741.7	−0.314%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,747.3	−0.108%	$286.1M	$178.5M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.5	−0.211%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,746.4	−0.141%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.3	−0.072%	$93.0M	$319.6M	100x	as long as short