Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.020%

Price spread now: HTX against Hyperliquid−0.095%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

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

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.095%, 7d avg −0.086%

Together, before fees−0.040%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.086%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,774	0.0100	pay 0.0013% / 1h	46m 31s	$3.17B	$2.30B	25x
Short	HTX ETH-USDT	2,771.4	0.0060	get 0.0060% / 8h	7h 46m	$1.08B	$1.30B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$8.35
Price spread: −0.095% → −0.086%: −$0.85
Slippage, 4 orders: −$0.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$30.6
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; HTX: 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	4.7 bp −$5	5.3 bp −$53	7.9 bp −$789	9.8 bp −$4,895
Sell HTX live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.9 bp −$695	10.9 bp −$5,471

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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	−0.130%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.5	−0.128%	$5.7M	$11.7M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.7	−0.120%	$285K	$6.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.5	−0.054%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.2	−0.101%	$169K	$1.1M	50x	as long as short
Phemex ETHUSDT	−0.0026%	8h	2,772	−0.074%	$270.0M	$67.8M	150x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.1	−0.105%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.6	−0.086%	$12.7M	$45.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.2	−0.065%	$22.4M	—	200x	as long as short
Gate ETH_USDT	+0.0020%	8h	2,770.9	−0.114%	$3.33B	$8.94B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0020%	1h	2,771.1	−0.105%	$183K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.1	−0.141%	$1.71B	$11.49B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.5	−0.089%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0038%	1h	2,771.5	−0.090%	$55.2M	$228.8M	40x	as long as short
Aftermath Perps ETHUSD	+0.0041%	1h	2,771.3	−0.096%	$31K	$24K	20x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,770.8	−0.115%	$256.6M	$951.0M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772	−0.072%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,771.1	−0.104%	$1.62B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,770	−0.144%	$6.47B	$16.93B	150x	as long as short
HTX ETH-USDTshort	+0.0060%	8h	2,771.4	−0.095%	$1.08B	$1.30B	200x
Bitget ETHUSDT	+0.0068%	8h	2,770.7	−0.121%	$2.10B	$2.95B	150x	as long as short
ApeX Omni ETHUSDT	+0.0075%	1h	2,770.1	−0.141%	$8.7M	$32.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.1	−0.032%	$60.5M	$4.54B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,770.9	−0.111%	$420.7M	$730.3M	100x	as long as short
Vest ETH-PERP	+0.0088%	1h	2,770.6	−0.122%	—	$978K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.2	−0.103%	$115.2M	$456.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.5	−0.053%	$25.2M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.6	−0.124%	$15.9M	$9.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.1	−0.141%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.2	−0.101%	$14.5M	$116.7M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,774	long leg	$3.17B	$2.30B	25x
Pacifica ETH	+0.0100%	1h	2,771.8	−0.081%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.4	−0.130%	$2.51B	$4.53B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.9	−0.112%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.3	−0.097%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.146%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.6	−0.123%	—	$1.24B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.7	−0.049%	$15.3M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.8	−0.187%	$151.4M	$343.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.8	−0.187%	$181.8M	$786.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.2	−0.136%	$161.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.3	−0.133%	$21.4M	$59.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.6	−0.123%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.1	−0.069%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774	−0.002%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.8	−0.153%	$972K	$13.7M	100x	as long as short
Kalshi KXETHPERP	+0.0100%	8h	2,771.6	−0.087%	$8.2M	$688.7M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770	−0.144%	$32.5M	$74.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.4	−0.131%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.2	−0.028%	$93.4M	$331.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,774.7	+0.025%	$32.6M	$11.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,770.4	−0.128%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,771.8	−0.078%	$287.6M	$190.5M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0208%	1h	2,773.1	−0.032%	$259.1M	$216.5M	50x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,770.7	−0.118%	$7.3M	$1.2M	25x	as long as short