Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.016%

Price spread now: Pacifica against Hyperliquid−0.048%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on Hyperliquid Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 7 days+0.036%+$4 · spread now −0.048%, 7d avg −0.032%

Together, before fees−0.020%+ Points / potential airdropHyperliquid: Season 2 · Pacifica: Active · farm board−$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,735.1	0.0100	pay 0.0013% / 1h	7m 01s	$3.10B	$2.05B	25x
Short	Pacifica ETH	2,733.8	0.0100	get 0.0013% / 1h	7m 01s	$32.0M	$335.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.048%Rate

Funding earned: $0
Price spread: −0.048% → −0.032%: −$1.63
Slippage, 4 orders: −$0.73
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$19.37
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Pacifica: live order book, 2 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, 7 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	4.9 bp −$491	6.3 bp −$3,163
Sell Pacifica live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.6 bp −$46	doesn't fit	doesn't fit

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	2,732.7	−0.088%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.033%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,734.3	−0.029%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,733.3	−0.066%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.5	−0.023%	$10.7M	$41.9M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,733.1	−0.073%	$187K	$822K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,735.7	+0.022%	$828K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733.4	−0.063%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0013%	1h	2,732.8	−0.085%	$179K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0023%	8h	2,732.1	−0.111%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0044%	8h	2,732.9	−0.081%	—	$1.15B	—	as long as short
ApeX Omni ETHUSDT	+0.0055%	1h	2,734.1	−0.038%	$8.7M	$31.3M	100x	as long as short
Bybit ETHUSDT	+0.0055%	8h	2,732.5	−0.096%	$2.38B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,733	−0.075%	$380.2M	$573.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0074%	8h	2,732.5	−0.094%	$1.67B	$10.71B	100x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,732.9	−0.079%	$265.6M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,732.8	−0.084%	$250.9M	$841.9M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,732.9	−0.080%	$1.55B	$2.57B	500x	as long as short
Deribit ETH-PERPETUAL	+0.0094%	1h	2,734.3	−0.030%	$259.7M	$196.2M	50x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,732.9	−0.081%	$6.35B	$15.87B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.3	−0.068%	$112.8M	$441.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.4	−0.026%	$23.5M	$106.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,733.4	−0.062%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.5	−0.170%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,736.7	+0.060%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,733.1	−0.074%	$5.6M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.4	−0.099%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.6	−0.092%	$13.6M	$104.3M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,735.1	long leg	$3.10B	$2.05B	25x
Pacifica ETHshort	+0.0100%	1h	2,733.8	−0.048%	$32.0M	$335.0M	50x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.7	−0.088%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.2	−0.070%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733	−0.079%	$3.34B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.5	−0.094%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.4	−0.099%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,733.2	−0.069%	$133.8M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,733.8	−0.048%	$183.9M	$670.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.4	−0.063%	$159.0M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.8	−0.011%	$21.1M	$68.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.7	−0.050%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734.4	−0.026%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.4	−0.062%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.7	−0.014%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.6	−0.127%	$959K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,732.9	−0.080%	$54.4M	$187.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,732.6	−0.091%	$165.4M	$300.2M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.7	−0.123%	$30.4M	$72.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734.1	−0.037%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,734	−0.040%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0132%	8h	2,733.2	−0.069%	$6.7M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0197%	8h	2,735.6	+0.019%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,732.1	−0.111%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,733.6	−0.057%	$83.2M	$314.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,736.1	+0.038%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0378%	8h	2,733	−0.075%	$282.9M	$175.6M	150x	as long as short