Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: Paradex against Hyperliquid−0.093%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1631.633% of the position

Long on Hyperliquid Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.026%−$3 on $10k

Price spread, last 7 days+0.169%+$17 · spread now −0.093%, 7d avg +0.015%

Together, before fees+0.144%+ Points / potential airdropHyperliquid: Season 2 · Paradex: Active · farm board+$14 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: Paradex is 0.108% cheaper against Hyperliquid than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,767.4	0.0100	pay 0.0013% / 1h	41m 31s	$3.18B	$2.39B	25x
Short	Paradex ETH-USD-PERP	2,764.8	0.0100	get 0.0100% / 8h	2h 41m	$15.9M	$10.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$0.07
Price spread: −0.093% → +0.015%: −$10.76
Slippage, 4 orders: −$150.32
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$174.16
Costs to cover: 1.633%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; Paradex: 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, 13 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	4.7 bp −$468	5.9 bp −$2,961
Sell Paradex live order book, 3 min ago	74.98 bp	77.0 bp −$77	77.0 bp −$770	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	2,767	−0.016%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0119%	1h	2,768.2	+0.027%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	+0.119%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.6	+0.007%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,765.4	−0.072%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.3	+0.141%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,766	−0.051%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,765.9	−0.054%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.3	−0.003%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,766.4	−0.036%	$266.2M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0023%	8h	2,765	−0.086%	$1.70B	$11.83B	100x	as long as short
Aftermath Perps ETHUSD	+0.0026%	1h	2,770.8	+0.124%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,767.3	−0.005%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,765.2	−0.081%	$255.4M	$996.0M	200x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,765.3	−0.075%	$1.60B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,765.4	−0.072%	$6.43B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,764.4	−0.108%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0060%	8h	2,765.3	−0.075%	$3.29B	$9.58B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,765.1	−0.084%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,766.5	−0.033%	$185K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,771.1	+0.133%	$141.1M	$318.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,765.6	−0.064%	$114.9M	$510.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,766.8	−0.023%	$25.3M	$121.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,767.4	+0.001%	—	$41.6M	500x	as long as short
Paradex ETH-USD-PERPshort	+0.0100%	8h	2,764.8	−0.093%	$15.9M	$10.9M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,765.9	−0.054%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.1	−0.010%	$15.0M	$116.4M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,767.4	long leg	$3.18B	$2.39B	25x
Pacifica ETH	+0.0100%	1h	2,765.7	−0.061%	$31.2M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,765.4	−0.074%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,765.4	−0.072%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767.7	+0.012%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.067%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,765.2	−0.080%	$425.3M	$742.4M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,764.9	−0.090%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,766.4	−0.038%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.1	+0.061%	$178.0M	$791.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.5	+0.041%	$161.0M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.1	−0.011%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.7	+0.011%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	+0.014%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.3	−0.003%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768.9	+0.054%	$42.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,765.7	−0.063%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,766.4	−0.036%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,765.7	−0.063%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,764.9	−0.092%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768	+0.022%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,767.6	+0.007%	$8.6M	$672.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0129%	1h	2,768.4	+0.035%	$259.0M	$223.5M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0130%	8h	2,769.2	+0.066%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,767.2	−0.006%	$286.5M	$195.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0188%	1h	2,765.6	−0.067%	$7.5M	$989K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,767.7	+0.011%	$88.3M	$330.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0408%	1h	2,769.5	+0.077%	$272K	$1.5M	20x	as long as short