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: StandX against Hyperliquid−0.227%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$200.202% of the position

Long on Hyperliquid Short on StandX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 7 days+0.209%+$21 · spread now −0.227%, 7d avg −0.022%

Together, before fees+0.207%+ Points / potential airdropHyperliquid: Season 2 · StandX: Active · 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: StandX is 0.205% cheaper against Hyperliquid than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,737	0.0100	pay 0.0013% / 1h	32m 57s	$3.11B	$2.05B	25x
Short	StandX ETH-USD	2,730.8	0.0100	get 0.0013% / 1h	32m 57s	$21.1M	$68.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now −0.227%Rate

Funding earned: $0
Price spread: −0.227% → −0.022%: −$20.5
Slippage, 4 orders: −$3.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee StandX: 4 bp × 2 orders: −$8
Net: −$40.74
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; StandX: live order book, 1 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, 11 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.5 bp −$548	7.5 bp −$3,764
Sell StandX live order book, 1 min ago	0.18 bp	4.5 bp −$4	6.4 bp −$64	9.8 bp −$978	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	2,732.4	−0.168%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,730.9	−0.223%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.4	−0.132%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.4	−0.095%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.7	−0.159%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,733.6	−0.124%	$188K	$821K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,732	−0.183%	$829K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,734.6	−0.089%	$27.5M	—	200x	as long as short
Bullet ETH-USD	+0.0007%	1h	2,734	−0.110%	$178K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0044%	1h	2,731.3	−0.207%	$8.9M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0058%	8h	2,734.5	−0.093%	—	$18.4M	—	as long as short
HTX ETH-USDT	+0.0064%	8h	2,733.4	−0.132%	$1.06B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,735.1	−0.069%	$380.1M	$575.5M	100x	as long as short
SoDEX ETH-USD	+0.0068%	1h	2,734.3	−0.099%	$54.5M	$187.7M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,735.2	−0.067%	$1.67B	$10.72B	100x	as long as short
Bybit ETHUSDT	+0.0073%	8h	2,734.9	−0.076%	$2.39B	$4.35B	150x	as long as short
Phemex ETHUSDT	+0.0074%	8h	2,734.1	−0.105%	$265.7M	$65.4M	150x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,735	−0.073%	$251.5M	$845.3M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,731.6	−0.199%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,735.2	−0.066%	$1.53B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,735.2	−0.067%	$6.35B	$15.89B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.6	−0.087%	$112.9M	$437.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.8	−0.044%	$23.3M	$106.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,733.5	−0.129%	—	$30.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,736.8	−0.009%	$15.5M	$8.1M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,733.7	−0.121%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.5	−0.164%	$501K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.4	−0.169%	$13.8M	$104.4M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,737	long leg	$3.11B	$2.05B	25x
Pacifica ETH	+0.0100%	1h	2,733.6	−0.124%	$32.0M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.3	−0.172%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.5	−0.129%	$1.6M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.7	−0.305%	$166.6M	$310.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735	−0.073%	$3.35B	$8.86B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.3	−0.061%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.4	−0.095%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.6	−0.382%	$133.1M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.6	−0.269%	$183.6M	$671.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.3	−0.245%	$158.8M	$86.8M	50x	as long as short
StandX ETH-USDshort	+0.0100%	1h	2,730.8	−0.227%	$21.1M	$68.7M	40x
Vest ETH-PERP	+0.0100%	1h	2,734	−0.111%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.4	−0.058%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.5	−0.091%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.9	−0.040%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.4	−0.130%	$957K	$11.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,734.4	−0.094%	$30.3M	$72.7M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0108%	1h	2,735.8	−0.045%	$260.2M	$196.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,735.8	−0.045%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,731.6	−0.197%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,733.5	−0.128%	$6.5M	$678.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,736.5	−0.020%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0221%	1h	2,733.4	−0.131%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.1	−0.069%	$83.5M	$315.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,732.3	−0.170%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0350%	8h	2,734	−0.110%	$283.4M	$175.7M	150x	as long as short