Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.016%

Price spread now: SunX against Hyperliquid−0.127%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

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

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.251%−$25 · spread now −0.127%, 7d avg −0.089%

Together, before fees−0.251%+ Points / potential airdropHyperliquid: Season 2 · farm board−$25 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: SunX is 0.038% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,748.6	0.0100	pay 0.0013% / 1h	18m 39s	$3.12B	$2.06B	25x
Short	SunX ETH-USDT	2,745.1	0.0100	get 0.0100% / 8h	5h 18m	$963K	$11.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.127%Rate

Funding earned: $0
Price spread: −0.127% → −0.089%: −$3.78
Slippage, 4 orders: −$4.37
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$25.15
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; SunX: live order book, 11 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, 6 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.1 bp −$505	6.8 bp −$3,397
Sell SunX live order book, 11 min ago	0.49 bp	4.5 bp −$4	4.8 bp −$48	7.3 bp −$734	9.4 bp −$4,724

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
Hotstuff ETH-PERP	−0.0080%	1h	2,746.2	−0.087%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	−0.215%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747	−0.059%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746	−0.096%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,745.7	−0.107%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,747.1	−0.055%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,747.9	−0.025%	$849K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,746.5	−0.076%	$182K	$862K	50x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,747.3	−0.048%	$8.9M	$30.7M	100x	as long as short
BingX ETH-USDC	+0.0053%	8h	2,745.6	−0.109%	—	$18.4M	—	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	+0.0067%	8h	2,745.8	−0.100%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,746.4	−0.080%	$382.1M	$575.6M	100x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,746.6	−0.073%	$183K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.7	−0.069%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0088%	8h	2,746.3	−0.084%	$254.1M	$841.0M	200x	as long as short
SoDEX ETH-USD	+0.0096%	1h	2,746.1	−0.091%	$54.7M	$187.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,746.7	−0.070%	$113.0M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.5	−0.040%	$24.6M	$104.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.9	−0.134%	—	$30.5M	500x	as long as short
MEXC ETH_USDT	+0.0096%	8h	2,745.8	−0.103%	$1.56B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,743.8	−0.173%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748.6	0.000%	$58.0M	$4.26B	50x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,745.9	−0.099%	$6.38B	$15.67B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751	+0.087%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	−0.113%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.8	−0.102%	$13.9M	$105.0M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,748.6	long leg	$3.12B	$2.06B	25x
Pacifica ETH	+0.0100%	1h	2,746.6	−0.072%	$31.7M	$334.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.9	−0.097%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.3	−0.084%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.6	−0.071%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,742.3	−0.229%	$165.2M	$299.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.3	−0.083%	$3.39B	$8.76B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.2	−0.087%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.1	−0.092%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	−0.102%	$133.3M	$326.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.2	−0.086%	$182.5M	$673.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.9	−0.136%	$159.6M	$83.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.9	−0.025%	$21.2M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.5	−0.078%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.4	−0.044%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748	−0.022%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,745.1	−0.127%	$963K	$11.5M	100x
HTX ETH-USDT	+0.0100%	8h	2,746.5	−0.078%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.4	−0.081%	$267.0M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.3	−0.118%	$30.6M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,745.2	−0.125%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,746.1	−0.091%	$7.8M	$670.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,748.3	−0.009%	$32.3M	$11.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0198%	1h	2,748	−0.023%	$259.8M	$196.3M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,747.5	−0.039%	$86.7M	$310.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,745.6	−0.108%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,746.1	−0.091%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0313%	8h	2,746	−0.095%	$285.1M	$181.2M	150x	as long as short
Bluefin ETH-PERP	+0.0583%	1h	2,746.8	−0.066%	$21K	$20K	25x	as long as short