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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Vest against Hyperliquid−0.101%7-day average −0.038% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.479%+$48 · spread now −0.101%, 7d avg −0.038%

Together, before fees+0.445%+ Points / potential airdropHyperliquid: Season 2 · Vest: Active · farm board+$45 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: Vest is 0.063% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,748	0.0100	pay 0.0013% / 1h	22m 42s	$3.12B	$2.06B	25x
Short	Vest ETH-PERP	2,745.2	0.0100	get 0.0013% / 1h	22m 42s	—	$815K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.101%Rate

Funding earned: $0
Price spread: −0.101% → −0.038%: −$6.33
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Vest: 1 bp × 2 orders: −$2
Net: −$17.33
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Vest: no order-book sample. Net counts fees only.

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	6.2 bp −$623	8.0 bp −$4,000
Sell Vest no order-book sample	—	—	—	—	—

Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,744.9	−0.112%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	−0.192%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,745.1	−0.105%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746	−0.074%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,744.3	−0.135%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0008%	1h	2,745.3	−0.098%	$24.8M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,742.3	−0.207%	$847K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,747.9	−0.003%	$182K	$863K	50x	as long as short
ApeX Omni ETHUSDT	+0.0034%	1h	2,742.2	−0.210%	$8.8M	$30.8M	100x	as long as short
BingX ETH-USDT	+0.0051%	8h	2,747.4	−0.023%	—	$1.15B	—	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	+0.0066%	8h	2,747.5	−0.018%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,747.4	−0.022%	$382.7M	$577.8M	100x	as long as short
Bullet ETH-USD	+0.0075%	1h	2,744.7	−0.121%	$183K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.9	−0.002%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,746.3	−0.062%	$253.4M	$841.1M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,747	−0.035%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,746.8	−0.041%	$6.38B	$15.65B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,746.3	−0.062%	$112.8M	$434.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.7	−0.012%	$24.7M	$104.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.7	−0.119%	—	$30.6M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,743.2	−0.174%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.7	−0.048%	$58.4M	$4.25B	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.3	+0.119%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.2	−0.028%	$471K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.9	−0.147%	$13.9M	$105.1M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,748	long leg	$3.12B	$2.06B	25x
Pacifica ETH	+0.0100%	1h	2,747.6	−0.014%	$31.7M	$334.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748	0.000%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745	−0.108%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.8	−0.007%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,742.3	−0.207%	$165.2M	$299.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,747.6	−0.015%	$3.39B	$8.74B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,747.7	−0.010%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.3	−0.134%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740	−0.291%	$132.7M	$328.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741	−0.254%	$182.2M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.9	−0.329%	$159.3M	$84.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.7	−0.119%	$21.2M	$67.7M	40x	as long as short
Vest ETH-PERPshort	+0.0100%	1h	2,745.2	−0.101%	—	$815K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.8	−0.079%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.5	−0.052%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744	−0.145%	$963K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744.9	−0.112%	$54.7M	$187.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,744.8	−0.116%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.9	−0.111%	$266.9M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.7	−0.048%	$30.6M	$71.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0126%	1h	2,743.4	−0.166%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,745.1	−0.105%	$7.5M	$669.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0192%	8h	2,747.4	−0.020%	$32.3M	$11.4M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746	−0.071%	$86.7M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,744.5	−0.127%	$7.3M	$1.1M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0238%	1h	2,746.7	−0.048%	$259.8M	$196.9M	50x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,745.7	−0.082%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0299%	1h	2,744.8	−0.114%	$21K	$20K	25x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,744.6	−0.122%	$285.8M	$181.2M	150x	as long as short