Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.021%

Price spread now: Hyperliquid against MEXC+0.039%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$130.126% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.039%, 7d avg +0.044%

Together, before fees+0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.044%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,734.3	0.0076	pay 0.0076% / 8h	7h 23m	$1.57B	$2.58B	500x
Short	Hyperliquid ETH	2,735.4	0.0100	get 0.0013% / 1h	23m 21s	$3.11B	$1.95B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.039%Rate

Funding earned: $5.04
Price spread: +0.039% → +0.044%: −$0.45
Slippage, 4 orders: −$1.55
Fee MEXC: 1 bp × 2 orders: −$2
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$7.96
Costs to cover: 0.126%
Break-even: 18.1 days

Slippage from MEXC: live order book, 11 min ago; Hyperliquid: 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 MEXC live order book, 11 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$103	1.3 bp −$649
Sell Hyperliquid live order book, 11 min ago	0.18 bp	5.8 bp −$6	7.1 bp −$71	7.8 bp −$785	9.4 bp −$4,685

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
BloFin ETH-USDT	−0.0153%	8h	2,725	−0.341%	$281.6M	$176.2M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,728.3	−0.219%	$274K	$5.5M	8.3x	as long as short
HTX ETH-USDT	−0.0085%	8h	2,729.1	−0.192%	$1.05B	$1.19B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731	−0.122%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0066%	8h	2,734.4	+0.002%	$2.32B	$4.25B	150x	as long as short
SunX ETH-USDT	−0.0042%	8h	2,727.6	−0.248%	$941K	$10.4M	100x	as long as short
ApeX Omni ETHUSDT	−0.0015%	1h	2,724.3	−0.368%	$8.3M	$31.0M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,724.7	−0.352%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.7	−0.168%	$11.9M	—	200x	as long as short
Phemex ETHUSDT	−0.0002%	8h	2,728.9	−0.198%	$262.8M	$63.1M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	0.0000%	1h	2,726.6	−0.281%	$10.6M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727.6	−0.246%	$6.6M	$667.9M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.5	−0.323%	$32.9M	—	200x	as long as short
Hibachi ETH/USDT-P	+0.0016%	1h	2,729.5	−0.178%	$237K	$1.4M	20x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,732.5	−0.067%	$195K	$882K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,730.8	−0.128%	$266.1M	$220.4M	50x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,729.3	−0.184%	$54.4M	$182.3M	40x	as long as short
Gate ETH_USDT	+0.0051%	8h	2,734.2	−0.005%	$3.28B	$8.30B	200x	as long as short
Aster ETHUSDT	+0.0067%	8h	2,734.2	−0.006%	$253.1M	$836.0M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,734.6	+0.009%	$1.65B	$10.51B	100x	as long as short
MEXC ETH_USDTlong	+0.0076%	8h	2,734.3	long leg	$1.57B	$2.58B	500x
Binance ETHUSDT	+0.0077%	8h	2,734	−0.012%	$6.32B	$15.83B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,733.6	−0.025%	$4.9M	$190K	20x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,734.2	−0.005%	$177K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,732.7	−0.060%	$383.3M	$559.8M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,732.6	−0.065%	$112.7M	$403.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.5	−0.030%	$23.7M	$96.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732.4	−0.070%	—	$30.3M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.9	−0.089%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,735.2	+0.031%	$15.3M	$6.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.3	−0.076%	$14.2M	$100.3M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,735.4	+0.039%	$3.11B	$1.95B	25x
Pacifica ETH	+0.0100%	1h	2,733	−0.050%	$32.0M	$331.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	−0.184%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.6	−0.063%	$1.6M	$15.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,720.7	−0.500%	$164.6M	$337.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.7	+0.014%	$2.12B	$2.68B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,733.7	−0.025%	—	$18.6M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.8	−0.166%	$15.1M	$38.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.3	−0.441%	$131.5M	$313.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.4	−0.365%	$185.4M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725	−0.340%	$158.5M	$81.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.6	−0.210%	$20.9M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.7	−0.025%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.4	−0.034%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	−0.366%	$40.5M	$29.1M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.9	−0.017%	$30.1M	$70.6M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,730	−0.158%	$82.0M	$307.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,727.6	−0.246%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,730.1	−0.155%	$45.8M	$4.19B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,732.9	−0.053%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0170%	1h	2,732.6	−0.064%	$7.3M	$961K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,736.9	+0.093%	$32.3M	$10.8M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,726.6	−0.283%	$117K	$21.9M	52x	as long as short
Bluefin ETH-PERP	+0.1166%	1h	2,734.7	+0.012%	$20K	$23K	25x	as long as short