Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.016%

Price spread now: Hyperliquid against Paradex−0.093%7-day average −0.013% · 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−$24as in the Price arb table

costs, in and out, $10k−$160.156% of the position

Long on Paradex Short on Hyperliquid

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+0.092%+$9 · spread now −0.093%, 7d avg −0.013%

Together, before fees+0.118%+ Points / potential airdropParadex: Active · Hyperliquid: Season 2 · farm board+$12 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: Hyperliquid is 0.080% cheaper against Paradex than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,739.6	0.0100	pay 0.0100% / 8h	2h 01m	$15.3M	$8.0M	50x
Short	Hyperliquid ETH	2,737.1	0.0100	get 0.0013% / 1h	1m 00s	$3.11B	$2.05B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Paradex. 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 ParadexbpFee HyperliquidbpOrdersPrice spread, now −0.093%Rate

Funding earned: $0.01
Price spread: −0.093% → −0.013%: −$8
Slippage, 4 orders: −$2.56
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$23.55
Costs to cover: 0.156%
Break-even: 17291.6 days

Slippage from Paradex: live order book, 3 min ago; Hyperliquid: live order book, 13 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 Paradex live order book, 3 min ago	1.06 bp	3.1 bp −$3	3.1 bp −$31	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.0 bp −$503	7.3 bp −$3,656

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	−0.0112%	43m	2,735	−0.169%	$291K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.5	−0.115%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,735.2	−0.163%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736	−0.133%	$817K	$3.0M	25x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,735.6	−0.149%	$260.0M	$210.9M	50x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,736	−0.132%	$10.5M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735.3	−0.160%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,735.4	−0.155%	$117K	$22.5M	52x	as long as short
HTX ETH-USDT	+0.0011%	8h	2,734.6	−0.183%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDT	+0.0035%	8h	2,734.5	−0.188%	—	$1.12B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0044%	8h	2,734	−0.206%	$2.35B	$4.42B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,735.6	−0.148%	$191K	$883K	50x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,734.8	−0.177%	$375.5M	$577.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,735.8	−0.142%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,734.9	−0.174%	$183K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0094%	8h	2,734	−0.205%	$958K	$11.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,735.3	−0.159%	$112.6M	$438.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.4	−0.118%	$23.5M	$104.3M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,732.5	−0.260%	$4.9M	$159K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0097%	8h	2,734	−0.205%	$1.66B	$10.94B	100x	as long as short
Aster ETHUSDT	+0.0098%	8h	2,734.5	−0.186%	$253.4M	$848.7M	200x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.9	−0.173%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,739.6	long leg	$15.3M	$8.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,734.5	−0.188%	$14.2M	$105.4M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,737.1	−0.093%	$3.11B	$2.05B	25x
Pacifica ETH	+0.0100%	1h	2,735.9	−0.136%	$32.0M	$334.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,734.5	−0.187%	$6.34B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.7	−0.180%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.4	−0.156%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735	−0.170%	$163.2M	$327.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734.6	−0.186%	$3.29B	$9.10B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,734.8	−0.179%	$1.53B	$2.62B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.1	−0.201%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.8	−0.175%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.1	−0.092%	$135.0M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.6	−0.183%	$185.5M	$682.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.5	−0.150%	$159.1M	$87.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,736.5	−0.114%	$8.7M	$31.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	−0.133%	$21.0M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.3	−0.121%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736	−0.133%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,735.8	−0.142%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,736.6	−0.110%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,734.9	−0.173%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,735	−0.169%	$263.7M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.2	−0.236%	$30.3M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,735.8	−0.141%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,736.1	−0.131%	$50.3M	$4.33B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,735.6	−0.148%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,735.7	−0.144%	$6.9M	$693.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,735.4	−0.154%	$83.6M	$311.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,737.4	−0.083%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,734	−0.206%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,736.2	−0.126%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,734.9	−0.173%	$281.7M	$175.3M	150x	as long as short