Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Polymarket Perps against Hyperliquid−0.123%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.123% cheaper against Hyperliquid than usual: you would sell low and buy high, −$12 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETHFI	0.7181	0.0100	pay 0.0013% / 1h	39m 23s	$18.2M	$8.9M	5x
Short	Polymarket Perps ETHFI-USD	0.7172	0.0100	get 0.0013% / 1h	39m 23s	$59K	$90K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.123%Rate

Funding earned: $0
Price spread: −0.123% → 0.000%: −$12.25
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$29.25
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; Polymarket Perps: 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, 3 min ago	1.19 bp	7.7 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps no order-book sample	—	—	—	—	—

Polymarket Perps: 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.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.0447%	1h	0.7171	−0.141%	$42K	$18K	10x	as long as short
HTX ETHFI-USDT	−0.0278%	4h	0.7149	−0.447%	$83K	$165K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0252%	1h	0.7176	−0.070%	$281K	$146K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0179%	4h	0.7168	−0.182%	$16K	$1K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.820%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0044%	8h	0.7165	−0.219%	$6K	—	5x	as long as short
Binance ETHFIUSDT	+0.0060%	4h	0.7170	−0.155%	$24.9M	$37.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0062%	4h	0.7171	−0.141%	$15.2M	$3.8M	125x	as long as short
Extended ETHFI-USD	+0.0064%	1h	0.7164	−0.241%	$93K	$493K	10x	as long as short
Bitget ETHFIUSDT	+0.0078%	4h	0.7170	−0.155%	$6.1M	$5.7M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7172	−0.130%	$1.1M	$898K	5x	as long as short
Aevo ETHFI-PERP	+0.0096%	1h	0.7165	−0.224%	$9K	—	3x	as long as short
Hyperliquid ETHFIlong	+0.0100%	1h	0.7181	long leg	$18.2M	$8.9M	5x
Aster ETHFIUSDT	+0.0100%	4h	0.7169	−0.168%	$183K	$257K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7175	−0.085%	$18.2M	$12.9M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7175	−0.085%	$4.9M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7170	−0.155%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7174	−0.099%	$1.2M	$271K	50x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7169	−0.168%	—	$25.9M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7161	−0.277%	$1.0M	$755K	—	as long as short
Polymarket Perps ETHFI-USDshort	+0.0100%	1h	0.7172	−0.123%	$59K	$90K	5x
SunX ETHFI-USDT	+0.0100%	4h	0.7167	−0.196%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0258%	4h	0.7154	−0.377%	$1.2M	$292K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0304%	1h	0.7176	−0.071%	$31K	$7K	50x	as long as short