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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.0012%/8h= +1.3% APRnext payment +$0.02 per $10,000 · paid last 24h +0.019%
Price spread now: Hyperliquid against Coinbase International+0.031%7-day average +0.038% · you sell dearer than you buy
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$190.194% of the position
Long on Coinbase InternationalShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.002%$0 on $10k
Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.031%, 7d avg +0.038%
Together, before fees−0.013%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.038%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongCoinbase International ETH-PERP-INTX2,7760.0088pay 0.0011% / 1h3m 12s$60.7M$4.60B50x
ShortHyperliquid ETH2,776.90.0100get 0.0013% / 1h3m 12s$3.17B$2.36B25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$2.52
Price spread: +0.031% → +0.038%
−$0.7
Slippage, 4 orders
−$0.4
Fee Coinbase International: 5 bp × 2 orders
−$10
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$17.58
Costs to cover
0.194%
Break-even
55.8 days
Slippage from Coinbase International: live order book, 1 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
LegHalf-spread$10k$100k$1M$5M
Buy Coinbase International live order book, 1 min ago0.02 bp5.0 bp −$55.0 bp −$507.1 bp −$70719.1 bp −$9,569
Sell Hyperliquid live order book, 11 min ago0.18 bp4.7 bp −$54.7 bp −$475.8 bp −$5828.0 bp −$3,987

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0223%43m2,775.8−0.009%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,775.6−0.015%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,762.1−0.502%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,776−0.001%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0026%1h2,769.6−0.233%$8.7M$32.9M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,776.5+0.017%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,775.8−0.008%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,774.3−0.063%$877K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,776.4+0.013%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0021%8h2,774.1−0.072%$1.71B$11.90B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0023%8h2,774.4−0.058%$270.3M$68.7M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,776.1+0.003%$12.9M—200xas long as short
SoDEX ETH-USD+0.0030%1h2,774.5−0.055%$55.2M$228.7M40xas long as short
Aster ETHUSDT+0.0032%8h2,774.6−0.053%$256.1M$1.00B200xas long as short
Aftermath Perps ETHUSD+0.0032%1h2,772.8−0.117%$29K$22K20xas long as short
Bullet ETH-USD+0.0034%1h2,775.5−0.019%$182K$1.7M20xas long as short
MEXC ETH_USDT+0.0054%8h2,774.4−0.061%$1.62B$2.67B500xas long as short
Binance ETHUSDT+0.0054%8h2,774.4−0.058%$6.47B$17.29B150xas long as short
Aevo ETH-PERP+0.0056%1h2,772.3−0.135%$5.0M$636K20xas long as short
Deribit ETH-PERPETUAL+0.0060%1h2,776.5+0.015%$259.1M$222.1M50xas long as short
Bitget ETHUSDT+0.0066%8h2,774.3−0.064%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0067%8h2,774.5−0.055%$3.29B$9.71B200xas long as short
KuCoin ETHUSDTM+0.0080%8h2,774.8−0.046%$422.8M$738.7M100xas long as short
Bybit ETHUSDT+0.0087%8h2,774.4−0.058%$2.51B$4.62B150xas long as short
BingX ETH-USDT+0.0088%8h2,774.1−0.070%—$1.24B—as long as short
Coinbase International ETH-PERP-INTXlong+0.0088%1h2,776long leg$60.7M$4.60B50x
Nado ETH-PERP+0.0091%1h2,776−0.002%$14.3M$118.2M50xas long as short
HTX ETH-USDT+0.0093%8h2,775.1−0.034%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,774.8−0.044%$115.2M$502.0M50xas long as short
Lighter RH ETH+0.0096%1h2,776.5+0.016%$25.3M$122.2M50xas long as short
Vest ETH-PERP+0.0097%1h2,776.2+0.005%—$1.1M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,775.6−0.014%$15.9M$10.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,775.1−0.034%$483K$2.8M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,776.9+0.031%$3.17B$2.36B25x
Pacifica ETH+0.0100%1h2,776−0.001%$31.3M$316.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,775.3−0.027%$2.8M$17.3M25xas long as short
Arcus ETH-USD+0.0100%1h2,776.4+0.014%$2.7M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,769.4−0.239%$169.4M$262.8M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,774.5−0.057%$15.1M$44.2M50xas long as short
Variational Omni ETH+0.0100%8h2,768.5−0.270%$148.3M$337.3M—as long as short
edgeX ETHUSDC+0.0100%4h2,769.8−0.225%$181.8M$784.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,770.2−0.209%$161.1M$89.4M50xas long as short
StandX ETH-USD+0.0100%1h2,774.3−0.063%$21.5M$58.7M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,776.5+0.017%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,776.2+0.006%$21K$24K25xas long as short
SunX ETH-USDT+0.0100%8h2,775−0.039%$974K$13.9M100xas long as short
Kalshi KXETHPERP+0.0100%8h2,776.4+0.013%$8.3M$688.6M4.9xas long as short
Derive ETH-PERP+0.0100%1h2,777.4+0.050%$42.8M$29.4M15xas long as short
Extended ETH-USD+0.0104%1h2,774.3−0.064%$32.5M$78.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,776.6+0.022%—$43.8M500xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,775.7−0.012%$90.8M$338.3M100xas long as short
Orderly PERP_ETH_USDC+0.0144%8h2,777.9+0.066%$32.6M$12.1M100xas long as short
BloFin ETH-USDT+0.0174%8h2,774.5−0.054%$287.2M$193.8M150xas long as short
Hibachi ETH/USDT-P+0.0200%1h2,776.1+0.002%$253K$1.6M20xas long as short
Reya ETHRUSDPERP+0.0206%1h2,775.6−0.017%$7.4M$1.2M25xas long as short