Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h +0.013%

Price spread now: BloFin against Hyperliquid−0.026%87s7-day average −0.070% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.214% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.141%+$14 on $10k

Price spread, last 4 days (all we have)−0.357%−$36 · spread now −0.026%, 7d avg −0.070%

Together, before fees−0.215%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.044% dearer against Hyperliquid than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.070%. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,739.1	0.0100	pay 0.0013% / 1h	37m 50s	$3.11B	$2.05B	25x
Short	BloFin ETH-USDT	2,738.4	0.0210	get 0.0210% / 8h	5h 37m	$284.3M	$177.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.026%Rate

Funding earned: $23.01
Price spread: −0.026% → −0.070%: $4.4
Slippage, 4 orders: −$0.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: $6
Costs to cover: 0.214%
Break-even: 5.2 days

Slippage from Hyperliquid: live order book, 6 min ago; BloFin: live order book, 6 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 Hyperliquid live order book, 6 min ago	0.18 bp	4.7 bp −$5	5.4 bp −$54	6.8 bp −$682	8.9 bp −$4,443
Sell BloFin live order book, 6 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.5 bp −$752	10.5 bp −$5,273

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	2,739.4	+0.011%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.146%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.5	−0.057%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,738.9	−0.008%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,738.8	−0.012%	$304K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,737.4	−0.062%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.204%	$846K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,737.7	−0.051%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0049%	8h	2,736.5	−0.093%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,737	−0.076%	$382.8M	$597.3M	100x	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	+0.0063%	8h	2,737.1	−0.073%	$1.70B	$10.56B	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,738.1	−0.035%	$5.6M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,737.2	−0.069%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,736.8	−0.083%	$251.8M	$841.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,734.1	−0.182%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,736.8	−0.084%	$1.55B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,737.1	−0.073%	$6.36B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,736.2	−0.107%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,736.7	−0.087%	$112.5M	$432.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.4	−0.062%	$24.6M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.2	+0.004%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,737	−0.078%	$58.5M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,742.8	+0.135%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737.8	−0.047%	$468K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.7	−0.016%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,739.1	long leg	$3.11B	$2.05B	25x
Pacifica ETH	+0.0100%	1h	2,739.3	+0.007%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,736.9	−0.080%	$2.45B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,737.4	−0.062%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,738.6	−0.019%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.161%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.4	−0.063%	$3.38B	$8.71B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.2	−0.070%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.8	−0.120%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.2	−0.105%	$132.4M	$335.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.2	+0.005%	$182.0M	$689.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.161%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.122%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.5	+0.015%	$21.2M	$68.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,738.6	−0.017%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.3	−0.029%	$10.9M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,764.7	+0.936%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.6	−0.019%	$41.4M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,736.4	−0.099%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,736.4	−0.099%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736.9	−0.081%	$266.2M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.8	−0.085%	$30.6M	$72.4M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0134%	1h	2,738	−0.041%	$258.7M	$196.1M	50x	as long as short
Aftermath Perps ETHUSD	+0.0135%	1h	2,741.5	+0.088%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,738.6	−0.018%	$7.7M	$668.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,739.1	−0.001%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDTshort	+0.0210%	8h	2,738.4	−0.026%	$284.3M	$177.3M	150x
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737	−0.077%	$86.9M	$310.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,736.5	−0.097%	$7.2M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.9	+0.030%	$251K	$1.4M	20x	as long as short