Funding arb · Price arb /

ETH

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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 −0.007%

Price spread now: Derive against Hyperliquid+0.027%7-day average −0.012% · you sell dearer than you buy

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

Long on Hyperliquid Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.027%, 7d avg −0.012%

Together, before fees+0.016%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 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: Derive is 0.039% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,774.1	0.0100	pay 0.0013% / 1h	11m 54s	$3.19B	$2.36B	25x
Short	Derive ETH-PERP	2,774.9	0.0100	get 0.0013% / 1h	11m 54s	$42.7M	$29.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.027%Rate

Funding earned: $0
Price spread: +0.027% → −0.012%: $3.9
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$11.1
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; Derive: 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, 12 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.2 bp −$519	6.9 bp −$3,438
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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.

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	−0.0447%	43m	2,772.9	−0.042%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,772.4	−0.062%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	−0.036%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.198%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.9	−0.043%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,775.7	+0.057%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.2	+0.004%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.9	+0.065%	$885K	$3.7M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0002%	1h	2,774	−0.004%	$258.5M	$222.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	−0.026%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0015%	8h	2,771.5	−0.096%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0018%	8h	2,771.5	−0.095%	$1.70B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,772.5	−0.057%	$269.8M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.2	−0.031%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0028%	1h	2,772.4	−0.060%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0035%	8h	2,772.1	−0.071%	$255.7M	$992.4M	200x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,772.3	−0.064%	$14.2M	$118.2M	50x	as long as short
MEXC ETH_USDT	+0.0064%	8h	2,772.4	−0.063%	$1.61B	$2.67B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.9	−0.117%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,772	−0.077%	$6.43B	$17.21B	150x	as long as short
SoDEX ETH-USD	+0.0065%	1h	2,772.4	−0.061%	$55.2M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0066%	1h	2,775.6	+0.053%	$8.8M	$32.6M	100x	as long as short
Bitget ETHUSDT	+0.0068%	8h	2,771.8	−0.084%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,771.9	−0.079%	$3.29B	$9.66B	200x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,772.5	−0.058%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,771.7	−0.086%	$2.52B	$4.62B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,772.8	−0.046%	$115.0M	$502.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.3	+0.006%	$25.4M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.4	−0.024%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,771.5	−0.095%	$422.0M	$739.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.1	−0.072%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.1	−0.036%	$477K	$2.7M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,774.1	long leg	$3.19B	$2.36B	25x
Pacifica ETH	+0.0100%	1h	2,773.1	−0.035%	$31.2M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.2	−0.068%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774	−0.005%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.174%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.5	−0.056%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.7	+0.023%	$141.6M	$331.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.7	+0.058%	$181.7M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	+0.060%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.5	−0.022%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	−0.011%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.5	−0.023%	$21K	$24K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,774.9	+0.027%	$42.7M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,771.9	−0.078%	$972K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.2	−0.033%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.5	−0.095%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.6	−0.019%	$59.7M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,773.4	−0.025%	$8.4M	$680.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,775.2	+0.038%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.4	−0.026%	$86.0M	$332.4M	100x	as long as short
BloFin ETH-USDT	+0.0184%	8h	2,772.5	−0.057%	$283.9M	$194.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,772.3	−0.064%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,773.9	−0.006%	$270K	$1.5M	20x	as long as short