Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.027%

Price spread now: SoDEX against Hyperliquid+0.040%51s7-day average −0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$180.177% of the position

Long on Hyperliquid Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.190%−$19 · spread now +0.040%, 7d avg −0.082%

Together, before fees−0.237%+ Points / potential airdropHyperliquid: Season 2 · farm board−$24 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: SoDEX is 0.122% dearer against Hyperliquid than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.082%. The two prices were read 51 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	2,740.4	0.0100	pay 0.0013% / 1h	54m 31s	$3.11B	$2.04B	25x
Short	SoDEX ETH-USD	2,741.5	0.0100	get 0.0013% / 1h	54m 31s	$54.6M	$187.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.040%Rate

Funding earned: $0
Price spread: +0.040% → −0.082%: $12.17
Slippage, 4 orders: −$0.73
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$5.56
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; SoDEX: live order book, 5 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, 10 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	7.4 bp −$736	9.5 bp −$4,729
Sell SoDEX live order book, 5 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.7 bp −$571	34.9 bp −$17.4K

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	2,738.9	−0.054%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.1	+0.026%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.2	+0.031%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741.1	+0.027%	$10.7M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,740.1	−0.011%	$6.7M	$680.3M	4.9x	as long as short
Phoenix ETH	0.0000%	1h	2,739.6	−0.029%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,741.6	+0.043%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0021%	8h	2,741.5	+0.039%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0033%	1h	2,738.1	−0.084%	$179K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,739.8	−0.022%	$187K	$817K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0042%	8h	2,740.3	−0.005%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0049%	8h	2,738.1	−0.084%	$2.37B	$4.36B	150x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,739.1	−0.049%	$380.3M	$574.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,738.2	−0.080%	$1.67B	$10.75B	100x	as long as short
Phemex ETHUSDT	+0.0077%	8h	2,741.8	+0.053%	$266.2M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,740.6	+0.006%	$251.4M	$842.5M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,741.8	+0.051%	$113.2M	$430.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.6	+0.080%	$23.5M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,740.1	−0.011%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,737.8	−0.097%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,734.2	−0.226%	$117K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,738.2	−0.081%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,739.8	−0.020%	$6.36B	$15.90B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746	+0.203%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.4	0.000%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	−0.078%	$13.7M	$104.4M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,740.4	long leg	$3.11B	$2.04B	25x
Pacifica ETH	+0.0100%	1h	2,742.4	+0.073%	$32.0M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.2	−0.007%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.8	+0.015%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.027%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.7	+0.011%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.2	−0.079%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.5	+0.039%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.070%	$134.0M	$323.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.9	−0.093%	$184.2M	$669.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.7	−0.061%	$159.3M	$86.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,738.6	−0.065%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.9	−0.018%	$21.1M	$68.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.1	−0.012%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.2	−0.007%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.5	+0.040%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743	+0.096%	$41.4M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.7	−0.063%	$961K	$11.3M	100x	as long as short
SoDEX ETH-USDshort	+0.0100%	1h	2,741.5	+0.040%	$54.6M	$187.6M	40x
Extended ETH-USD	+0.0104%	1h	2,739.6	−0.028%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,740.6	+0.009%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,738.6	−0.066%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,743	+0.093%	$51.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0152%	1h	2,742.7	+0.084%	$83.7M	$315.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0166%	1h	2,743	+0.094%	$260.4M	$197.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,743.6	+0.118%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,737.4	−0.108%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,741.3	+0.032%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0395%	8h	2,741.5	+0.039%	$283.7M	$176.1M	150x	as long as short