Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.015%

Price spread now: SunX against Hyperliquid−0.131%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.247%−$25 · spread now −0.131%, 7d avg −0.090%

Together, before fees−0.249%+ Points / potential airdropHyperliquid: Season 2 · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and SunX is 0.041% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.090%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,741.6	0.0100	pay 0.0013% / 1h	17m 50s	$3.12B	$1.96B	25x
Short	SunX ETH-USDT	2,738	0.0033	get 0.0033% / 8h	7h 17m	$947K	$10.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$13.99
Price spread: −0.131% → −0.090%: −$4.1
Slippage, 4 orders: −$5.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$40.49
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; SunX: live order book, 11 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	4.7 bp −$47	5.3 bp −$532	7.7 bp −$3,859
Sell SunX live order book, 11 min ago	2.24 bp	6.3 bp −$6	7.1 bp −$71	9.4 bp −$942	doesn't fit

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
BloFin ETH-USDT	−0.0159%	8h	2,736	−0.205%	$282.1M	$175.1M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,738.3	−0.120%	$274K	$5.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.2	−0.124%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0062%	8h	2,740.5	−0.041%	$263.8M	$62.4M	150x	as long as short
Bybit ETHUSDT	−0.0045%	8h	2,740	−0.057%	$2.32B	$4.17B	150x	as long as short
HTX ETH-USDT	−0.0014%	8h	2,740.8	−0.029%	$1.05B	$1.17B	200x	as long as short
Phoenix ETH	−0.0012%	1h	2,736.4	−0.190%	$810K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739.3	−0.083%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.3	−0.084%	$10.6M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,738.4	−0.117%	$6.6M	$664.1M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,739.7	−0.070%	$33.1M	—	200x	as long as short
Hibachi ETH/USDT-P	+0.0008%	1h	2,737.1	−0.165%	$241K	$1.4M	20x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,738.7	−0.106%	$194K	$879K	50x	as long as short
SunX ETH-USDTshort	+0.0033%	8h	2,738	−0.131%	$947K	$10.2M	100x
ApeX Omni ETHUSDT	+0.0047%	1h	2,736	−0.205%	$8.3M	$30.8M	100x	as long as short
SoDEX ETH-USD	+0.0057%	1h	2,740.4	−0.044%	$54.6M	$180.0M	40x	as long as short
Gate ETH_USDT	+0.0061%	8h	2,739	−0.095%	$3.28B	$8.36B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0067%	1h	2,741.8	+0.008%	$266.2M	$216.2M	50x	as long as short
Aster ETHUSDT	+0.0069%	8h	2,739.4	−0.081%	$253.5M	$800.7M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0074%	8h	2,739.7	−0.068%	$1.66B	$10.22B	100x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,739.9	−0.062%	$1.58B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,739.7	−0.069%	$6.33B	$15.45B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,738.3	−0.122%	$4.9M	$190K	20x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,740.3	−0.046%	$383.5M	$496.9M	100x	as long as short
Bullet ETH-USD	+0.0087%	1h	2,739.1	−0.090%	$177K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,740.1	−0.057%	$113.1M	$405.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.3	−0.011%	$23.8M	$96.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739	−0.095%	—	$23.9M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.5	−0.113%	$521K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,743	+0.051%	$15.4M	$6.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.4	−0.152%	$14.3M	$99.4M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,741.6	long leg	$3.12B	$1.96B	25x
Pacifica ETH	+0.0100%	1h	2,739.2	−0.088%	$32.1M	$328.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.4	−0.117%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,738.9	−0.097%	$1.6M	$15.5M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.6	−0.074%	$2.11B	$2.58B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,738.5	−0.115%	—	$18.6M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.6	−0.036%	$15.2M	$38.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.7	−0.180%	$132.3M	$311.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,735.4	−0.226%	$186.3M	$684.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.2	−0.125%	$159.2M	$80.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,737.5	−0.150%	$21.0M	$71.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.9	−0.060%	—	$414K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.2	−0.088%	$11.2M	$9.2M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	−0.630%	$40.5M	$29.1M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,738.5	−0.112%	$165.3M	$346.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.2	−0.125%	$30.4M	$69.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,741.7	+0.002%	$82.2M	$294.7M	100x	as long as short
Aftermath Perps ETHUSD	+0.0114%	1h	2,734	−0.278%	$30K	$19K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,742	+0.014%	$45.5M	$4.15B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,739.5	−0.075%	$5.6M	$11.3M	25x	as long as short
Reya ETHRUSDPERP	+0.0170%	1h	2,737.4	−0.154%	$7.3M	$961K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,742.7	+0.038%	$32.3M	$10.7M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,740.9	−0.026%	$213K	$22.5M	52x	as long as short
Bluefin ETH-PERP	+0.0960%	1h	2,740.9	−0.027%	$20K	$15K	25x	as long as short