Funding arb · Price arb /

ETH

all ETH markets

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 +0.017%

Price spread now: Hyperliquid against Vest+0.130%7-day average +0.036% · you sell dearer than you buy

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

Long on Vest Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.034%+$3 on $10k

Price spread, last 3 days (all we have)−0.318%−$32 · spread now +0.130%, 7d avg +0.036%

Together, before fees−0.285%+ Points / potential airdropVest: Active · Hyperliquid: Season 2 · farm board−$28 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: Hyperliquid is 0.094% dearer against Vest than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest ETH-PERP	2,775.7	0.0100	pay 0.0013% / 1h	34m 00s	—	$1.1M	50x
Short	Hyperliquid ETH	2,779.3	0.0100	get 0.0013% / 1h	34m 00s	$3.19B	$2.37B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Vest. 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 VestbpFee HyperliquidbpOrdersPrice spread, now +0.130%Rate

Funding earned: −$0.02
Price spread: +0.130% → +0.036%: $9.37
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$1.65
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Hyperliquid: live order book, 10 min ago. 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 Vest no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 10 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	6.7 bp −$666	8.9 bp −$4,470

Vest: 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	2,776.5	+0.029%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,775.2	−0.016%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.8	+0.040%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,777.1	+0.051%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,775.3	−0.014%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0030%	1h	2,777.3	+0.057%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.8	+0.038%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.148%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.2	+0.054%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,778	+0.082%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0017%	8h	2,776.7	+0.036%	$270.1M	$68.6M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,778	+0.083%	$1.71B	$11.84B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777	+0.048%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0035%	8h	2,777.5	+0.065%	$256.5M	$989.9M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,774.9	−0.027%	$180K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,777	+0.046%	$14.2M	$117.8M	50x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,777.9	+0.078%	$6.45B	$17.11B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,778.1	+0.085%	$1.63B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.8	+0.005%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,778.5	+0.103%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.9	+0.045%	$3.29B	$9.59B	200x	as long as short
SoDEX ETH-USD	+0.0089%	1h	2,776.9	+0.044%	$55.3M	$228.8M	40x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,776.3	+0.021%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,777.9	+0.078%	$2.52B	$4.60B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,777.6	+0.069%	$115.0M	$498.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.8	+0.113%	$25.4M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.9	+0.044%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,778.3	+0.095%	$426.7M	$737.9M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.7	+0.038%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.1	+0.015%	$480K	$2.7M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,779.3	+0.130%	$3.19B	$2.37B	25x
Pacifica ETH	+0.0100%	1h	2,777.4	+0.062%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.2	+0.018%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.6	+0.067%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.203%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.7	+0.072%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	−0.040%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.2	+0.020%	$179.9M	$779.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.3	+0.020%	$161.5M	$91.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	+0.078%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.8	+0.076%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776	+0.011%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.6	+0.070%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.1	+0.122%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.4	+0.025%	$973K	$14.0M	100x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,775.7	long leg	—	$1.1M	50x
Extended ETH-USD	+0.0104%	1h	2,777.9	+0.081%	$31.6M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.4	+0.096%	$60.3M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,777.4	+0.062%	$8.6M	$674.3M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,778.7	+0.109%	$258.3M	$222.0M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,779.3	+0.130%	$32.6M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,778.6	+0.106%	$279K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.4	+0.098%	$86.3M	$330.6M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,777	+0.045%	$284.8M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,774.5	−0.044%	$7.4M	$1.2M	25x	as long as short