Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Hyperliquid against Bluefin+0.096%7-day average — · you sell dearer than you buy

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

Long on Bluefin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.096% dearer against Bluefin than usual: you sell high and buy low, +$10 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,769.7	0.0100	pay 0.0013% / 1h	11m 15s	$21K	$22K	25x
Short	Hyperliquid ETH	2,772.4	0.0100	get 0.0013% / 1h	11m 15s	$3.17B	$2.19B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bluefin. 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 BluefinbpFee HyperliquidbpOrdersPrice spread, now +0.096%Rate

Funding earned: $0
Price spread: +0.096% → 0.000%: $9.6
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$6.4
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Hyperliquid: live order book, 13 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 Bluefin no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 13 min ago	0.18 bp	4.8 bp −$5	5.7 bp −$57	7.2 bp −$716	9.2 bp −$4,605

Bluefin: 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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.148%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769.8	+0.004%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,769.4	−0.011%	$326K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.1	+0.015%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,769.8	+0.004%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.5	+0.029%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	+0.007%	$12.3M	$43.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.8	+0.004%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,769.3	−0.014%	$185K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0030%	8h	2,769.7	0.000%	$1.71B	$11.01B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0040%	1h	2,769.2	−0.018%	$55.2M	$187.7M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,769.7	0.000%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0050%	8h	2,770.1	+0.016%	$256.2M	$860.0M	200x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,769.5	−0.008%	$6.47B	$16.12B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,769.5	−0.009%	$1.61B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,766.5	−0.115%	$5.0M	$156K	20x	as long as short
HTX ETH-USDT	+0.0073%	8h	2,769	−0.023%	$1.07B	$1.23B	200x	as long as short
Bitget ETHUSDT	+0.0078%	8h	2,769.5	−0.007%	$2.10B	$2.83B	150x	as long as short
Aftermath Perps ETHUSD	+0.0079%	1h	2,770.4	+0.025%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.4	+0.025%	$60.3M	$4.40B	50x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,769.6	−0.004%	$3.38B	$9.10B	200x	as long as short
Vest ETH-PERP	+0.0083%	1h	2,769.9	+0.008%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,769.2	−0.018%	$420.1M	$595.7M	100x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,769.3	−0.014%	$8.6M	$32.0M	100x	as long as short
Phemex ETHUSDT	+0.0095%	8h	2,769.3	−0.014%	$269.5M	$66.0M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,770	+0.010%	$115.1M	$459.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.1	+0.049%	$25.5M	$112.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.1	+0.124%	$15.9M	$8.4M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.3	−0.014%	$485K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.8	+0.005%	$14.5M	$113.0M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,772.4	+0.096%	$3.17B	$2.19B	25x
Pacifica ETH	+0.0100%	1h	2,769.5	−0.005%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.7	0.000%	$2.51B	$4.30B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.9	−0.029%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.2	+0.017%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.222%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,769.6	−0.003%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.3	−0.013%	$15.2M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.2	−0.019%	$134.1M	$347.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769	−0.026%	$181.8M	$786.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.061%	$161.1M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.5	+0.065%	$21.4M	$64.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.6	−0.003%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,769.7	long leg	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,771	+0.048%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.3	−0.049%	$971K	$12.8M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.3	−0.050%	$30.9M	$74.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.7	0.000%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,770.3	+0.022%	$8.1M	$674.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.7	+0.037%	$97.9M	$314.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0156%	8h	2,771.8	+0.075%	$32.7M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,770.4	+0.025%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,769.1	−0.020%	$287.7M	$177.7M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0183%	1h	2,770.6	+0.034%	$259.1M	$202.3M	50x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,769.8	+0.005%	$7.3M	$1.1M	25x	as long as short