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 +0.021%

Price spread now: Hyperliquid against Bulk+0.155%50s7-day average +0.030% · 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−$160.164% of the position

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.022%+$2 on $10k

Price spread, last 7 days−0.139%−$14 · spread now +0.155%, 7d avg +0.030%

Together, before fees−0.116%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 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 0.125% dearer against Bulk than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.030%. The two prices were read 50 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	Bulk ETH-USD	2,770.6	0.0100	pay 0.0013% / 1h	50m 44s	$166.0M	$246.3M	25x
Short	Hyperliquid ETH	2,774.9	0.0100	get 0.0013% / 1h	50m 44s	$3.19B	$2.38B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bulk. 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 BulkbpFee HyperliquidbpOrdersPrice spread, now +0.155%Rate

Funding earned: $0
Price spread: +0.155% → +0.030%: $12.55
Slippage, 4 orders: −$0.4
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$3.85
Costs to cover: 0.164%
Break-even: never at this rate

Slippage from Bulk: live order book, 3 min ago; Hyperliquid: live order book, 3 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 Bulk live order book, 3 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.4 bp −$444	6.3 bp −$3,147
Sell Hyperliquid live order book, 3 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	4.7 bp −$472	6.4 bp −$3,215

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	2,771.6	+0.036%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,770.6	+0.001%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.8	+0.043%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.3	+0.098%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.9	+0.011%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0001%	1h	2,772.3	+0.062%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.8	+0.080%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,772	+0.051%	$884K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.3	+0.060%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,772.7	+0.076%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,772.5	+0.068%	$1.71B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,770.8	+0.006%	$266.9M	$65.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.2	+0.057%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,772.8	+0.080%	$256.4M	$992.8M	200x	as long as short
Nado ETH-PERP	+0.0038%	1h	2,771.1	+0.019%	$14.3M	$118.5M	50x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,771	+0.013%	$182K	$1.8M	20x	as long as short
Hibachi ETH/USDT-P	+0.0048%	1h	2,773.9	+0.118%	$288K	$1.5M	20x	as long as short
Binance ETHUSDT	+0.0053%	8h	2,773	+0.087%	$6.44B	$17.16B	150x	as long as short
MEXC ETH_USDT	+0.0053%	8h	2,772.9	+0.084%	$1.61B	$2.64B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	−0.033%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0067%	1h	2,770.7	+0.004%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,772.7	+0.076%	$2.10B	$3.11B	150x	as long as short
Gate ETH_USDT	+0.0082%	8h	2,772.1	+0.054%	$3.29B	$9.54B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0086%	1h	2,772.2	+0.058%	$258.4M	$224.4M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,773.4	+0.099%	$115.0M	$495.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.8	+0.153%	$25.4M	$120.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.2	+0.057%	—	$41.7M	500x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,770.3	−0.012%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	+0.056%	$135.2M	$326.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.5	+0.069%	$15.9M	$10.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.2	+0.022%	$481K	$2.8M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,774.9	+0.155%	$3.19B	$2.38B	25x
Pacifica ETH	+0.0100%	1h	2,773.3	+0.098%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.8	+0.079%	$2.51B	$4.61B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.6	+0.072%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.7	+0.148%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,770.6	long leg	$166.0M	$246.3M	25x
KuCoin ETHUSDTM	+0.0100%	8h	2,773	+0.086%	$424.1M	$738.6M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.3	+0.026%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.5	+0.070%	$179.7M	$779.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.1	+0.199%	$161.5M	$95.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771.8	+0.043%	$8.7M	$32.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.8	+0.116%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.4	+0.031%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.6	+0.072%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772	+0.052%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.3	+0.097%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.4	−0.006%	$970K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.1	−0.018%	$31.4M	$75.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772	+0.051%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,772.1	+0.054%	$8.5M	$673.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,773.7	+0.111%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.7	+0.041%	$86.1M	$330.7M	100x	as long as short
BloFin ETH-USDT	+0.0173%	8h	2,771	+0.015%	$285.0M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,770.9	+0.011%	$7.3M	$1.1M	25x	as long as short