Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Hyperliquid against edgeX−0.019%106s7-day average +0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

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

costs, in and out, $10k−$190.195% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 7 days+0.047%+$5 · spread now −0.019%, 7d avg +0.069%

Together, before fees+0.025%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board+$3 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 0.088% cheaper against edgeX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.069%. The two prices were read 106 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	edgeX ETHUSDC	2,771.4	0.0100	pay 0.0050% / 4h	2h 43m	$178.2M	$790.9M	100x
Short	Hyperliquid ETH	2,770.9	0.0100	get 0.0013% / 1h	43m 44s	$3.19B	$2.39B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now −0.019%Rate

Funding earned: $0
Price spread: −0.019% → +0.069%: −$8.82
Slippage, 4 orders: −$1.48
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$28.3
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Hyperliquid: live order book, 10 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 edgeX live order book, 5 min ago	0.02 bp	5.5 bp −$5	5.6 bp −$56	5.8 bp −$575	7.7 bp −$3,849
Sell Hyperliquid live order book, 10 min ago	0.18 bp	4.7 bp −$5	6.1 bp −$61	8.9 bp −$893	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
Perpl ETH	−0.0447%	43m	2,768	−0.123%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.026%	$119K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0095%	1h	2,771.1	−0.011%	$10.5M	$31.0M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.4	−0.109%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,768.4	−0.109%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.3	−0.004%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,768.4	−0.108%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.1	−0.083%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.5	−0.107%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,768.1	−0.121%	$266.3M	$66.0M	150x	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	+0.0023%	8h	2,768	−0.124%	$1.70B	$11.83B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,771.8	+0.013%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,768.5	−0.106%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0041%	8h	2,768.5	−0.107%	$255.8M	$995.4M	200x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,768.3	−0.112%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,768.4	−0.109%	$6.43B	$17.18B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.8	−0.202%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0060%	8h	2,769.1	−0.083%	$3.29B	$9.57B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,768.3	−0.113%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0080%	1h	2,767.8	−0.131%	$185K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,771.1	−0.013%	$141.1M	$318.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,768.8	−0.096%	$115.1M	$509.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770	−0.050%	$25.3M	$121.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,768.9	−0.090%	—	$41.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,768	−0.123%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768.7	−0.098%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	−0.123%	$16.0M	$114.8M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,770.9	−0.019%	$3.19B	$2.39B	25x
Pacifica ETH	+0.0100%	1h	2,768.7	−0.098%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768.3	−0.114%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.4	−0.109%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.5	−0.033%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.021%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,768.6	−0.103%	$424.9M	$742.3M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,768.2	−0.117%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.5	−0.106%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,771.4	long leg	$178.2M	$790.9M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.7	+0.010%	$161.2M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.4	−0.037%	$21.4M	$57.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.2	−0.081%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.8	−0.059%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.3	−0.111%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.8	−0.058%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.6	−0.137%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,767.3	−0.149%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,767	−0.160%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.6	−0.102%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.9	−0.090%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,768.9	−0.091%	$8.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0129%	8h	2,770.3	−0.042%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,767.9	−0.127%	$286.6M	$195.3M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0173%	1h	2,769.4	−0.073%	$259.0M	$223.4M	50x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,767.5	−0.142%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768.6	−0.102%	$88.4M	$329.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0392%	1h	2,770.3	−0.041%	$273K	$1.5M	20x	as long as short