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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0074%/8h= +8.1% APRnext payment +$0.09 per $10,000 · paid last 24h +0.043%
Price spread now: Hyperliquid against GMX+0.043%7-day average +0.038% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.016%+$2 on $10k
Price spread, last 3 days (all we have)−0.072%−$7 · spread now +0.043%, 7d avg +0.038%
Together, before fees−0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.038%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX ETH/USD [ETH-USDC]2,776.1L +0.0026% / S +0.0009%pay 0.0003% / 1h2m 33s$12.9M—200x
ShortHyperliquid ETH2,777.30.0100get 0.0013% / 1h2m 33s$3.17B$2.36B25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid against GMX. 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

Funding earned
$15.56
Price spread: +0.043% → +0.038%
$0.49
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$4.95
Costs to cover
0.210%
Break-even
9.2 days
Slippage unknown: GMX: no order-book sample; Hyperliquid: live order book, 12 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy GMX no order-book sample—————
Sell Hyperliquid live order book, 12 min ago0.18 bp4.7 bp −$54.7 bp −$475.8 bp −$5828.0 bp −$3,987
GMX: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0223%43m2,775.8−0.012%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,773.9−0.081%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,762.1−0.505%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,774.3−0.065%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0026%1h2,769.6−0.235%$8.7M$32.9M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,774.7−0.051%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,775.8−0.010%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,774.3−0.065%$877K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,776.4+0.010%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0021%8h2,774.5−0.057%$1.71B$11.90B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0023%8h2,774.4−0.060%$270.3M$68.7M150xas long as short
GMX ETH/USD [ETH-USDC]longL +0.0026% / S +0.0009%1h2,776.1long leg$12.9M—200x
SoDEX ETH-USD+0.0030%1h2,774.5−0.058%$55.2M$228.7M40xas long as short
Aftermath Perps ETHUSD+0.0032%1h2,772.8−0.119%$29K$22K20xas long as short
Aster ETHUSDT+0.0034%8h2,774.3−0.064%$256.1M$1.00B200xas long as short
Bullet ETH-USD+0.0034%1h2,775.5−0.022%$182K$1.7M20xas long as short
MEXC ETH_USDT+0.0054%8h2,774.4−0.063%$1.62B$2.67B500xas long as short
Binance ETHUSDT+0.0056%8h2,774.1−0.072%$6.47B$17.29B150xas long as short
Aevo ETH-PERP+0.0056%1h2,772.3−0.138%$5.0M$636K20xas long as short
Deribit ETH-PERPETUAL+0.0060%1h2,776.5+0.012%$259.1M$222.1M50xas long as short
Bitget ETHUSDT+0.0065%8h2,774.3−0.067%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0067%8h2,774.4−0.062%$3.29B$9.71B200xas long as short
KuCoin ETHUSDTM+0.0080%8h2,774.6−0.055%$422.8M$738.7M100xas long as short
Bybit ETHUSDT+0.0087%8h2,774.3−0.064%$2.51B$4.62B150xas long as short
BingX ETH-USDC+0.0088%8h2,773.9−0.081%—$17.4M—as long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,776−0.003%$60.7M$4.60B50xas long as short
Nado ETH-PERP+0.0091%1h2,774.2−0.070%$14.3M$118.2M50xas long as short
HTX ETH-USDT+0.0093%8h2,775.1−0.036%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,774.9−0.043%$115.2M$502.0M50xas long as short
Lighter RH ETH+0.0096%1h2,776.6+0.018%$25.3M$122.2M50xas long as short
Vest ETH-PERP+0.0097%1h2,776.2+0.002%—$1.1M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,774.4−0.062%$15.9M$10.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,774−0.076%$485K$2.8M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,777.3+0.043%$3.17B$2.36B25x
Pacifica ETH+0.0100%1h2,775−0.040%$31.3M$316.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,773.2−0.105%$2.8M$17.3M25xas long as short
Arcus ETH-USD+0.0100%1h2,774.6−0.054%$2.7M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,769.4−0.242%$169.4M$262.8M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,774.5−0.060%$15.1M$44.2M50xas long as short
Variational Omni ETH+0.0100%8h2,768.5−0.273%$148.3M$337.3M—as long as short
edgeX ETHUSDC+0.0100%4h2,769.8−0.228%$181.8M$784.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,770.2−0.211%$161.1M$89.4M50xas long as short
StandX ETH-USD+0.0100%1h2,776−0.004%$21.5M$58.7M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,776.5+0.014%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,776.2+0.004%$21K$24K25xas long as short
SunX ETH-USDT+0.0100%8h2,775−0.041%$974K$13.9M100xas long as short
Kalshi KXETHPERP+0.0100%8h2,776.4+0.010%$8.3M$688.6M4.9xas long as short
Derive ETH-PERP+0.0100%1h2,777.4+0.047%$42.8M$29.4M15xas long as short
Extended ETH-USD+0.0104%1h2,773.5−0.093%$32.5M$78.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,776.6+0.019%—$43.8M500xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,775.7−0.015%$90.8M$338.3M100xas long as short
Orderly PERP_ETH_USDC+0.0144%8h2,777.9+0.063%$32.6M$12.1M100xas long as short
BloFin ETH-USDT+0.0174%8h2,774.5−0.057%$287.2M$193.8M150xas long as short
Hibachi ETH/USDT-P+0.0200%1h2,776.1−0.001%$253K$1.6M20xas long as short
Reya ETHRUSDPERP+0.0206%1h2,775.6−0.020%$7.4M$1.2M25xas long as short