Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.017%

Price spread now: Aster against Hyperliquid−0.126%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$180.180% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 7 days+0.106%+$11 · spread now −0.126%, 7d avg −0.033%

Together, before fees+0.031%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Aster is 0.093% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,777.4	0.0100	pay 0.0013% / 1h	34m 33s	$3.19B	$2.35B	25x
Short	Aster ETHUSDT	2,773.9	0.0036	get 0.0036% / 8h	34m 33s	$256.5M	$1.00B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$13.46
Price spread: −0.126% → −0.033%: −$9.34
Slippage, 4 orders: −$0.97
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$40.78
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Aster: live order book, 5 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 Hyperliquid live order book, 10 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.2 bp −$524	7.3 bp −$3,625
Sell Aster live order book, 5 min ago	0.02 bp	4.6 bp −$5	5.1 bp −$51	5.8 bp −$576	11.2 bp −$5,614

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	2,775.9	−0.056%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,774.3	−0.113%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.162%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.9	−0.090%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0050%	1h	2,776.9	−0.017%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.7	−0.097%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.1	−0.048%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,778.6	+0.043%	$879K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.5	−0.069%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0007%	1h	2,779	+0.056%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,774.5	−0.106%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,773.6	−0.138%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,775.7	−0.062%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,774.5	−0.103%	$270.5M	$69.0M	150x	as long as short
Aster ETHUSDTshort	+0.0036%	8h	2,773.9	−0.126%	$256.5M	$1.00B	200x
Deribit ETH-PERPETUAL	+0.0045%	1h	2,776	−0.050%	$259.0M	$222.4M	50x	as long as short
Bullet ETH-USD	+0.0049%	1h	2,774.8	−0.093%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0053%	1h	2,774.1	−0.119%	$55.2M	$229.1M	40x	as long as short
MEXC ETH_USDT	+0.0063%	8h	2,774.6	−0.103%	$1.59B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,773.7	−0.132%	$6.46B	$17.28B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,772.1	−0.189%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,774	−0.121%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,774.5	−0.103%	$3.30B	$9.63B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,774.9	−0.091%	$421.8M	$739.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,775.4	−0.072%	$60.0M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,773.8	−0.128%	$2.51B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,775	−0.086%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,774.8	−0.093%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,775.5	−0.068%	$116.0M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.6	−0.027%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.5	−0.031%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,774.1	−0.118%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.3	−0.112%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.7	−0.131%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,777.4	long leg	$3.19B	$2.35B	25x
Pacifica ETH	+0.0100%	1h	2,775	−0.086%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.2	−0.115%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.7	−0.060%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.017%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775	−0.086%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.8	−0.059%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	−0.024%	$182.3M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	−0.033%	$161.4M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.5	+0.004%	$21.5M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.3	−0.112%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.6	−0.064%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777	−0.013%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775	−0.087%	$973K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.8	−0.128%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,776.1	−0.047%	$8.3M	$685.3M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,775.3	−0.074%	$86.5M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,777.2	−0.009%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0184%	8h	2,775	−0.086%	$286.5M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,773.7	−0.133%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,777.2	−0.007%	$252K	$1.6M	20x	as long as short