Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.032%

Price spread now: BingX against Hyperliquid−0.092%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

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

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

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

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.092% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,775.7	0.0100	pay 0.0013% / 1h	31m 02s	$3.19B	$2.35B	25x
Short	BingX ETH-USDT	2,773.1	0.0016	get 0.0016% / 8h	31m 02s	—	$1.21B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$17.64
Price spread: −0.092% → 0.000%: −$9.22
Slippage, 4 orders: −$0.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$46.36
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; BingX: live order book, 8 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, 13 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.2 bp −$524	7.3 bp −$3,625
Sell BingX live order book, 8 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	5.6 bp −$2,807

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	2,773.7	−0.073%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773.8	−0.069%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.223%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.2	−0.054%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,774.2	−0.055%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.7	−0.036%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.6	−0.038%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,775.6	−0.004%	$878K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.5	−0.044%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0012%	1h	2,776.7	+0.036%	$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-USDTshort	+0.0016%	8h	2,773.1	−0.092%	—	$1.21B	—
OKX ETH-USDT-SWAP	+0.0020%	8h	2,773	−0.097%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,774.4	−0.045%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,773.8	−0.067%	$270.4M	$69.1M	150x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,772.9	−0.101%	$256.4M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,773.2	−0.090%	$55.2M	$229.1M	40x	as long as short
Bullet ETH-USD	+0.0049%	1h	2,773.7	−0.072%	$183K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,773	−0.097%	$1.60B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,773	−0.097%	$6.45B	$17.28B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.8	−0.178%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,773	−0.097%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0067%	1h	2,774.6	−0.041%	$258.9M	$222.3M	50x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,773.3	−0.085%	$3.29B	$9.64B	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,773.1	−0.095%	$421.3M	$739.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,774.7	−0.036%	$60.0M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,773.1	−0.093%	$2.51B	$4.62B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,774.3	−0.050%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,773.2	−0.090%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,774.2	−0.055%	$116.0M	$497.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	−0.022%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.5	−0.043%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.2	−0.089%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.9	−0.065%	$478K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.6	−0.075%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,775.7	long leg	$3.19B	$2.35B	25x
Pacifica ETH	+0.0100%	1h	2,774.1	−0.058%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.5	−0.079%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.9	−0.030%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.079%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.5	−0.080%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.3	−0.087%	$147.8M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.6	−0.077%	$182.1M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.2	−0.055%	$161.3M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.9	+0.007%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774	−0.061%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.5	−0.043%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	+0.004%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.3	−0.086%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.5	−0.114%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,774.5	−0.043%	$8.3M	$684.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,774.5	−0.042%	$86.5M	$333.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,776.3	+0.022%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,773.3	−0.085%	$286.5M	$194.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,773.6	−0.077%	$7.4M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,775.5	−0.006%	$252K	$1.6M	20x	as long as short