Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.032%

Price spread now: Bitget against Hyperliquid−0.043%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 7 days+0.031%+$3 · spread now −0.043%, 7d avg −0.039%

Together, before fees−0.049%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,744	0.0100	pay 0.0013% / 1h	55m 54s	$3.12B	$2.14B	25x
Short	Bitget ETHUSDT	2,742.8	0.0082	get 0.0082% / 8h	6h 55m	$2.07B	$2.85B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$3.78
Price spread: −0.043% → −0.039%: −$0.33
Slippage, 4 orders: −$1.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$26.51
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bitget: 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 Hyperliquid live order book, 8 min ago	0.36 bp	5.5 bp −$6	5.7 bp −$57	6.9 bp −$688	8.7 bp −$4,345
Sell Bitget live order book, 3 min ago	0.02 bp	6.0 bp −$6	7.2 bp −$72	8.4 bp −$836	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	2,743.7	−0.011%	$321K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.197%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,743.7	−0.010%	$5.6M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,742.9	−0.039%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0003%	1h	2,756.1	+0.441%	$862K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745.9	+0.071%	$10.9M	$41.5M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,745.2	+0.044%	$181K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,743	−0.036%	$22.2M	—	200x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,742.2	−0.066%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0033%	8h	2,742.3	−0.063%	$1.68B	$10.99B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ETHUSDT	+0.0042%	8h	2,742	−0.072%	$256.8M	$854.5M	200x	as long as short
HTX ETH-USDT	+0.0044%	8h	2,741.4	−0.095%	$1.06B	$1.23B	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,742.5	−0.054%	$1.57B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,742.7	−0.049%	$6.35B	$16.25B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,743	−0.037%	$4.9M	$166K	20x	as long as short
ApeX Omni ETHUSDT	+0.0064%	1h	2,754.7	+0.389%	$8.8M	$31.4M	100x	as long as short
Bullet ETH-USD	+0.0079%	1h	2,742.4	−0.058%	$183K	$1.7M	20x	as long as short
Bitget ETHUSDTshort	+0.0082%	8h	2,742.8	−0.043%	$2.07B	$2.85B	150x
Aftermath Perps ETHUSD	+0.0083%	1h	2,756.3	+0.449%	$30K	$21K	20x	as long as short
Gate ETH_USDT	+0.0085%	8h	2,742.4	−0.057%	$3.32B	$8.64B	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,742.6	−0.052%	$383.4M	$607.0M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,743	−0.038%	$59.4M	$4.37B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0093%	1h	2,744	+0.001%	$258.9M	$202.0M	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.089%	$132.7M	$345.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,743	−0.036%	$112.7M	$435.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743.9	−0.002%	$25.2M	$105.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.9	+0.068%	—	$35.6M	500x	as long as short
Vest ETH-PERP	+0.0098%	1h	2,746.7	+0.099%	—	$870K	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,750	+0.219%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.3	−0.026%	$472K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.1	−0.031%	$14.0M	$113.0M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,744	long leg	$3.12B	$2.14B	25x
Pacifica ETH	+0.0100%	1h	2,745.7	+0.060%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,742.1	−0.070%	$2.46B	$4.34B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.9	−0.040%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.2	+0.008%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.315%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.1	−0.105%	$14.9M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,753.4	+0.343%	$183.9M	$727.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,754.9	+0.399%	$160.2M	$80.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.9	+0.288%	$21.3M	$65.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.9	−0.004%	$10.3M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,743	−0.038%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.2	+0.042%	$41.9M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.5	−0.053%	$961K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.9	−0.040%	$54.6M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,742.3	−0.062%	$266.8M	$66.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.1	−0.068%	$30.6M	$74.8M	50x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,746	+0.073%	$7.5M	$670.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,745.1	+0.038%	$32.4M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,750.6	+0.242%	$251K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,750	+0.219%	$285.5M	$177.5M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,756.7	+0.463%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,743.8	−0.008%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,743	−0.037%	$93.2M	$320.5M	100x	as long as short