Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0259%/8h= +28.4% APRpaid last 24h +0.013%

Price spread now: BloFin against Hyperliquid−0.284%67s7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as 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−$210.214% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 4 days (all we have)+0.196%+$20 · spread now −0.284%, 7d avg −0.076%

Together, before fees+0.336%+ Points / potential airdropHyperliquid: Season 2 · farm board+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.208% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.284% now, against its 7-day average of −0.076%). If the spread goes back, that is −$21 on $10k: about 2.7 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.139% in total) that is about 10 days. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.139% in total (about 7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,728.2	0.0100	pay 0.0013% / 1h	22m 06s	$3.09B	$2.04B	25x
Short	BloFin ETH-USDT	2,720.5	0.0359	get 0.0359% / 8h	2h 22m	$281.1M	$173.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.284%Rate

Funding earned: $54.41
Price spread: −0.284% → −0.076%: −$20.82
Slippage, 4 orders: −$0.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: $12.14
Costs to cover: 0.214%
Break-even: 5.4 days

Slippage from Hyperliquid: live order book, 12 min ago; BloFin: live order book, 7 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, 12 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.0 bp −$502	6.8 bp −$3,400
Sell BloFin live order book, 7 min ago	0.04 bp	6.0 bp −$6	6.1 bp −$61	7.2 bp −$715	8.5 bp −$4,227

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	2,723.8	−0.163%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,723.5	−0.172%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0010%	8h	2,725.1	−0.112%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.1	−0.149%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,720	−0.301%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,724.4	−0.141%	$32.6M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,722.8	−0.198%	$10.3M	$42.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.407%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0034%	8h	2,726	−0.081%	—	$1.13B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,724.7	−0.128%	$190K	$829K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,725.8	−0.088%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,723.2	−0.184%	$955K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,724	−0.154%	$180K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,715.8	−0.455%	$8.6M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,725.3	−0.106%	$373.9M	$577.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0079%	1h	2,720.6	−0.280%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,725.8	−0.088%	$252.1M	$845.2M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,722.6	−0.204%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,725.8	−0.087%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,725.9	−0.083%	$6.31B	$16.08B	150x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,725.7	−0.093%	$262.7M	$64.9M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0096%	8h	2,725.9	−0.084%	$1.66B	$10.82B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,725.9	−0.083%	$112.2M	$434.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.4	−0.031%	$23.5M	$103.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.4	−0.176%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,724.7	−0.127%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.5	−0.173%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,728.2	long leg	$3.09B	$2.04B	25x
Pacifica ETH	+0.0100%	1h	2,723.7	−0.166%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,722	−0.227%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,723.9	−0.158%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.209%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.1	−0.076%	$3.31B	$9.00B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.1	−0.078%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.6	−0.097%	$14.9M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,716.2	−0.441%	$132.3M	$328.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,715.8	−0.455%	$184.0M	$676.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,721	−0.263%	$158.3M	$86.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,720.8	−0.271%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,724.8	−0.126%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.4	−0.103%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,724.8	−0.124%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727	−0.046%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,725.7	−0.092%	$54.3M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.5	−0.135%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,724.4	−0.138%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,727.1	−0.040%	$49.6M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,724	−0.154%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0151%	8h	2,723.3	−0.180%	$6.9M	$693.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,726.5	−0.064%	$83.0M	$312.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0183%	1h	2,726.8	−0.052%	$259.3M	$207.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,726.6	−0.059%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,723.4	−0.176%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,721.1	−0.262%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDTshort	+0.0359%	8h	2,720.5	−0.284%	$281.1M	$173.9M	150x