Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.023%

Price spread now: MEXC against Hyperliquid−0.019%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$110.114% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 7 days+0.005%+$1 · spread now −0.019%, 7d avg −0.042%

Together, before fees−0.092%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.023% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.042%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 7.7 days. At the pace of the last 7 days (−0.097% in total) that is about 40 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,729	0.0100	pay 0.0013% / 1h	48m 40s	$3.09B	$2.06B	25x
Short	MEXC ETH_USDT	2,728.5	0.0090	get 0.0090% / 8h	4h 48m	$1.53B	$2.54B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$2.1
Price spread: −0.019% → −0.042%: $2.3
Slippage, 4 orders: −$0.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$11.2
Costs to cover: 0.114%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; MEXC: live order book, 6 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, 6 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.0 bp −$500	6.9 bp −$3,474
Sell MEXC live order book, 6 min ago	0.02 bp	1.0 bp −$1	1.2 bp −$12	1.6 bp −$163	4.3 bp −$2,152

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	2,731.5	+0.093%	$299K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	+0.238%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.1	+0.114%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.3	+0.011%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.6	−0.051%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,727.9	−0.040%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.447%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.2	+0.007%	$25.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0031%	1h	2,729	0.000%	$54.4M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,729.2	+0.009%	$180K	$1.7M	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-USDC	+0.0056%	8h	2,727.8	−0.044%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,727.1	−0.071%	$379.5M	$573.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.4	−0.023%	$1.67B	$10.64B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,730.5	+0.055%	$260.0M	$196.2M	50x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,729.2	+0.006%	$252.3M	$842.1M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.5	+0.018%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,727.1	−0.071%	$6.33B	$15.78B	150x	as long as short
MEXC ETH_USDTshort	+0.0090%	8h	2,728.5	−0.019%	$1.53B	$2.54B	500x
Lighter ETH	+0.0096%	1h	2,727.5	−0.053%	$112.1M	$434.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.7	−0.011%	$23.9M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.5	+0.203%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,729.8	+0.029%	$5.6M	$11.5M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,731.9	+0.107%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.3	−0.026%	$497K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.7	+0.064%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,729	long leg	$3.09B	$2.06B	25x
Pacifica ETH	+0.0100%	1h	2,728.4	−0.022%	$31.6M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,727.5	−0.055%	$2.40B	$4.29B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.4	−0.022%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.9	+0.033%	$2.8M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.431%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.6	+0.023%	$3.35B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.7	−0.010%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	−0.049%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.216%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.329%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.366%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	+0.231%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	+0.257%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	+0.143%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	+0.139%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.4	+0.050%	$41.3M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,728.7	−0.011%	$957K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,728.9	−0.005%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.4	+0.014%	$265.2M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.7	−0.048%	$30.4M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.7	+0.060%	$51.6M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,737.7	+0.318%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,732	+0.110%	$7.3M	$674.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,731	+0.073%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	−0.037%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,730	+0.036%	$85.1M	$311.9M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,729.7	+0.024%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,736	+0.257%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1037%	1h	2,729.3	+0.012%	$21K	$20K	25x	as long as short