Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Pacifica against Hyperliquid−0.003%7-day average −0.031% · 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−$16as in the Price arb table

costs, in and out, $10k−$190.192% of the position

Long on Hyperliquid Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 7 days−0.024%−$2 · spread now −0.003%, 7d avg −0.031%

Together, before fees−0.085%+ Points / potential airdropHyperliquid: Season 2 · Pacifica: Active · farm board−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Pacifica is 0.028% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,777.2	0.0100	pay 0.0013% / 1h	54m 24s	$3.19B	$2.38B	25x
Short	Pacifica ETH	2,777.1	0.0100	get 0.0013% / 1h	54m 24s	$31.3M	$293.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.031%: $2.82
Slippage, 4 orders: −$2.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$16.42
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Pacifica: 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	6.2 bp −$6	7.1 bp −$71	8.7 bp −$874	10.7 bp −$5,348
Sell Pacifica live order book, 5 min ago	0.18 bp	4.2 bp −$4	4.6 bp −$46	doesn't fit	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	2,775.2	−0.072%	$290K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.2	−0.036%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.7	−0.018%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.8	−0.122%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.2	−0.036%	$169K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.6	−0.058%	$886K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.2	0.000%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0006%	1h	2,772.8	−0.157%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.3	−0.106%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,773.4	−0.139%	—	$1.19B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ETH-PERP	+0.0018%	1h	2,775.5	−0.060%	$14.3M	$118.8M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,773.3	−0.142%	$1.71B	$11.88B	100x	as long as short
Hibachi ETH/USDT-P	+0.0024%	1h	2,778.4	+0.044%	$277K	$1.5M	20x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,776.4	−0.031%	$267.4M	$65.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,774.4	−0.102%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,775.8	−0.049%	$256.7M	$993.8M	200x	as long as short
Bullet ETH-USD	+0.0050%	1h	2,773.7	−0.126%	$182K	$1.8M	20x	as long as short
MEXC ETH_USDT	+0.0053%	8h	2,774.7	−0.092%	$1.60B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,773.7	−0.125%	$6.44B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,776.9	−0.010%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,774.7	−0.091%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0080%	8h	2,774.1	−0.111%	$3.28B	$9.53B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0081%	1h	2,776.9	−0.010%	$258.4M	$225.0M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,777.5	+0.012%	$115.2M	$494.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.5	+0.045%	$25.4M	$120.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.8	−0.014%	—	$41.7M	500x	as long as short
HTX ETH-USDT	+0.0098%	8h	2,775.7	−0.053%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	−0.182%	$135.2M	$326.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.5	−0.025%	$16.0M	$10.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.3	−0.032%	$482K	$2.8M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,777.2	long leg	$3.19B	$2.38B	25x
Pacifica ETHshort	+0.0100%	1h	2,777.1	−0.003%	$31.3M	$293.6M	50x
Bybit ETHUSDT	+0.0100%	8h	2,773.4	−0.136%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.2	−0.036%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.7	+0.055%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	−0.225%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,775.4	−0.066%	$424.4M	$740.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.8	−0.015%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.2	−0.326%	$179.4M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.8	−0.231%	$161.2M	$96.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,767.8	−0.337%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	−0.007%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.7	−0.053%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.4	−0.029%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.5	−0.025%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.6	+0.014%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.4	−0.063%	$972K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,775.4	−0.065%	$55.3M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.3	−0.033%	$31.5M	$75.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777	−0.007%	$60.0M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,775.1	−0.076%	$8.7M	$673.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,776.2	−0.036%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,776.8	−0.014%	$86.2M	$331.6M	100x	as long as short
BloFin ETH-USDT	+0.0173%	8h	2,775.7	−0.055%	$286.5M	$195.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,774.5	−0.096%	$7.4M	$1.1M	25x	as long as short