Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: SunX against Hyperliquid−0.139%7-day average −0.089% · 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−$26as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now −0.139%, 7d avg −0.089%

Together, before fees−0.053%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 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: SunX is 0.050% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,769.5	0.0100	pay 0.0013% / 1h	32m 38s	$3.19B	$2.38B	25x
Short	SunX ETH-USDT	2,765.7	0.0100	get 0.0100% / 8h	2h 32m	$970K	$14.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.139%Rate

Funding earned: $0
Price spread: −0.139% → −0.089%: −$5.03
Slippage, 4 orders: −$3.62
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$25.65
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; SunX: 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	5.2 bp −$516	5.4 bp −$2,677
Sell SunX live order book, 7 min ago	0.20 bp	4.2 bp −$4	4.5 bp −$45	6.5 bp −$655	8.4 bp −$4,199

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	−0.0112%	43m	2,766.6	−0.106%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.123%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,766.8	−0.097%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,766.7	−0.101%	$171K	$1.2M	50x	as long as short
ApeX Omni ETHUSDT	−0.0052%	1h	2,767.5	−0.071%	$8.8M	$32.5M	100x	as long as short
Phoenix ETH	−0.0023%	1h	2,767	−0.090%	$794K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,766.5	−0.107%	$5.8M	$11.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,767.4	−0.076%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767	−0.092%	$22.3M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,766	−0.126%	$1.71B	$11.84B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0023%	1h	2,767.4	−0.075%	$29K	$21K	20x	as long as short
Phemex ETHUSDT	+0.0025%	8h	2,766.1	−0.122%	$266.3M	$66.0M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,766.9	−0.093%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,766.4	−0.112%	$255.7M	$995.0M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0043%	1h	2,767.4	−0.075%	$258.4M	$224.5M	50x	as long as short
MEXC ETH_USDT	+0.0046%	8h	2,766.4	−0.111%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,766.1	−0.122%	$6.42B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,764	−0.197%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0066%	8h	2,766.4	−0.110%	$3.28B	$9.62B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,766.3	−0.116%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,766	−0.126%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,764	−0.198%	$140.6M	$319.6M	—	as long as short
Lighter ETH	+0.0096%	1h	2,767.1	−0.085%	$115.2M	$511.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.6	−0.034%	$25.4M	$122.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,767	−0.089%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,766.2	−0.118%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.8	−0.097%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,766.4	−0.110%	$14.7M	$116.9M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,769.5	long leg	$3.19B	$2.38B	25x
Pacifica ETH	+0.0100%	1h	2,767	−0.090%	$31.1M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,766	−0.125%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.2	−0.119%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.6	−0.034%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.143%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,766.6	−0.104%	$424.4M	$740.9M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,766.3	−0.117%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,766.4	−0.113%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,764.4	−0.183%	$177.7M	$792.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.8	−0.135%	$160.8M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.2	−0.155%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.1	−0.088%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.6	−0.069%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.3	−0.080%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768.4	−0.040%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,765.7	−0.139%	$970K	$14.2M	100x
SoDEX ETH-USD	+0.0100%	1h	2,765.8	−0.134%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766	−0.126%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,765.8	−0.133%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,767.6	−0.068%	$60.0M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,767.2	−0.083%	$8.6M	$672.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,768.8	−0.027%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,765.5	−0.146%	$285.6M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,765.2	−0.157%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,767.1	−0.087%	$87.5M	$329.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,768.5	−0.036%	$287K	$1.5M	20x	as long as short