Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: Hyperliquid against Vest+0.076%7-day average +0.038% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Vest Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.453%−$45 · spread now +0.076%, 7d avg +0.038%

Together, before fees−0.419%+ Points / potential airdropVest: Active · Hyperliquid: Season 2 · farm board−$42 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: Hyperliquid is 0.037% dearer against Vest than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest ETH-PERP	2,740.2	0.0100	pay 0.0013% / 1h	40m 39s	—	$819K	50x
Short	Hyperliquid ETH	2,742.3	0.0100	get 0.0013% / 1h	40m 39s	$3.12B	$2.06B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Vest. 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 VestbpFee HyperliquidbpOrdersPrice spread, now +0.076%Rate

Funding earned: $0
Price spread: +0.076% → +0.038%: $3.74
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$7.26
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Hyperliquid: live order book, 4 min ago. Net counts fees only.

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 Vest no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 4 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	4.8 bp −$478	6.4 bp −$3,187

Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,738.7	−0.054%	$304K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740	−0.008%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.105%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.2	−0.110%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.8	+0.021%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,737	−0.116%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.163%	$849K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,738.3	−0.070%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0049%	8h	2,740.9	+0.026%	—	$1.15B	—	as long as short
OKX ETH-USDT-SWAP	+0.0062%	8h	2,741.1	+0.030%	$1.70B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,740.5	+0.009%	$383.5M	$597.8M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,741.3	+0.038%	$5.6M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,740.7	+0.018%	$252.1M	$841.2M	200x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,736.8	−0.124%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.4	−0.250%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,740.9	+0.023%	$1.55B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,740.6	+0.013%	$6.37B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,737.9	−0.084%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,740.9	+0.023%	$112.7M	$432.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742	+0.065%	$24.6M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745	+0.174%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,738.5	−0.063%	$58.7M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.8	+0.167%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.7	+0.017%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	−0.075%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,742.3	+0.076%	$3.12B	$2.06B	25x
Pacifica ETH	+0.0100%	1h	2,741.5	+0.046%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,741.1	+0.032%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.8	−0.016%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.4	+0.043%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.120%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,741.1	+0.032%	$3.39B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.9	+0.026%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.4	−0.066%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.2	−0.147%	$132.4M	$335.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.3	+0.076%	$182.2M	$689.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.120%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.081%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.7	+0.163%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,740.2	long leg	—	$819K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.7	−0.056%	$10.9M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737	−0.120%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.1	−0.079%	$41.5M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.9	−0.158%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,736.7	−0.129%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,738.4	−0.066%	$266.4M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740.1	−0.004%	$30.6M	$72.4M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0112%	1h	2,738	−0.083%	$258.8M	$195.8M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,742.8	+0.094%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,739.8	−0.016%	$7.7M	$668.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,738.5	−0.064%	$32.2M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,736.5	−0.138%	$284.1M	$177.1M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.7	−0.093%	$86.9M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,737.2	−0.112%	$7.2M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,745.6	+0.195%	$250K	$1.4M	20x	as long as short