Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0230%/8h= +25.1% APRpaid last 24h +0.055%

Price spread now: BloFin against Hyperliquid−0.062%107s7-day average −0.151% · you buy dearer than you sell

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

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.397%+$40 on $10k

Price spread, last 3 days (all we have)−0.168%−$17 · spread now −0.062%, 7d avg −0.151%

Together, before fees+0.229%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.089% dearer against Hyperliquid than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.151%. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETHFI	0.7075	0.0100	pay 0.0013% / 1h	27m 27s	$18.2M	$8.7M	5x
Short	BloFin ETHFI-USDT	0.7071	0.0330	get 0.0165% / 4h	2h 27m	$1.3M	$291K	75x

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 −0.062%Rate

Funding earned: $48.22
Price spread: −0.062% → −0.151%: $8.88
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: $36.09
Costs to cover: 0.210%
Break-even: 1.8 days

Slippage unknown: Hyperliquid: live order book, 5 min ago; BloFin: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.98 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	2.11 bp	16.0 bp −$16	33.7 bp −$337	87.0 bp −$8,700	doesn't fit

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.1161%	1h	0.7079	+0.051%	$41K	$18K	10x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0216%	1h	0.7075	0.000%	$273K	$136K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0166%	4h	0.7076	+0.008%	$16K	$1K	10x	as long as short
HTX ETHFI-USDT	−0.0086%	4h	0.7066	−0.133%	$82K	$164K	20x	as long as short
Paradex ETHFI-USD-PERP	+0.0025%	8h	0.7068	−0.103%	$6K	—	5x	as long as short
Bitget ETHFIUSDT	+0.0028%	4h	0.7078	+0.037%	$6.0M	$5.6M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+2.326%	$321	$51K	5.5x	as long as short
Binance ETHFIUSDT	+0.0086%	4h	0.7074	−0.020%	$24.7M	$36.8M	75x	as long as short
MEXC ETHFI_USDT	+0.0086%	4h	0.7077	+0.023%	$15.1M	$3.8M	125x	as long as short
Extended ETHFI-USD	+0.0088%	1h	0.7066	−0.130%	$92K	$495K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7071	−0.062%	$1.1M	$907K	5x	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7125	+0.704%	$1.0M	$718K	—	as long as short
Hyperliquid ETHFIlong	+0.0100%	1h	0.7075	long leg	$18.2M	$8.7M	5x
Aster ETHFIUSDT	+0.0100%	4h	0.7069	−0.092%	$181K	$254K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7082	+0.093%	$18.1M	$12.7M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7081	+0.079%	$4.9M	$12.2M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7080	+0.065%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7073	−0.034%	$1.2M	$269K	50x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7080	+0.065%	—	$25.9M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7079	+0.049%	$59K	$85K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7089	+0.192%	$1K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7080	+0.065%	$8K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0152%	1h	0.7090	+0.206%	$31K	$8K	50x	as long as short
BloFin ETHFI-USDTshort	+0.0330%	4h	0.7071	−0.062%	$1.3M	$291K	75x