Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX−0.064%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$960.956% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.407%−$41 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.064%, 7d avg −0.013%

Together, before fees−0.387%+ Points / potential airdropHyperliquid: Season 2 · farm board−$39 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 0.051% cheaper against BingX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX 2Z-USDT	0.05196	0.0100	pay 0.0050% / 4h	2h 12m	—	$6.5M	—
Short	Hyperliquid 2Z	0.05193	0.0100	get 0.0013% / 1h	12m 08s	$666K	$374K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now −0.064%Rate

Funding earned: $0
Price spread: −0.064% → −0.013%: −$5.07
Slippage, 4 orders: −$76.63
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$100.7
Costs to cover: 0.956%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; Hyperliquid: live order book, 38 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 BingX live order book, 9 min ago	5.76 bp	26.0 bp −$26	86.3 bp −$863	641.9 bp −$64.2K	1032.5 bp −$516.3K
Sell Hyperliquid live order book, 38 min ago	1.25 bp	14.1 bp −$14	doesn't fit	doesn't fit	doesn't fit

2Z on 17 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
Backpack 2Z_USDC_PERP	−0.0554%	1h	0.05190	−0.115%	$45K	$32K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.157%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05202	+0.115%	$16K	$8K	3x	as long as short
Hyperliquid 2Zshort	+0.0100%	1h	0.05193	−0.064%	$666K	$374K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05197	+0.016%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05195	−0.025%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05192	−0.082%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05199	+0.058%	$685K	$961K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05197	+0.019%	$447K	$709K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05191	−0.096%	$92K	$69K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05196	0.000%	$294K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05195	−0.021%	$191K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05199	+0.058%	$147K	$611K	50x	as long as short
BingX 2Z-USDTlong	+0.0100%	4h	0.05196	long leg	—	$6.5M	—
Variational Omni 2Z	+0.0100%	4h	0.05202	+0.116%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05197	+0.019%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1049%	1h	0.05205	+0.175%	$6K	$3K	10x	as long as short