Funding arb · Price arb /

2Z

all 2Z markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bitget+0.029%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$890.886% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.462%−$46 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.029%, 7d avg +0.003%

Together, before fees−0.523%+ Points / potential airdropHyperliquid: Season 2 · farm board−$52 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 0.025% dearer against Bitget than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget 2ZUSDT	0.05229	0.0100	pay 0.0050% / 4h	2h 54m	$161K	$621K	50x
Short	Hyperliquid 2Z	0.05230	0.0100	get 0.0013% / 1h	54m 22s	$660K	$350K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.029%Rate

Funding earned: $0
Price spread: +0.029% → +0.003%: $2.52
Slippage, 4 orders: −$67.62
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$86.09
Costs to cover: 0.886%
Break-even: never at this rate

Slippage from Bitget: live order book, 56 min ago; Hyperliquid: live order book, 25 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 Bitget live order book, 56 min ago	6.66 bp	22.8 bp −$23	143.9 bp −$1,439	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 25 min ago	0.86 bp	17.6 bp −$18	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	−0.0326%	1h	0.05229	0.000%	$45K	$21K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.762%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05238	+0.172%	$17K	$6K	3x	as long as short
Hyperliquid 2Zshort	+0.0100%	1h	0.05230	+0.029%	$660K	$350K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05235	+0.111%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05233	+0.067%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05228	−0.029%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05234	+0.096%	$728K	$917K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05233	+0.076%	$446K	$693K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05232	+0.057%	$91K	$59K	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	0.05233	+0.076%	$329K	$121K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05229	+0.002%	$179K	$50K	50x	as long as short
Bitget 2ZUSDTlong	+0.0100%	4h	0.05229	long leg	$161K	$621K	50x
BingX 2Z-USDT	+0.0100%	4h	0.05232	+0.057%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05238	+0.174%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05235	+0.115%	$2K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0511%	1h	0.05218	−0.208%	$5K	$3K	10x	as long as short