Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Hyperliquid+0.087%7-day average −0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$980.985% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.404%+$40 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.087%, 7d avg −0.055%

Together, before fees+0.252%+ Points / potential airdropHyperliquid: Season 2 · farm board+$25 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: Binance is 0.142% dearer against Hyperliquid than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid 2Z	0.05238	0.0100	pay 0.0013% / 1h	23m 19s	$659K	$350K	3x
Short	Binance 2ZUSDT	0.05242	0.0100	get 0.0050% / 4h	3h 23m	$2.1M	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BinancebpOrdersPrice spread, now +0.087%Rate

Funding earned: $0
Price spread: +0.087% → −0.055%: $14.23
Slippage, 4 orders: −$79.49
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$84.26
Costs to cover: 0.985%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 27 min ago; Binance: live order book, 11 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, 27 min ago	1.25 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.96 bp	25.0 bp −$25	121.1 bp −$1,211	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
Kraken Futures PF_2ZUSD	−0.3890%	1h	0.05211	−0.516%	$5K	$3K	10x	as long as short
Backpack 2Z_USDC_PERP	−0.0195%	1h	0.05232	−0.111%	$46K	$21K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.922%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05241	+0.061%	$17K	$5K	3x	as long as short
Hyperliquid 2Zlong	+0.0100%	1h	0.05238	long leg	$659K	$350K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05242	+0.088%	$12K	$55K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05240	+0.042%	$75K	$14K	3x	as long as short
Binance 2ZUSDTshort	+0.0100%	4h	0.05242	+0.087%	$2.1M	$2.2M	50x
Bybit 2ZUSDT	+0.0100%	4h	0.05244	+0.118%	$726K	$1.0M	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05244	+0.118%	$438K	$751K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate 2Z_USDT	+0.0100%	4h	0.05241	+0.061%	$92K	$73K	50x	as long as short
MEXC 2Z_USDT	+0.0100%	4h	0.05240	+0.042%	$339K	$139K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05235	−0.052%	$183K	$55K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05243	+0.099%	$172K	$713K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05243	+0.099%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05206	−0.598%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05229	−0.168%	$2K	$1.1M	20x	as long as short