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: BingX against Hyperliquid−0.035%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$950.951% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.411%+$41 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now −0.035%, 7d avg +0.015%

Together, before fees+0.497%+ Points / potential airdropHyperliquid: Season 2 · farm board+$50 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: BingX is 0.049% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid 2Z	0.05173	0.0100	pay 0.0013% / 1h	57m 08s	$685K	$360K	3x
Short	BingX 2Z-USDT	0.05171	0.0100	get 0.0050% / 4h	2h 57m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → +0.015%: −$4.95
Slippage, 4 orders: −$76.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$100.08
Costs to cover: 0.951%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 63 min ago; BingX: live order book, 9 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, 63 min ago	2.02 bp	26.4 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	6.69 bp	27.2 bp −$27	88.3 bp −$883	881.2 bp −$88.1K	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	−0.0537%	1h	0.05167	−0.112%	$45K	$32K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.727%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05189	+0.313%	$16K	$8K	3x	as long as short
Hyperliquid 2Zlong	+0.0100%	1h	0.05173	long leg	$685K	$360K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05182	+0.169%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05188	+0.288%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05176	+0.062%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05173	+0.004%	$677K	$960K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05169	−0.073%	$446K	$692K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05183	+0.197%	$91K	$68K	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	0.05173	+0.004%	$288K	$121K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05179	+0.120%	$191K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05172	−0.015%	$145K	$584K	50x	as long as short
BingX 2Z-USDTshort	+0.0100%	4h	0.05171	−0.035%	—	$6.5M	—
Variational Omni 2Z	+0.0100%	4h	0.05194	+0.412%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05180	+0.139%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1048%	1h	0.05209	+0.706%	$6K	$3K	10x	as long as short