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: Bitget against Hyperliquid+0.116%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$880.878% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.485%+$48 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.116%, 7d avg −0.002%

Together, before fees+0.409%+ Points / potential airdropHyperliquid: Season 2 · farm board+$41 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: Bitget is 0.117% dearer against Hyperliquid than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid 2Z	0.05193	0.0100	pay 0.0013% / 1h	12m 25s	$666K	$374K	3x
Short	Bitget 2ZUSDT	0.05199	0.0100	get 0.0050% / 4h	2h 12m	$147K	$611K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.116%Rate

Funding earned: $0
Price spread: +0.116% → −0.002%: $11.71
Slippage, 4 orders: −$66.8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$76.09
Costs to cover: 0.878%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 37 min ago; Bitget: live order book, 53 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, 37 min ago	1.25 bp	25.9 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 53 min ago	8.60 bp	23.2 bp −$23	131.8 bp −$1,318	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	−0.0549%	1h	0.05195	+0.039%	$45K	$32K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.102%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05203	+0.193%	$16K	$8K	3x	as long as short
Hyperliquid 2Zlong	+0.0100%	1h	0.05193	long leg	$666K	$374K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05199	+0.109%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05195	+0.033%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05192	−0.012%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05199	+0.116%	$685K	$961K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05197	+0.077%	$447K	$709K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05195	+0.039%	$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	+0.058%	$294K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05196	+0.064%	$191K	$52K	50x	as long as short
Bitget 2ZUSDTshort	+0.0100%	4h	0.05199	+0.116%	$147K	$611K	50x
BingX 2Z-USDT	+0.0100%	4h	0.05194	+0.019%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05202	+0.174%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05201	+0.154%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1048%	1h	0.05209	+0.316%	$6K	$3K	10x	as long as short