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: OKX against Hyperliquid−0.039%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1071.069% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.328%+$33 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.039%, 7d avg −0.014%

Together, before fees+0.360%+ Points / potential airdropHyperliquid: Season 2 · farm board+$36 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: OKX is 0.025% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid 2Z	0.05162	0.0100	pay 0.0013% / 1h	55m 02s	$683K	$360K	3x
Short	OKX 2Z-USDT-SWAP	0.05160	0.0100	get 0.0050% / 4h	2h 55m	$444K	$690K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → −0.014%: −$2.5
Slippage, 4 orders: −$87.91
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$109.4
Costs to cover: 1.069%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 65 min ago; OKX: 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, 65 min ago	2.02 bp	26.4 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 11 min ago	3.82 bp	35.0 bp −$35	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	−0.0867%	1h	0.05156	−0.116%	$45K	$32K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.526%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05171	+0.174%	$16K	$8K	3x	as long as short
Hyperliquid 2Zlong	+0.0100%	1h	0.05162	long leg	$683K	$360K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05160	−0.033%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05161	−0.015%	$74K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05161	−0.019%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05160	−0.039%	$675K	$961K	50x	as long as short
OKX 2Z-USDT-SWAPshort	+0.0100%	4h	0.05160	−0.039%	$444K	$690K	20x
Gate 2Z_USDT	+0.0100%	4h	0.05164	+0.039%	$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	0.05162	0.000%	$288K	$121K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05162	−0.002%	$190K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05159	−0.058%	$145K	$589K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05158	−0.077%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05161	−0.025%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05163	+0.019%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1052%	1h	0.05191	+0.562%	$6K	$3K	10x	as long as short