Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against OKX+0.057%7-day average +0.015% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Hyperliquid

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)−0.063%−$6 · spread now +0.057%, 7d avg +0.015%

Together, before fees−0.391%+ Points / potential airdropHyperliquid: Season 2 · farm board−$39 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 0.043% dearer against OKX than usual: you sell high and buy low, +$4 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	OKX 2Z-USDT-SWAP	0.05233	0.0100	pay 0.0050% / 4h	3h 33m	$449K	$713K	20x
Short	Hyperliquid 2Z	0.05236	0.0100	get 0.0013% / 1h	33m 21s	$676K	$353K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.057%Rate

Funding earned: $0
Price spread: +0.057% → +0.015%: $4.26
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$14.74
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 18 min ago; Hyperliquid: live order book, 56 min ago. Net counts fees only.

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 OKX live order book, 18 min ago	1.90 bp	33.6 bp −$34	1814.1 bp −$18.1K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 56 min ago	0.29 bp	doesn't fit	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	−0.0657%	1h	0.05229	−0.076%	$45K	$22K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.835%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05242	+0.172%	$17K	$6K	3x	as long as short
Hyperliquid 2Zshort	+0.0100%	1h	0.05236	+0.057%	$676K	$353K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05237	+0.067%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05234	+0.015%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05231	−0.046%	$2.1M	$2.2M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05238	+0.096%	$721K	$963K	50x	as long as short
OKX 2Z-USDT-SWAPlong	+0.0100%	4h	0.05233	long leg	$449K	$713K	20x
Gate 2Z_USDT	+0.0100%	4h	0.05241	+0.153%	$91K	$61K	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	0.05239	+0.115%	$328K	$131K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05232	−0.015%	$179K	$55K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05240	+0.134%	$162K	$625K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05235	+0.038%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05239	+0.107%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05237	+0.076%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0567%	1h	0.05243	+0.193%	$5K	$3K	10x	as long as short