Funding arb · Price arb /

ALT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0251%/8h= +27.5% APRnext payment +$0.31 per $10,000 · paid last 24h —

Price spread now: Hyperliquid against Deribit+0.053%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 6 hours (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.053% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ALT_USDC-PERPETUAL	0.007479	−0.0151	get 0.0019% / 1h	56m 45s	—	$0	25x
Short	Hyperliquid ALT	0.007483	0.0100	get 0.0013% / 1h	56m 45s	$1.1M	$186K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Deribit. 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 DeribitbpFee HyperliquidbpOrdersPrice spread, now +0.053%Rate

Funding earned: $52.7
Price spread: +0.053% → 0.000%: $5.35
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $42.05
Costs to cover: 0.160%
Break-even: 1.4 days

Slippage unknown: Deribit: no order-book sample; Hyperliquid: live order book, 4 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 Deribit no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 4 min ago	2.01 bp	21.7 bp −$22	doesn't fit	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ALT on 14 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
Variational Omni ALT	−0.0296%	4h	0.007453	−0.344%	$4K	$12K	—	as long as short
Deribit ALT_USDC-PERPETUALlong	−0.0151%	1h	0.007479	long leg	—	$0	25x
Bybit ALTUSDT	−0.0128%	4h	0.007480	+0.013%	$1.2M	$1.6M	25x	as long as short
Injective ALT/USDC PERP	+0.0033%	1h	0.007381	−1.310%	$815	$4K	5.5x	as long as short
Hyperliquid ALTshort	+0.0100%	1h	0.007483	+0.053%	$1.1M	$186K	3x
Binance ALTUSDT	+0.0100%	4h	0.007487	+0.107%	$2.6M	$3.5M	50x	as long as short
Gate ALT_USDT	+0.0100%	8h	0.007479	0.000%	$50K	$410K	25x	as long as short
MEXC ALT_USDT	+0.0100%	4h	0.007487	+0.107%	$380K	$187K	50x	as long as short
KuCoin ALTUSDTM	+0.0100%	4h	0.007480	+0.013%	$149K	$21K	30x	as long as short
Bitget ALTUSDT	+0.0100%	4h	0.007477	−0.027%	$614K	$99K	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ALT-USDT	+0.0100%	4h	0.007485	+0.080%	—	$1.3M	—	as long as short
BloFin ALT-USDT	+0.0116%	4h	0.007468	−0.147%	$172K	$9K	50x	as long as short
Kraken Futures PF_ALTUSD	+0.0348%	1h	0.007490	+0.142%	$44K	$8K	10x	as long as short
Coinbase International ALT-PERP-INTX	+0.0448%	1h	0.007486	+0.094%	$14K	$3K	50x	as long as short