Funding arb · Price arb /

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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 −0.003%

Price spread now: Bitget against Hyperliquid−0.180%7-day average −0.204% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$710.713% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.180%, 7d avg −0.204%

Together, before fees−0.041%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 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 0.024% dearer against Hyperliquid than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.204%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.5091	0.0100	pay 0.0013% / 1h	53m 08s	$4.1M	$4.7M	5x
Short	Bitget ARUSDT	4.5010	0.0100	get 0.0100% / 8h	6h 53m	$3.9M	$5.6M	75x

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 −0.180%Rate

Funding earned: $0
Price spread: −0.180% → −0.204%: $2.42
Slippage, 4 orders: −$50.35
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$68.92
Costs to cover: 0.713%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Bitget: live order book, 5 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, 9 min ago	4.60 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	4.41 bp	17.2 bp −$17	91.6 bp −$916	doesn't fit	doesn't fit

AR 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
Kraken Futures PF_ARUSD	−0.1699%	1h	4.5099	+0.018%	$55K	$148K	20x	as long as short
Injective AR/USDC PERP	−0.0353%	1h	4.6110	+2.260%	$2K	$2K	5.5x	as long as short
OKX AR-USDT-SWAP	−0.0149%	8h	4.5040	−0.113%	$2.3M	$19.5M	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0141% / S +0.0551%	1h	4.4994	−0.215%	$578K	—	50x	as long as short
MEXC AR_USDT	+0.0005%	8h	4.5060	−0.069%	$6.1M	$4.2M	100x	as long as short
Binance ARUSDT	+0.0008%	8h	4.5043	−0.107%	$8.9M	$53.5M	75x	as long as short
Extended AR-USD	+0.0008%	1h	4.4992	−0.219%	$37K	$243K	10x	as long as short
BloFin AR-USDT	+0.0031%	8h	4.5040	−0.113%	$433K	$527K	20x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.5091	long leg	$4.1M	$4.7M	5x
Aster ARUSDT	+0.0100%	8h	4.4917	−0.387%	$26K	$500K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARUSDT	+0.0100%	8h	4.5027	−0.142%	$4.5M	$8.5M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.5010	−0.180%	$2.5M	$2.1M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5000	−0.202%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDTshort	+0.0100%	8h	4.5010	−0.180%	$3.9M	$5.6M	75x
BingX AR-USDT	+0.0100%	8h	4.5040	−0.113%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5018	−0.162%	$140K	$165K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5300	+0.464%	$23K	$743K	50x	as long as short