Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.029%

Price spread now: OKX against Hyperliquid−0.159%7-day average −0.196% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$710.711% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.159%, 7d avg −0.196%

Together, before fees−0.075%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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 0.037% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.196%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.4761	0.0100	pay 0.0013% / 1h	40m 54s	$3.8M	$4.9M	5x
Short	OKX AR-USDT-SWAP	4.4690	0.0100	get 0.0100% / 8h	2h 40m	$2.2M	$20.8M	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 −0.159%Rate

Funding earned: $0
Price spread: −0.159% → −0.196%: $3.73
Slippage, 4 orders: −$52.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$67.41
Costs to cover: 0.711%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; OKX: live order book, 3 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, 11 min ago	3.35 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	1.12 bp	20.0 bp −$20	102.6 bp −$1,026	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	−0.2007%	1h	4.4706	−0.123%	$46K	$155K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.4720	−0.091%	$575K	—	50x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+2.142%	$3K	$363	5.5x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.4761	long leg	$3.8M	$4.9M	5x
Aster ARUSDT	+0.0100%	8h	4.4680	−0.181%	$20K	$630K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4702	−0.131%	$8.8M	$56.7M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4720	−0.092%	$4.6M	$8.9M	75x	as long as short
OKX AR-USDT-SWAPshort	+0.0100%	8h	4.4690	−0.159%	$2.2M	$20.8M	20x
Gate AR_USDT	+0.0100%	8h	4.4670	−0.203%	$2.5M	$2.3M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4710	−0.114%	$6.7M	$4.7M	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ARUSDTM	+0.0100%	8h	4.4720	−0.092%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4680	−0.181%	$3.8M	$5.7M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4690	−0.159%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4725	−0.080%	$137K	$173K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4700	−0.136%	$57K	$747K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4697	−0.144%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4710	−0.114%	$422K	$674K	20x	as long as short