Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.029%

Price spread now: Hyperliquid against OKX+0.237%7-day average +0.196% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$680.681% of the position

Long on OKX Short on Hyperliquid

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−0.142%−$14 · spread now +0.237%, 7d avg +0.196%

Together, before fees−0.004%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 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 0.041% dearer against OKX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.196%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX AR-USDT-SWAP	4.4740	0.0100	pay 0.0100% / 8h	1h 56m	$2.2M	$20.5M	20x
Short	Hyperliquid AR	4.4846	0.0100	get 0.0013% / 1h	56m 06s	$3.8M	$4.8M	5x

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 +0.237%Rate

Funding earned: $0
Price spread: +0.237% → +0.196%: $4.1
Slippage, 4 orders: −$49.06
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$63.96
Costs to cover: 0.681%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Hyperliquid: live order book, 6 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 OKX live order book, 2 min ago	2.25 bp	18.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	3.37 bp	10.8 bp −$11	doesn't fit	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	−0.1931%	1h	4.4812	+0.160%	$46K	$154K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.4754	+0.030%	$575K	—	50x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+2.190%	$3K	$339	5.5x	as long as short
Hyperliquid ARshort	+0.0100%	1h	4.4846	+0.237%	$3.8M	$4.8M	5x
Aster ARUSDT	+0.0100%	8h	4.4802	+0.139%	$20K	$621K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4782	+0.093%	$8.8M	$55.7M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4770	+0.067%	$4.6M	$8.9M	75x	as long as short
OKX AR-USDT-SWAPlong	+0.0100%	8h	4.4740	long leg	$2.2M	$20.5M	20x
Gate AR_USDT	+0.0100%	8h	4.4770	+0.067%	$2.5M	$2.3M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4770	+0.067%	$6.8M	$4.5M	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	4.4760	+0.045%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4760	+0.045%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4780	+0.089%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4423	−0.708%	$135K	$174K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4440	−0.671%	$56K	$748K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4773	+0.073%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4480	−0.581%	$419K	$662K	20x	as long as short