Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.037%

Price spread now: Hyperliquid against Bitget+0.087%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 7 days−0.085%−$8 · spread now +0.087%, 7d avg +0.040%

Together, before fees+0.008%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.047% dearer against Bitget than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BTCUSDT	86,745.3	0.0035	pay 0.0035% / 8h	2h 18m	$2.96B	$5.08B	150x
Short	Hyperliquid BTC	86,821	0.0100	get 0.0013% / 1h	18m 55s	$3.82B	$5.12B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.087%Rate

Funding earned: $13.65
Price spread: +0.087% → +0.040%: $4.74
Slippage, 4 orders: −$0.13
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$2.74
Costs to cover: 0.211%
Break-even: 8.4 days

Slippage from Bitget: live order book, 5 min ago; Hyperliquid: 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 Bitget live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$683	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.7 bp −$567	doesn't fit

BTC on 56 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
Aftermath Perps BTCUSD	−0.0238%	1h	86,733.9	−0.013%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,783.3	+0.044%	$430K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,750	+0.005%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,773	+0.032%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0065%	1h	86,773.8	+0.033%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,781.5	+0.042%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,771.6	+0.030%	$932.7M	$1.45B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,762.3	+0.020%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,750	+0.005%	$849.5M	$707.3M	125x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,746.8	+0.002%	$506.6M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,742.1	−0.004%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,739.1	−0.007%	$150.1M	$471.9M	150x	as long as short
BingX BTC-USDC	+0.0026%	8h	86,747	+0.002%	—	$15.3M	—	as long as short
Bitget BTCUSDTlong	+0.0035%	8h	86,745.3	long leg	$2.96B	$5.08B	150x
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.123%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,741.4	−0.005%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,768.8	+0.027%	$5.20B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,759	+0.016%	$9.44B	$24.36B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,762.5	+0.020%	$9.2M	$41.7M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,761.4	+0.019%	$5.86B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,748.7	+0.004%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0085%	8h	86,757.8	+0.014%	$2.56B	$12.75B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,752.8	+0.009%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,762.1	+0.019%	$24.2M	$154.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,754	+0.010%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,745	0.000%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,825.6	+0.093%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,770.3	+0.029%	$21.8M	$235.4M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,821	+0.087%	$3.82B	$5.12B	40x
Pacifica BTC	+0.0100%	1h	86,795.9	+0.058%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,774	+0.033%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,821.6	+0.088%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.054%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,740.2	−0.006%	$38.1M	$148.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,754.4	+0.010%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,763.7	+0.021%	$280.3M	$952.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,756.8	+0.013%	$217.9M	$187.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,779.4	+0.039%	$141.7M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,754.7	+0.011%	$30.8M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,816.9	+0.083%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,751	+0.007%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,753.6	+0.010%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,758.1	+0.015%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,764.8	+0.022%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,750.1	+0.005%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,774.7	+0.034%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,740	−0.006%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,769.9	+0.028%	$2.30B	$958.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,747.6	+0.003%	$46.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,762.3	+0.020%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,771.1	+0.030%	$188.0M	$933.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,786.6	+0.048%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0146%	8h	86,811	+0.076%	$9.6M	$727.1M	6.4x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,740.2	−0.006%	$415.7M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,760.4	+0.017%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,801.3	+0.065%	$710K	$7.4M	30x	as long as short