Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h +0.056%

Price spread now: Hyperliquid against BloFin+0.072%47s7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 3 days (all we have)+0.077%+$8 · spread now +0.072%, 7d avg +0.078%

Together, before fees+0.151%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.078%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.074%, so the current rate has only just turned against you. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	86,766.2	0.0181	pay 0.0181% / 8h	2h 14m	$415.5M	$656.2M	150x
Short	Hyperliquid BTC	86,829	0.0100	get 0.0013% / 1h	14m 26s	$3.82B	$5.12B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$17.07
Price spread: +0.072% → +0.078%: −$0.58
Slippage, 4 orders: −$0.14
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$38.79
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Hyperliquid: live order book, 10 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 BloFin live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.7 bp −$673	doesn't fit
Sell Hyperliquid live order book, 10 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	−0.0242%	1h	86,757.4	−0.010%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,769.4	+0.004%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	−0.031%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,751	−0.018%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0061%	1h	86,782.5	+0.019%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,776	+0.011%	$362K	$2.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,778.2	+0.014%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,749.6	−0.019%	$850.3M	$707.6M	125x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,739.7	−0.031%	$506.4M	$1.16B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0018%	1h	86,808.5	+0.049%	$931.2M	$1.47B	50x	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	86,744.3	−0.025%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,766.4	0.000%	$150.4M	$472.3M	150x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,737.4	−0.033%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,748.7	−0.020%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.147%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,748.7	−0.020%	$5.20B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,747.8	−0.021%	$9.44B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,768	+0.002%	$9.4M	$41.9M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,749.6	−0.019%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,754.7	−0.013%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,747.4	−0.022%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0089%	8h	86,765	−0.001%	$2.56B	$12.75B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,765.6	−0.001%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,774.6	+0.010%	$24.1M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,748	−0.021%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,742	−0.028%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,800.8	+0.040%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,746.6	−0.023%	$21.7M	$235.5M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,829	+0.072%	$3.82B	$5.12B	40x
Pacifica BTC	+0.0100%	1h	86,789.4	+0.027%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,755	−0.013%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,820.6	+0.063%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.030%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,771.8	+0.006%	$38.1M	$149.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,796.1	+0.035%	$159.7M	$566.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,776.5	+0.012%	$280.3M	$952.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,797.1	+0.036%	$218.0M	$187.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,813.3	+0.054%	$141.7M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,791.7	+0.029%	$30.8M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,813.9	+0.055%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,754	−0.014%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,757.2	−0.010%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,768.5	+0.003%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,777.3	+0.013%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,759.3	−0.008%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,765	−0.001%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,766	0.000%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,761.5	−0.005%	$2.30B	$959.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,735	−0.036%	$46.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,789.6	+0.027%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,805.3	+0.045%	$188.1M	$934.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,813	+0.054%	$131.9M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,797	+0.035%	$9.7M	$727.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,769.5	+0.004%	$15.0M	—	200x	as long as short
BloFin BTC-USDTlong	+0.0181%	8h	86,766.2	long leg	$415.5M	$656.2M	150x
Hibachi BTC/USDT-P	+0.0200%	1h	86,784.5	+0.021%	$779K	$7.7M	30x	as long as short