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 −0.043%

Price spread now: OKX against Hyperliquid−0.075%7-day average −0.131% · 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−$57as in the Price arb table

costs, in and out, $10k−$630.627% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 7 days−0.020%−$2 · spread now −0.075%, 7d avg −0.131%

Together, before fees−0.176%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 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 0.055% dearer against Hyperliquid than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.131%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid CC	0.1157	0.0100	pay 0.0013% / 1h	56m 56s	$5.4M	$1.3M	3x
Short	OKX CC-USDT-SWAP	0.1156	0.0100	get 0.0050% / 4h	1h 56m	$2.5M	$3.3M	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 −0.075%Rate

Funding earned: $0
Price spread: −0.075% → −0.131%: $5.54
Slippage, 4 orders: −$43.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$57.15
Costs to cover: 0.627%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; OKX: live order book, just now.

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, 5 min ago	0.43 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, just now	2.59 bp	22.5 bp −$23	doesn't fit	doesn't fit	doesn't fit

CC on 19 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
Injective CC/USDC PERP	−0.3951%	1h	0.1146	−0.965%	$6K	$96	5.5x	as long as short
Gate CC_USDT	+0.0008%	4h	0.1154	−0.265%	$359K	$207K	50x	as long as short
MEXC CC_USDT	+0.0070%	4h	0.1156	−0.118%	$1.6M	$293K	100x	as long as short
Bybit CCUSDT	+0.0076%	4h	0.1156	−0.136%	$10.4M	$3.7M	25x	as long as short
Paradex CC-USD-PERP	+0.0088%	8h	0.1156	−0.138%	$1K	—	5x	as long as short
Hyperliquid CClong	+0.0100%	1h	0.1157	long leg	$5.4M	$1.3M	3x
Aster CCUSDT	+0.0100%	4h	0.1157	−0.049%	$34K	$39K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1156	−0.129%	$11.0M	$10.9M	75x	as long as short
OKX CC-USDT-SWAPshort	+0.0100%	4h	0.1156	−0.075%	$2.5M	$3.3M	20x
KuCoin CCUSDTM	+0.0100%	4h	0.1157	−0.049%	$488K	$114K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CCUSDT	+0.0100%	4h	0.1156	−0.110%	$926K	$792K	20x	as long as short
BingX CC-USDT	+0.0100%	4h	0.1156	−0.084%	—	$6.6M	—	as long as short
Backpack CC_USDC_PERP	+0.0100%	1h	0.1155	−0.162%	$16K	$22K	10x	as long as short
Variational Omni CC	+0.0100%	4h	0.1156	−0.093%	$577K	$43K	—	as long as short
GRVT CC_USDT_Perp	+0.0100%	4h	0.1157	+0.024%	$85K	$2.2M	10x	as long as short
Derive CC-PERP	+0.0100%	1h	0.1154	−0.251%	$7K	$35K	6.7x	as long as short
BloFin CC-USDT	+0.0340%	4h	0.1156	−0.127%	$584K	$104K	75x	as long as short
GMX CC/USD [WBTC.b-USDC]	L +0.0440% / S −0.0239%	1h	0.1156	−0.092%	$43K	—	50x	as long as short
Lighter CC	+0.1160%	1h	0.1160	+0.279%	$232K	$148K	5x	as long as short