Funding arb · Price arb /

FOGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX+0.116%7-day average −0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$151as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1441.437% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 4 days (all we have)−0.131%−$13 · spread now +0.116%, 7d avg −0.092%

Together, before fees−0.206%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 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 0.207% dearer against BingX than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of −0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX FOGO-USDT	0.006900	0.0100	pay 0.0050% / 4h	56m 11s	—	$1.3M	—
Short	Hyperliquid FOGO	0.006908	0.0100	get 0.0013% / 1h	56m 11s	$705K	$302K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.116%Rate

Funding earned: $0
Price spread: +0.116% → −0.092%: $20.75
Slippage, 4 orders: −$124.74
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$122.99
Costs to cover: 1.437%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Hyperliquid: live order book, 44 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 BingX live order book, 2 min ago	5.81 bp	32.7 bp −$33	117.7 bp −$1,177	1162.6 bp −$116.3K	doesn't fit
Sell Hyperliquid live order book, 44 min ago	2.89 bp	33.8 bp −$34	doesn't fit	doesn't fit	doesn't fit

FOGO on 13 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
Lighter FOGO	+0.0096%	1h	0.006920	+0.290%	$11K	$10K	3x	as long as short
Hyperliquid FOGOshort	+0.0100%	1h	0.006908	+0.116%	$705K	$302K	3x
Aster FOGOUSDT	+0.0100%	4h	0.006908	+0.116%	$12K	$12K	5x	as long as short
Binance FOGOUSDT	+0.0100%	4h	0.006910	+0.148%	$1.8M	$2.1M	50x	as long as short
Bybit FOGOUSDT	+0.0100%	4h	0.006903	+0.043%	$762K	$191K	50x	as long as short
OKX FOGO-USDT-SWAP	+0.0100%	4h	0.006902	+0.029%	$525K	$863K	10x	as long as short
Gate FOGO_USDT	+0.0100%	4h	0.006900	0.000%	$110K	$51K	50x	as long as short
MEXC FOGO_USDT	+0.0100%	4h	0.006910	+0.145%	$318K	$122K	50x	as long as short
KuCoin FOGOUSDTM	+0.0100%	4h	0.006900	0.000%	$283K	$94K	50x	as long as short
Bitget FOGOUSDT	+0.0100%	4h	0.006910	+0.145%	$130K	$81K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX FOGO-USDTlong	+0.0100%	4h	0.006900	long leg	—	$1.3M	—
Variational Omni FOGO	+0.0100%	4h	0.006883	−0.245%	$97K	$2K	—	as long as short
SunX FOGO-USDT	+0.0100%	4h	0.006900	0.000%	$2K	$1.2M	20x	as long as short