Funding arb · Price arb /

FOGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bitget−0.115%7-day average −0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$193as in the Funding arb table

Net, price: spread back to 7d avg − costs−$182as in the Price arb table

costs, in and out, $10k−$1861.858% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.071%−$7 · spread now −0.115%, 7d avg −0.153%

Together, before fees−0.146%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 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 0.038% dearer against Bitget than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.153%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget FOGOUSDT	0.006950	0.0100	pay 0.0050% / 4h	3h 34m	$134K	$63K	25x
Short	Hyperliquid FOGO	0.006942	0.0100	get 0.0013% / 1h	34m 04s	$706K	$291K	3x

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

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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 −0.115%Rate

Funding earned: $0
Price spread: −0.115% → −0.153%: $3.76
Slippage, 4 orders: −$164.77
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$182.01
Costs to cover: 1.858%
Break-even: never at this rate

Slippage from Bitget: live order book, 10 min ago; Hyperliquid: live order book, 56 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, 10 min ago	7.18 bp	50.4 bp −$50	422.2 bp −$4,222	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 56 min ago	2.89 bp	25.9 bp −$26	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	0.006956	+0.086%	$11K	$9K	3x	as long as short
Hyperliquid FOGOshort	+0.0100%	1h	0.006942	−0.115%	$706K	$291K	3x
Aster FOGOUSDT	+0.0100%	4h	0.006955	+0.071%	$13K	$12K	5x	as long as short
Binance FOGOUSDT	+0.0100%	4h	0.006951	+0.014%	$1.9M	$2.1M	50x	as long as short
Bybit FOGOUSDT	+0.0100%	4h	0.006945	−0.072%	$757K	$200K	50x	as long as short
OKX FOGO-USDT-SWAP	+0.0100%	4h	0.006934	−0.230%	$528K	$867K	10x	as long as short
Gate FOGO_USDT	+0.0100%	4h	0.006950	0.000%	$112K	$53K	50x	as long as short
MEXC FOGO_USDT	+0.0100%	4h	0.006950	0.000%	$319K	$122K	50x	as long as short
KuCoin FOGOUSDTM	+0.0100%	4h	0.006950	0.000%	$283K	$94K	50x	as long as short
Bitget FOGOUSDTlong	+0.0100%	4h	0.006950	long leg	$134K	$63K	25x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX FOGO-USDT	+0.0100%	4h	0.006949	−0.014%	—	$1.3M	—	as long as short
Variational Omni FOGO	+0.0100%	4h	0.006947	−0.046%	$97K	$2K	—	as long as short
SunX FOGO-USDT	+0.0100%	4h	0.006930	−0.288%	$2K	$1.2M	20x	as long as short