Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0565%/8h= −61.9% APRpaid last 24h −0.030%

Price spread now: OKX against Hyperliquid−0.152%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1201.202% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)+0.226%+$23 · spread now −0.152%, 7d avg −0.068%

Together, before fees+0.019%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and OKX is 0.084% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.068%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.207% in total (about -10.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid GMT	0.008530	0.0100	pay 0.0013% / 1h	32m 43s	$113K	$149K	3x
Short	OKX GMT-USDT-SWAP	0.008517	−0.0465	pay 0.0232% / 4h	3h 32m	$398K	$1.2M	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 −0.152%Rate

Funding earned: −$118.64
Price spread: −0.152% → −0.068%: −$8.44
Slippage, 4 orders: −$101.16
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$247.24
Costs to cover: 1.202%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 46 min ago; OKX: live order book, 4 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 Hyperliquid live order book, 46 min ago	1.74 bp	29.1 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.76 bp	32.5 bp −$32	doesn't fit	doesn't fit	doesn't fit

GMT on 12 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
Kraken Futures PF_GMTUSD	−0.1575%	1h	0.008528	−0.026%	$44K	$12K	20x	as long as short
Bybit GMTUSDT	−0.0499%	8h	0.008530	0.000%	$1.1M	$2.0M	50x	as long as short
OKX GMT-USDT-SWAPshort	−0.0465%	4h	0.008517	−0.152%	$398K	$1.2M	20x
KuCoin GMTUSDTM	−0.0452%	4h	0.008530	0.000%	$276K	$180K	50x	as long as short
Variational Omni GMT	−0.0265%	8h	0.008525	−0.059%	$3K	$5K	—	as long as short
Aster GMTUSDT	−0.0101%	4h	0.008529	−0.014%	$7K	$22K	10x	as long as short
Bitget GMTUSDT	−0.0030%	4h	0.008525	−0.059%	$679K	$617K	50x	as long as short
BingX GMT-USDT	+0.0050%	4h	0.008520	−0.117%	—	$1.3M	—	as long as short
Hyperliquid GMTlong	+0.0100%	1h	0.008530	long leg	$113K	$149K	3x
Binance GMTUSDT	+0.0100%	4h	0.008526	−0.047%	$2.9M	$5.2M	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate GMT_USDT	+0.0100%	8h	0.008540	+0.117%	$151K	$174K	50x	as long as short
MEXC GMT_USDT	+0.0100%	4h	0.008525	−0.059%	$432K	$209K	20x	as long as short