Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0470%/8h= +51.5% APRpaid last 24h +0.030%

Price spread now: Hyperliquid against OKX+0.166%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1301.302% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 4 days (all we have)−0.214%−$21 · spread now +0.166%, 7d avg +0.068%

Together, before fees−0.001%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.098% dearer against OKX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.068%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.213% in total (about 11.1% 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	OKX GMT-USDT-SWAP	0.008454	−0.0370	get 0.0185% / 4h	2h 43m	$392K	$1.2M	20x
Short	Hyperliquid GMT	0.008468	0.0100	get 0.0013% / 1h	43m 46s	$113K	$151K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.166%Rate

Funding earned: $98.7
Price spread: +0.166% → +0.068%: $9.75
Slippage, 4 orders: −$111.2
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$21.75
Costs to cover: 1.302%
Break-even: 8.5 days

Slippage from OKX: live order book, 3 min ago; Hyperliquid: live order book, 25 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 OKX live order book, 3 min ago	2.95 bp	33.0 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 25 min ago	1.18 bp	31.3 bp −$31	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	−0.1176%	1h	0.008480	+0.309%	$43K	$13K	20x	as long as short
Bybit GMTUSDT	−0.0440%	8h	0.008462	+0.095%	$1.1M	$2.0M	50x	as long as short
OKX GMT-USDT-SWAPlong	−0.0370%	4h	0.008454	long leg	$392K	$1.2M	20x
Variational Omni GMT	−0.0309%	8h	0.008481	+0.320%	$4K	$5K	—	as long as short
KuCoin GMTUSDTM	−0.0266%	4h	0.008490	+0.426%	$261K	$181K	50x	as long as short
Bitget GMTUSDT	+0.0048%	4h	0.008467	+0.154%	$677K	$622K	50x	as long as short
Aster GMTUSDT	+0.0053%	4h	0.008473	+0.228%	$7K	$22K	10x	as long as short
BingX GMT-USDT	+0.0064%	4h	0.008460	+0.071%	—	$1.3M	—	as long as short
Hyperliquid GMTshort	+0.0100%	1h	0.008468	+0.166%	$113K	$151K	3x
Binance GMTUSDT	+0.0100%	4h	0.008464	+0.121%	$2.9M	$5.3M	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	0.008490	+0.426%	$144K	$175K	50x	as long as short
MEXC GMT_USDT	+0.0100%	4h	0.008468	+0.166%	$429K	$210K	20x	as long as short