Funding arb · Price arb /

GRIFFAIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0466%/8h= +51.1% APRpaid last 24h +0.197%

Price spread now: Bitget against Hyperliquid−0.058%7-day average −0.145% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$150as in the Price arb table

costs, in and out, $10k−$1591.588% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.242%+$24 on $10k

Price spread, last 4 days (all we have)−0.168%−$17 · spread now −0.058%, 7d avg −0.145%

Together, before fees+0.075%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 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 Bitget is 0.087% dearer against Hyperliquid than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.145%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.242% in total (about 12.6% 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 GRIFFAIN	0.01543	0.0418	pay 0.0052% / 1h	36m 43s	$1.2M	$99K	3x
Short	Bitget GRIFFAINUSDT	0.01542	0.0884	get 0.0442% / 4h	36m 43s	$359K	$254K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.058%Rate

Funding earned: $97.91
Price spread: −0.058% → −0.145%: $8.7
Slippage, 4 orders: −$137.83
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$52.23
Costs to cover: 1.588%
Break-even: 10.7 days

Slippage from Hyperliquid: live order book, 4 min ago; Bitget: live order book, 34 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, 4 min ago	11.32 bp	42.5 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 34 min ago	12.98 bp	27.9 bp −$28	552.2 bp −$5,522	doesn't fit	doesn't fit

GRIFFAIN 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
Reya GRIFFAINRUSDPERP	0.0000%	1h	0.01177	−23.711%	—	—	—	as long as short
Bybit GRIFFAINUSDT	+0.0100%	4h	0.01542	−0.045%	$727K	$427K	25x	as long as short
Gate GRIFFAIN_USDT	+0.0100%	4h	0.01542	−0.078%	$423K	$80K	10x	as long as short
KuCoin GRIFFAINUSDTM	+0.0100%	4h	0.01540	−0.188%	$485K	$50K	20x	as long as short
Hyperliquid GRIFFAINlong	+0.0418%	1h	0.01543	long leg	$1.2M	$99K	3x
BloFin GRIFFAIN-USDT	+0.0816%	4h	0.01543	+0.019%	$274K	$12K	20x	as long as short
BingX GRIFFAIN-USDT	+0.0830%	4h	0.01541	−0.117%	—	$6.5M	—	as long as short
MEXC GRIFFAIN_USDT	+0.0856%	4h	0.01540	−0.188%	$313K	$112K	100x	as long as short
Binance GRIFFAINUSDT	+0.0864%	4h	0.01541	−0.143%	$4.1M	$1.7M	20x	as long as short
Bitget GRIFFAINUSDTshort	+0.0884%	4h	0.01542	−0.058%	$359K	$254K	10x

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster GRIFFAINUSDT	+0.0918%	4h	0.01540	−0.175%	$15K	$35K	5x	as long as short
Kraken Futures PF_GRIFFAINUSD	+1.5668%	1h	0.01551	+0.537%	$17K	$28K	10x	as long as short