Funding arb · Price arb /

GRIFFAIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h —

Price spread now: Reya against Hyperliquid−25.095%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 25.095% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2,510 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid GRIFFAIN	0.01571	0.0100	pay 0.0013% / 1h	32m 01s	$1.2M	$100K	3x
Short	Reya GRIFFAINRUSDPERP	0.01177	0	get 0.0000% / 1h	32m 01s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −25.095%Rate

Funding earned: −$21
Price spread: −25.095% → 0.000%: −$2,509.52
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,545.52
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Reya: no order-book sample. Net counts fees only.

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, 8 min ago	10.72 bp	46.9 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 GRIFFAINRUSDPERPshort	0.0000%	1h	0.01177	−25.095%	—	—	—
Hyperliquid GRIFFAINlong	+0.0100%	1h	0.01571	long leg	$1.2M	$100K	3x
Bybit GRIFFAINUSDT	+0.0100%	4h	0.01570	−0.127%	$773K	$456K	25x	as long as short
Gate GRIFFAIN_USDT	+0.0100%	4h	0.01570	−0.095%	$432K	$84K	10x	as long as short
KuCoin GRIFFAINUSDTM	+0.0100%	4h	0.01567	−0.286%	$482K	$45K	20x	as long as short
Bitget GRIFFAINUSDT	+0.0116%	4h	0.01570	−0.095%	$377K	$275K	10x	as long as short
MEXC GRIFFAIN_USDT	+0.0384%	4h	0.01571	−0.032%	$285K	$116K	100x	as long as short
Binance GRIFFAINUSDT	+0.0384%	4h	0.01570	−0.070%	$4.2M	$1.8M	20x	as long as short
BingX GRIFFAIN-USDT	+0.0412%	4h	0.01570	−0.089%	—	$6.5M	—	as long as short
BloFin GRIFFAIN-USDT	+0.0440%	4h	0.01571	−0.013%	$278K	$12K	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster GRIFFAINUSDT	+0.0563%	4h	0.01569	−0.131%	$15K	$19K	5x	as long as short
Kraken Futures PF_GRIFFAINUSD	+0.5444%	1h	0.01577	+0.346%	$18K	$21K	10x	as long as short