Funding arb · Price arb /

HEMI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0997%/8h= −109.2% APRpaid last 24h −0.080%

Price spread now: Binance against Hyperliquid−0.182%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$900.899% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.484%−$48 on $10k

Price spread, last 7 days+0.025%+$2 · spread now −0.182%, 7d avg −0.074%

Together, before fees−0.459%+ Points / potential airdropHyperliquid: Season 2 · farm board−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Binance is 0.108% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.074%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.484% in total (about -25.2% 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 HEMI	0.006593	0.1254	pay 0.0157% / 1h	19m 58s	$1.1M	$350K	3x
Short	Binance HEMIUSDT	0.006581	0.0257	get 0.0129% / 4h	1h 19m	$6.5M	$10.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.182%Rate

Funding earned: −$209.41
Price spread: −0.182% → −0.074%: −$10.75
Slippage, 4 orders: −$70.86
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$310.02
Costs to cover: 0.899%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, just now; Binance: live order book, 5 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, just now	1.52 bp	28.6 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.76 bp	19.7 bp −$20	88.9 bp −$889	doesn't fit	doesn't fit

HEMI 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
Aster HEMIUSDT	+0.0100%	4h	0.006587	−0.084%	$74K	$41K	5x	as long as short
Bybit HEMIUSDT	+0.0100%	4h	0.006580	−0.197%	$1.7M	$1.5M	25x	as long as short
KuCoin HEMIUSDTM	+0.0100%	4h	0.006596	+0.046%	$853K	$1.7M	20x	as long as short
Variational Omni HEMI	+0.0100%	4h	0.006565	−0.420%	$23K	$3K	—	as long as short
SunX HEMI-USDT	+0.0100%	4h	0.006728	+2.048%	$1K	$1.2M	20x	as long as short
BingX HEMI-USDT	+0.0252%	4h	0.006582	−0.167%	—	$1.4M	—	as long as short
Extended HEMI-USD	+0.0256%	1h	0.006584	−0.135%	$17K	—	5x	as long as short
MEXC HEMI_USDT	+0.0256%	4h	0.006583	−0.152%	$1.7M	$287K	50x	as long as short
Binance HEMIUSDTshort	+0.0257%	4h	0.006581	−0.182%	$6.5M	$10.7M	20x
BloFin HEMI-USDT	+0.0306%	4h	0.006567	−0.394%	$363K	$57K	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HEMI_USDT	+0.0422%	4h	0.006586	−0.106%	$512K	$286K	20x	as long as short
Hyperliquid HEMIlong	+0.1254%	1h	0.006593	long leg	$1.1M	$350K	3x