Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1464%/8h= +160.3% APRpaid last 24h +0.437%

Price spread now: Hyperliquid against BingX+0.622%7-day average +0.402% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1681.680% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.705%+$71 on $10k

Price spread, last 7 days−0.257%−$26 · spread now +0.622%, 7d avg +0.402%

Together, before fees+0.448%+ Points / potential airdropHyperliquid: Season 2 · farm board+$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$44 a day on $10k at the current rate, and Hyperliquid is 0.220% dearer against BingX than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of +0.402%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.705% in total (about 36.8% 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	BingX HMSTR-USDT	0.0001769	0.0070	pay 0.0035% / 4h	57m 48s	—	$1.3M	—
Short	Hyperliquid HMSTR	0.0001780	0.1534	get 0.0192% / 1h	57m 48s	$2.0M	$115K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.622%Rate

Funding earned: $307.42
Price spread: +0.622% → +0.402%: $22.01
Slippage, 4 orders: −$148.96
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $161.47
Costs to cover: 1.680%
Break-even: 3.3 days

Slippage from BingX: live order book, 2 min ago; Hyperliquid: live order book, 3 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 BingX live order book, 2 min ago	2.82 bp	17.2 bp −$17	68.7 bp −$687	734.2 bp −$73.4K	doesn't fit
Sell Hyperliquid live order book, 3 min ago	28.01 bp	64.8 bp −$65	doesn't fit	doesn't fit	doesn't fit

HMSTR on 13 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
BingX HMSTR-USDTlong	+0.0070%	4h	0.0001769	long leg	—	$1.3M	—
Aster HMSTRUSDT	+0.0100%	4h	0.0001770	+0.034%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001768	−0.057%	$2.2M	$1.9M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001768	−0.057%	$1.4M	$598K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001767	−0.113%	$602K	$740K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001770	+0.057%	$404K	$146K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001767	−0.113%	$386K	$114K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001770	+0.057%	$257K	$49K	10x	as long as short
Variational Omni HMSTR	+0.0100%	4h	0.0001771	+0.121%	$2K	$919	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001771	+0.113%	$13K	$609K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001768	−0.081%	$923	—	5x	as long as short
Kraken Futures PF_HMSTRUSD	+0.1117%	1h	0.0001772	+0.163%	$10K	$7K	10x	as long as short
Hyperliquid HMSTRshort	+0.1534%	1h	0.0001780	+0.622%	$2.0M	$115K	3x