Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0670%/8h= −73.3% APRpaid last 24h −0.475%

Price spread now: Binance against Hyperliquid−0.562%7-day average −0.383% · you buy dearer than you sell

Net, funding: paid 7d − costs−$207as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1471.473% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.599%−$60 on $10k

Price spread, last 7 days+0.138%+$14 · spread now −0.562%, 7d avg −0.383%

Together, before fees−0.461%+ Points / potential airdropHyperliquid: Season 2 · farm board−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Binance is 0.178% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.383%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HMSTR	0.0001780	0.0770	pay 0.0096% / 1h	2m 55s	$2.0M	$176K	3x
Short	Binance HMSTRUSDT	0.0001770	0.0100	get 0.0050% / 4h	1h 02m	$2.2M	$2.2M	10x

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 −0.562%Rate

Funding earned: −$140.67
Price spread: −0.562% → −0.383%: −$17.84
Slippage, 4 orders: −$128.34
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$305.84
Costs to cover: 1.473%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Binance: live order book, 2 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, 8 min ago	28.01 bp	51.5 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	2.82 bp	18.7 bp −$19	113.8 bp −$1,138	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
Kraken Futures PF_HMSTRUSD	−0.0894%	1h	0.0001769	−0.608%	$10K	$11K	10x	as long as short
BingX HMSTR-USDT	+0.0070%	4h	0.0001771	−0.506%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001770	−0.551%	$33K	$7K	5x	as long as short
Binance HMSTRUSDTshort	+0.0100%	4h	0.0001770	−0.562%	$2.2M	$2.2M	10x
Bybit HMSTRUSDT	+0.0100%	4h	0.0001770	−0.562%	$1.5M	$581K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001771	−0.506%	$590K	$899K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001770	−0.562%	$389K	$141K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001769	−0.618%	$388K	$119K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001771	−0.506%	$247K	$59K	10x	as long as short
Variational Omni HMSTR	+0.0100%	4h	0.0001771	−0.491%	$2K	$920	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001769	−0.618%	$13K	$614K	50x	as long as short
Extended kHMSTR-USD	+0.0104%	1h	0.0001770	−0.583%	$923	—	5x	as long as short
Hyperliquid HMSTRlong	+0.0770%	1h	0.0001780	long leg	$2.0M	$176K	3x