Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.475%

Price spread now: Hyperliquid against OKX+0.057%7-day average +0.331% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$187as in the Price arb table

costs, in and out, $10k−$1591.594% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.580%+$58 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.057%, 7d avg +0.331%

Together, before fees+0.484%+ Points / potential airdropHyperliquid: Season 2 · farm board+$48 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.274% cheaper against OKX than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of +0.331%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HMSTR-USDT-SWAP	0.0001769	0.0100	pay 0.0050% / 4h	1h 44m	$589K	$911K	10x
Short	Hyperliquid HMSTR	0.0001770	0.0100	get 0.0013% / 1h	44m 17s	$1.9M	$199K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.057%Rate

Funding earned: $0
Price spread: +0.057% → +0.331%: −$27.4
Slippage, 4 orders: −$140.41
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$186.81
Costs to cover: 1.594%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Hyperliquid: live order book, 7 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 OKX live order book, 2 min ago	2.83 bp	27.9 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	28.17 bp	32.7 bp −$33	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
Kraken Futures PF_HMSTRUSD	−0.0893%	1h	0.0001772	+0.159%	$10K	$11K	10x	as long as short
BingX HMSTR-USDT	+0.0070%	4h	0.0001769	0.000%	—	$1.3M	—	as long as short
Hyperliquid HMSTRshort	+0.0100%	1h	0.0001770	+0.057%	$1.9M	$199K	3x
Aster HMSTRUSDT	+0.0100%	4h	0.0001772	+0.158%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001771	+0.096%	$2.2M	$2.2M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001771	+0.113%	$1.4M	$577K	25x	as long as short
OKX HMSTR-USDT-SWAPlong	+0.0100%	4h	0.0001769	long leg	$589K	$911K	10x
Gate HMSTR_USDT	+0.0100%	4h	0.0001770	+0.057%	$391K	$139K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001770	+0.057%	$381K	$113K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001769	0.000%	$247K	$59K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni HMSTR	+0.0100%	4h	0.0001765	−0.207%	$2K	$833	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001764	−0.283%	$13K	$614K	50x	as long as short
Extended kHMSTR-USD	+0.0104%	1h	0.0001770	+0.077%	$923	—	5x	as long as short