Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Hyperliquid against Binance+0.304%7-day average +0.263% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$910.912% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 7 days−0.090%−$9 · spread now +0.304%, 7d avg +0.263%

Together, before fees−0.038%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 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 0.041% dearer against Binance than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.263%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IMXUSDT	0.1499	0.0100	pay 0.0050% / 4h	1h 44m	$3.7M	$5.9M	75x
Short	Hyperliquid IMX	0.1504	0.0100	get 0.0013% / 1h	44m 23s	$3.4M	$281K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.304%Rate

Funding earned: $0
Price spread: +0.304% → +0.263%: $4.08
Slippage, 4 orders: −$72.25
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$87.16
Costs to cover: 0.912%
Break-even: never at this rate

Slippage from Binance: live order book, 9 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 Binance live order book, 9 min ago	3.33 bp	22.2 bp −$22	75.4 bp −$754	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.33 bp	22.2 bp −$22	doesn't fit	doesn't fit	doesn't fit

IMX on 15 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
gTrade (Gains Network) IMX/USD	L −0.0002% / S +0.0004%	1h	0.1501	+0.113%	$6K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+1.065%	$559	$28K	5.5x	as long as short
Kraken Futures PF_IMXUSD	+0.0040%	1h	0.1505	+0.386%	$114K	$22K	20x	as long as short
Hyperliquid IMXshort	+0.0100%	1h	0.1504	+0.304%	$3.4M	$281K	5x
Binance IMXUSDTlong	+0.0100%	4h	0.1499	long leg	$3.7M	$5.9M	75x
Bybit IMXUSDT	+0.0100%	4h	0.1498	−0.070%	$3.8M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1499	−0.003%	$943K	$1.7M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1499	−0.003%	$647K	$140K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1502	+0.197%	$2.6M	$550K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1502	+0.197%	$391K	$121K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1500	+0.064%	$1.3M	$415K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1500	+0.064%	—	$2.9M	—	as long as short
Variational Omni IMX	+0.0100%	4h	0.1496	−0.179%	$94K	$131K	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1498	−0.070%	$192K	$146K	75x	as long as short
dYdX IMX-USD	+0.4757%	1h	0.1501	+0.120%	$26K	$59	5x	as long as short