Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Binance against Hyperliquid−0.324%7-day average −0.266% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

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

costs, in and out, $10k−$950.952% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$4 on $10k

Price spread, last 7 days+0.093%+$9 · spread now −0.324%, 7d avg −0.266%

Together, before fees+0.058%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 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: Binance is 0.058% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.266%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IMX	0.1512	0.0100	pay 0.0013% / 1h	49m 33s	$3.5M	$285K	5x
Short	Binance IMXUSDT	0.1507	0.0100	get 0.0050% / 4h	3h 49m	$3.7M	$5.9M	75x

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 −0.324%Rate

Funding earned: $0
Price spread: −0.324% → −0.266%: −$5.77
Slippage, 4 orders: −$76.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$101.01
Costs to cover: 0.952%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Binance: live order book, 4 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, 2 min ago	0.99 bp	30.0 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	3.31 bp	21.0 bp −$21	68.7 bp −$687	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	0.1510	−0.144%	$6K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.205%	$559	$28K	5.5x	as long as short
Hyperliquid IMXlong	+0.0100%	1h	0.1512	long leg	$3.5M	$285K	5x
Binance IMXUSDTshort	+0.0100%	4h	0.1507	−0.324%	$3.7M	$5.9M	75x
Bybit IMXUSDT	+0.0100%	4h	0.1505	−0.437%	$3.8M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1507	−0.344%	$953K	$1.7M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1506	−0.390%	$649K	$79K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1507	−0.324%	$2.8M	$561K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1509	−0.192%	$394K	$129K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1508	−0.258%	$1.3M	$396K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IMX-USDT	+0.0100%	4h	0.1508	−0.258%	—	$2.9M	—	as long as short
Variational Omni IMX	+0.0100%	4h	0.1506	−0.373%	$95K	$131K	—	as long as short
dYdX IMX-USD	+0.0110%	1h	0.1510	−0.145%	$26K	$72	5x	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1509	−0.192%	$191K	$143K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.1227%	1h	0.1512	−0.021%	$115K	$11K	20x	as long as short