Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0037%/8h= +4.1% APRpaid last 24h +0.002%

Price spread now: BloFin against Hyperliquid+0.131%67s7-day average +0.010% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now +0.131%, 7d avg +0.010%

Together, before fees−0.065%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.121% dearer against Hyperliquid than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.010%. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid INIT	0.08167	0.0100	pay 0.0013% / 1h	42m 04s	$296K	$235K	3x
Short	BloFin INIT-USDT	0.08178	0.0137	get 0.0069% / 4h	2h 42m	$155K	$110K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.131%Rate

Funding earned: $7.82
Price spread: +0.131% → +0.010%: $12.06
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$1.12
Costs to cover: 0.210%
Break-even: 8.0 days

Slippage unknown: Hyperliquid: live order book, 42 min ago; BloFin: live order book, 39 min ago. Net counts fees only.

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, 42 min ago	1.89 bp	38.1 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 39 min ago	7.30 bp	25.9 bp −$26	71.3 bp −$713	doesn't fit	doesn't fit

INIT 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
Hyperliquid INITlong	+0.0100%	1h	0.08167	long leg	$296K	$235K	3x
Aster INITUSDT	+0.0100%	4h	0.08169	+0.024%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08172	+0.054%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08169	+0.021%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08191	+0.290%	$132K	$631K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08168	+0.009%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08171	+0.045%	$444K	$215K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08181	+0.168%	$325K	$55K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08170	+0.033%	$427K	$311K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08175	+0.094%	—	$6.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni INIT	+0.0100%	4h	0.08175	+0.089%	$26K	$23K	—	as long as short
BloFin INIT-USDTshort	+0.0137%	4h	0.08178	+0.131%	$155K	$110K	25x
Kraken Futures PF_INITUSD	+0.0535%	1h	0.08171	+0.051%	$6K	$17K	10x	as long as short