Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Binance+0.050%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$890.888% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.130%−$13 on $10k

Price spread, last 7 days−0.060%−$6 · spread now +0.050%, 7d avg −0.032%

Together, before fees−0.189%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 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 0.082% dearer against Binance than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IOUSDT	0.1512	0.0100	pay 0.0050% / 4h	56m 58s	$3.0M	$6.6M	50x
Short	Hyperliquid IO	0.1513	0.0100	get 0.0013% / 1h	56m 58s	$1.0M	$379K	3x

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 +0.050%Rate

Funding earned: $0
Price spread: +0.050% → −0.032%: $8.21
Slippage, 4 orders: −$69.76
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$80.55
Costs to cover: 0.888%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Hyperliquid: live order book, 3 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, 12 min ago	6.59 bp	17.4 bp −$17	90.7 bp −$907	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	1.99 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit

IO on 14 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
BloFin IO-USDT	+0.0092%	4h	0.1513	+0.043%	$193K	$39K	50x	as long as short
Hyperliquid IOshort	+0.0100%	1h	0.1513	+0.050%	$1.0M	$379K	3x
Aster IOUSDT	+0.0100%	4h	0.1510	−0.123%	$23K	$49K	5x	as long as short
Binance IOUSDTlong	+0.0100%	4h	0.1512	long leg	$3.0M	$6.6M	50x
Bybit IOUSDT	+0.0100%	4h	0.1509	−0.254%	$1.1M	$912K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1510	−0.175%	$230K	$545K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1510	−0.155%	$1.2M	$225K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1511	−0.089%	$353K	$656K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1514	+0.109%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1510	−0.155%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1510	−0.175%	$33K	$13K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1509	−0.191%	$2K	$130K	5x	as long as short
Injective IO/USDC PERP	+0.0583%	1h	0.1512	−0.023%	$2K	$199	5.5x	as long as short
Kraken Futures PF_IOUSD	+3.7391%	1h	0.1503	−0.587%	$39K	$18K	10x	as long as short