Funding arb · Price arb /

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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 0.000%

Price spread now: Hyperliquid against Bitget−0.026%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

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

costs, in and out, $10k−$940.936% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 4 days (all we have)−0.192%−$19 · spread now −0.026%, 7d avg −0.096%

Together, before fees−0.394%+ Points / potential airdropHyperliquid: Season 2 · farm board−$39 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 0.069% dearer against Bitget than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IOUSDT	0.1516	0.0100	pay 0.0050% / 4h	1h 24m	$1.3M	$1.2M	50x
Short	Hyperliquid IO	0.1516	0.0100	get 0.0013% / 1h	24m 47s	$1.0M	$386K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee HyperliquidbpOrdersPrice spread, now −0.026%Rate

Funding earned: $0
Price spread: −0.026% → −0.096%: $6.94
Slippage, 4 orders: −$72.59
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$86.64
Costs to cover: 0.936%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Hyperliquid: live order book, 5 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 Bitget live order book, 2 min ago	3.31 bp	26.4 bp −$26	120.3 bp −$1,203	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.99 bp	22.9 bp −$23	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
Kraken Futures PF_IOUSD	−0.0638%	1h	0.1517	+0.061%	$39K	$21K	10x	as long as short
BloFin IO-USDT	+0.0088%	4h	0.1515	−0.066%	$194K	$31K	50x	as long as short
Hyperliquid IOshort	+0.0100%	1h	0.1516	−0.026%	$1.0M	$386K	3x
Aster IOUSDT	+0.0100%	4h	0.1516	−0.004%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1517	+0.036%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1513	−0.204%	$1.1M	$879K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1515	−0.059%	$251K	$546K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1513	−0.198%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1514	−0.132%	$401K	$657K	50x	as long as short
Bitget IOUSDTlong	+0.0100%	4h	0.1516	long leg	$1.3M	$1.2M	50x

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1514	−0.132%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1512	−0.276%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1516	+0.017%	$5K	$171K	5x	as long as short
Injective IO/USDC PERP	+0.0163%	1h	0.1518	+0.132%	$2K	$103	5.5x	as long as short