Funding arb · Price arb /

IO

all IO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h −0.004%

Price spread now: Hyperliquid against BloFin−0.033%67s7-day average −0.051% · you buy dearer than you sell

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

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now −0.033%, 7d avg −0.051%

Together, before fees−0.076%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.051%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.121%, so the current rate has only just turned in your favour. 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	BloFin IO-USDT	0.1494	0.0083	pay 0.0042% / 4h	2h 43m	$193K	$39K	50x
Short	Hyperliquid IO	0.1494	0.0100	get 0.0013% / 1h	43m 54s	$998K	$361K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.033%Rate

Funding earned: $3.49
Price spread: −0.033% → −0.051%: $1.8
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.71
Costs to cover: 0.210%
Break-even: 38.5 days

Slippage unknown: BloFin: live order book, 36 min ago; Hyperliquid: live order book, 16 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 BloFin live order book, 36 min ago	6.65 bp	16.7 bp −$17	64.8 bp −$648	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 16 min ago	1.67 bp	15.8 bp −$16	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-USDTlong	+0.0083%	4h	0.1494	long leg	$193K	$39K	50x
Hyperliquid IOshort	+0.0100%	1h	0.1494	−0.033%	$998K	$361K	3x
Aster IOUSDT	+0.0100%	4h	0.1494	−0.009%	$23K	$47K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1494	−0.028%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1491	−0.174%	$1.1M	$899K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1494	−0.033%	$232K	$445K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1492	−0.134%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1493	−0.067%	$350K	$624K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1495	+0.067%	$1.4M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1493	−0.067%	—	$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	0.1492	−0.118%	$30K	$16K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1493	−0.054%	$3K	$215K	5x	as long as short
Injective IO/USDC PERP	+0.0619%	1h	0.1494	0.000%	$2K	$198	5.5x	as long as short
Kraken Futures PF_IOUSD	+2.7444%	1h	0.1491	−0.205%	$38K	$10K	10x	as long as short