Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.004%

Price spread now: BloFin against Hyperliquid+0.100%47s7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$780.780% of the position

Long on Hyperliquid Short on BloFin

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)−0.068%−$7 · spread now +0.100%, 7d avg +0.051%

Together, before fees+0.053%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 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 0.050% dearer against Hyperliquid than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.051%. The two prices were read 47 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 IO	0.1494	0.0100	pay 0.0013% / 1h	8m 21s	$997K	$267K	3x
Short	BloFin IO-USDT	0.1495	0.0136	get 0.0068% / 4h	1h 08m	$192K	$34K	50x

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 +0.100%Rate

Funding earned: $7.57
Price spread: +0.100% → +0.051%: $4.96
Slippage, 4 orders: −$56.99
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$65.46
Costs to cover: 0.780%
Break-even: 67.5 days

Slippage from Hyperliquid: live order book, 42 min ago; BloFin: live order book, 2 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, 42 min ago	1.67 bp	21.1 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	3.35 bp	24.1 bp −$24	61.5 bp −$615	486.8 bp −$48.7K	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
Hyperliquid IOlong	+0.0100%	1h	0.1494	long leg	$997K	$267K	3x
Aster IOUSDT	+0.0100%	4h	0.1493	−0.019%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1493	−0.006%	$3.0M	$5.0M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1491	−0.141%	$1.1M	$665K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1493	−0.007%	$231K	$480K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1491	−0.167%	$1.2M	$227K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1493	−0.033%	$349K	$191K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1495	+0.100%	$1.4M	$995K	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1493	−0.033%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1491	−0.152%	$30K	$18K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1493	−0.035%	$591	$205K	5x	as long as short
BloFin IO-USDTshort	+0.0136%	4h	0.1495	+0.100%	$192K	$34K	50x
Injective IO/USDC PERP	+0.0204%	1h	0.1498	+0.301%	$2K	$201	5.5x	as long as short
Kraken Futures PF_IOUSD	+3.8609%	1h	0.1493	−0.014%	$39K	$7K	10x	as long as short