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+0.080%7-day average +0.139% · you sell dearer than you buy

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1181.183% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now +0.080%, 7d avg +0.139%

Together, before fees+0.128%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 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 0.059% cheaper against Binance than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.139%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LAYERUSDT	0.07663	0.0100	pay 0.0050% / 4h	58m 47s	$2.1M	$2.6M	50x
Short	Hyperliquid LAYER	0.07669	0.0100	get 0.0013% / 1h	58m 47s	$596K	$167K	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 +0.080%Rate

Funding earned: $0
Price spread: +0.080% → +0.139%: −$5.92
Slippage, 4 orders: −$99.34
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$124.26
Costs to cover: 1.183%
Break-even: never at this rate

Slippage from Binance: live order book, 6 min ago; Hyperliquid: live order book, 41 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, 6 min ago	2.61 bp	26.6 bp −$27	194.2 bp −$1,942	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 41 min ago	1.76 bp	29.3 bp −$29	doesn't fit	doesn't fit	doesn't fit

LAYER 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
Kraken Futures PF_LAYERUSD	−0.0511%	1h	0.07647	−0.202%	$8K	$54	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.072%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0090%	4h	0.07631	−0.413%	$116K	$16K	50x	as long as short
Hyperliquid LAYERshort	+0.0100%	1h	0.07669	+0.080%	$596K	$167K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07651	−0.151%	$9K	$4K	5x	as long as short
Binance LAYERUSDTlong	+0.0100%	4h	0.07663	long leg	$2.1M	$2.6M	50x
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07655	−0.100%	$718K	$736K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07665	+0.030%	$137K	$46K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07656	−0.087%	$339K	$116K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07662	−0.009%	$1.1M	$167K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX LAYER-USDT	+0.0100%	4h	0.07661	−0.022%	—	$1.6M	—	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07640	−0.296%	$16K	$191K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07660	−0.040%	$742	$170K	5x	as long as short