Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.006%

Price spread now: Hyperliquid against BloFin+0.165%67s7-day average +0.151% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as 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−$850.845% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.165%, 7d avg +0.151%

Together, before fees−0.045%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.151%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. 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 LAYER-USDT	0.07573	0.0048	pay 0.0024% / 4h	2h 42m	$113K	$12K	50x
Short	Hyperliquid LAYER	0.07586	0.0100	get 0.0013% / 1h	42m 10s	$583K	$162K	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 +0.165%Rate

Funding earned: $10.92
Price spread: +0.165% → +0.151%: $1.37
Slippage, 4 orders: −$63.55
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$72.26
Costs to cover: 0.845%
Break-even: 53.3 days

Slippage from BloFin: live order book, 37 min ago; Hyperliquid: live order book, 42 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 BloFin live order book, 37 min ago	1.32 bp	20.9 bp −$21	62.7 bp −$627	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 42 min ago	0.92 bp	23.4 bp −$23	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	−0.0468%	1h	0.07579	+0.077%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−3.948%	—	$18K	5.5x	as long as short
BloFin LAYER-USDTlong	+0.0048%	4h	0.07573	long leg	$113K	$12K	50x
Hyperliquid LAYERshort	+0.0100%	1h	0.07586	+0.165%	$583K	$162K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07575	+0.022%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07576	+0.036%	$2.0M	$2.3M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07575	+0.026%	$698K	$643K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07572	−0.013%	$135K	$54K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07578	+0.066%	$349K	$114K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07578	+0.066%	$1.1M	$161K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07570	−0.040%	$25K	$187K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07574	+0.015%	$2K	$174K	5x	as long as short
BingX LAYER-USDT	+0.0142%	4h	0.07579	+0.079%	—	$1.6M	—	as long as short