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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: BingX against Hyperliquid−0.223%7-day average −0.108% · you buy dearer than you sell

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

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now −0.223%, 7d avg −0.108%

Together, before fees+0.015%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 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: BingX is 0.115% cheaper against Hyperliquid than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.108%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LAYER	0.07751	0.0100	pay 0.0013% / 1h	8m 42s	$601K	$167K	3x
Short	BingX LAYER-USDT	0.07734	0.0100	get 0.0050% / 4h	8m 42s	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.223%Rate

Funding earned: $0
Price spread: −0.223% → −0.108%: −$11.5
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$30.5
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 21 min ago; BingX: live order book, 8 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 Hyperliquid live order book, 21 min ago	2.28 bp	41.4 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	5.19 bp	29.3 bp −$29	95.2 bp −$952	575.1 bp −$57.5K	827.0 bp −$413.5K

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	−0.0505%	1h	0.07745	−0.075%	$8K	$54	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−6.158%	—	$18K	5.5x	as long as short
Hyperliquid LAYERlong	+0.0100%	1h	0.07751	long leg	$601K	$167K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07741	−0.133%	$10K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07740	−0.142%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07735	−0.210%	$725K	$749K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07745	−0.081%	$139K	$47K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07738	−0.172%	$366K	$122K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07734	−0.223%	$1.1M	$141K	50x	as long as short
BingX LAYER-USDTshort	+0.0100%	4h	0.07734	−0.223%	—	$1.6M	—

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07730	−0.275%	$17K	$193K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07737	−0.188%	$839	$169K	5x	as long as short
BloFin LAYER-USDT	+0.0121%	4h	0.07723	−0.365%	$115K	$16K	50x	as long as short