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: BloFin against Hyperliquid−0.166%47s7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as 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 Hyperliquid Short on BloFin

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)+0.095%+$9 · spread now −0.166%, 7d avg −0.151%

Together, before fees+0.046%+ 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 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 LAYER	0.07586	0.0100	pay 0.0013% / 1h	42m 16s	$583K	$162K	3x
Short	BloFin LAYER-USDT	0.07573	0.0048	get 0.0024% / 4h	2h 42m	$113K	$12K	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 −0.166%Rate

Funding earned: −$10.92
Price spread: −0.166% → −0.151%: −$1.48
Slippage, 4 orders: −$63.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$96.94
Costs to cover: 0.845%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 42 min ago; BloFin: live order book, 37 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	0.92 bp	23.1 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 37 min ago	1.32 bp	17.2 bp −$17	50.8 bp −$508	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	−0.089%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.108%	—	$18K	5.5x	as long as short
BloFin LAYER-USDTshort	+0.0048%	4h	0.07573	−0.166%	$113K	$12K	50x
Hyperliquid LAYERlong	+0.0100%	1h	0.07586	long leg	$583K	$162K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07575	−0.144%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07575	−0.140%	$2.0M	$2.3M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07575	−0.140%	$698K	$643K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07572	−0.179%	$135K	$54K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07578	−0.100%	$349K	$114K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07578	−0.100%	$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	−0.206%	$25K	$187K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07574	−0.151%	$2K	$174K	5x	as long as short
BingX LAYER-USDT	+0.0142%	4h	0.07580	−0.074%	—	$1.6M	—	as long as short