Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: OKX against Hyperliquid−0.140%7-day average −0.176% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$1031.033% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now −0.140%, 7d avg −0.176%

Together, before fees+0.024%+ 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: OKX is 0.037% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.176%.

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 18s	$583K	$162K	3x
Short	OKX LAYER-USDT-SWAP	0.07575	0.0100	get 0.0050% / 4h	2h 42m	$698K	$643K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.140%Rate

Funding earned: $0
Price spread: −0.140% → −0.176%: $3.65
Slippage, 4 orders: −$84.3
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$99.65
Costs to cover: 1.033%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 42 min ago; OKX: live order book, 43 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 OKX live order book, 43 min ago	0.66 bp	29.6 bp −$30	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	−0.089%	$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-USDT	+0.0048%	4h	0.07573	−0.166%	$113K	$12K	50x	as long as short
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-SWAPshort	+0.0100%	4h	0.07575	−0.140%	$698K	$643K	20x
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