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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 +0.025%

Price spread now: Hyperliquid against Orderly−0.032%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.032% cheaper against Orderly than usual: you would sell low and buy high, −$3 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MNT_USDC	0.6527	0.0100	pay 0.0100% / 8h	2h 41m	$1K	—	10x
Short	Hyperliquid MNT	0.6525	0.0100	get 0.0013% / 1h	41m 25s	$6.6M	$894K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. 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 OrderlybpFee HyperliquidbpOrdersPrice spread, now −0.032%Rate

Funding earned: $0
Price spread: −0.032% → 0.000%: −$3.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$18.22
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 11 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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 11 min ago	2.53 bp	15.1 bp −$15	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MNT on 15 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6514	−0.192%	$19	—	100x	as long as short
Injective MNT/USDC PERP	−0.0092%	1h	0.6522	−0.077%	$3K	$171K	12x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6515	−0.188%	$782	—	150x	as long as short
Hyperliquid MNTshort	+0.0100%	1h	0.6525	−0.032%	$6.6M	$894K	5x
Bybit MNTUSDT	+0.0100%	8h	0.6513	−0.214%	$43.0M	$13.5M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6502	−0.383%	$413K	$115K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6511	−0.245%	$2.5M	$583K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6512	−0.230%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6513	−0.222%	$293K	$117K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6511	−0.245%	$11K	$640K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MNT_USDClong	+0.0100%	8h	0.6527	long leg	$1K	—	10x
BloFin MNT-USDT	+0.0220%	8h	0.6516	−0.169%	$90K	$218K	25x	as long as short
Kraken Futures PF_MNTUSD	+0.0228%	1h	0.6516	−0.168%	$17K	$20K	20x	as long as short
Lighter MNT	+0.0568%	1h	0.6529	+0.028%	$136K	$66K	5x	as long as short
Backpack MNT_USDC_PERP	+0.0599%	1h	0.6511	−0.245%	$40K	$35K	10x	as long as short