Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0732%/8h= +80.1% APRpaid last 24h +0.179%

Price spread now: Hyperliquid against BingX+0.035%7-day average +0.102% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.438%+$44 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.035%, 7d avg +0.102%

Together, before fees+0.404%+ Points / potential airdropHyperliquid: Season 2 · farm board+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.066% cheaper against BingX than usual: you would sell low and buy high (spread +0.035% now, against its 7-day average of +0.102%). If the spread goes back, that is −$7 on $10k: about 7 hours of funding at the current rate (+$22 a day). At the pace of the last 7 days (+0.438% in total) that is about 25 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.438% in total (about 22.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX NEAR-USDC	4.2650	0.0100	pay 0.0100% / 8h	32m 13s	—	$6.6M	—
Short	Hyperliquid NEAR	4.2665	0.0832	get 0.0104% / 1h	32m 13s	$366.3M	$298.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.035%Rate

Funding earned: $153.69
Price spread: +0.035% → +0.102%: −$6.64
Slippage, 4 orders: −$17.44
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $110.61
Costs to cover: 0.364%
Break-even: 2.0 days

Slippage from BingX: live order book, 5 min ago; Hyperliquid: live order book, 12 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 BingX live order book, 5 min ago	1.17 bp	10.8 bp −$11	22.6 bp −$226	55.9 bp −$5,588	411.0 bp −$205.5K
Sell Hyperliquid live order book, 12 min ago	1.05 bp	5.8 bp −$6	9.2 bp −$92	doesn't fit	doesn't fit

NEAR on 45 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
Reya NEARRUSDPERP	−0.0171%	1h	4.2585	−0.153%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2562	−0.206%	$2.2M	$13.0M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2573	−0.181%	$110K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2656	+0.014%	$405K	$18.5M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2684	+0.080%	$201K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−2.907%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0073%	8h	4.2640	−0.023%	$217.6M	$422.1M	75x	as long as short
Variational Omni NEAR	+0.0077%	8h	4.2580	−0.164%	$7.9M	$18.3M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2590	−0.141%	$109K	$496K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2572	−0.183%	$31K	$647	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster NEARUSDT	+0.0100%	8h	4.2700	+0.117%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2577	−0.172%	$401K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2660	+0.023%	$252.8M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2640	−0.023%	$60.8M	$284.9M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2590	−0.141%	$201K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2674	+0.056%	$243K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2616	−0.080%	$29.9M	$59.1M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2660	+0.023%	$78.2M	$141.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2680	+0.070%	$55.6M	$43.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2658	+0.019%	$70.8M	$126.0M	75x	as long as short
BingX NEAR-USDClong	+0.0100%	8h	4.2650	long leg	—	$6.6M	—
edgeX NEARUSDC	+0.0100%	4h	4.2657	+0.016%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2667	+0.041%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2640	−0.023%	$178K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2612	−0.089%	$197K	$3.5M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2692	+0.098%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2640	−0.023%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2659	+0.021%	$13K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2670	+0.047%	$3.9M	$8.4M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2643	−0.017%	$3.9M	$16.0M	25x	as long as short
01 Exchange NEARUSD	+0.0104%	1h	4.2601	−0.115%	$12K	$7K	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2658	+0.018%	$205K	$62K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0119%	1h	4.2687	+0.088%	$7.6M	$37.1M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2530	−0.281%	$12.9M	$29.9M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0374% / S −0.0314%	1h	4.2689	+0.092%	$273K	—	100x	as long as short
Lighter RH NEAR	+0.0392%	1h	4.2719	+0.162%	$1.5M	$7.0M	10x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2628	−0.052%	$417K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0456%	1h	4.2726	+0.178%	$1.4M	$5.6M	20x	as long as short
Phoenix NEAR	+0.0463%	1h	4.2704	+0.127%	$1.8M	$2.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0617%	1h	4.2714	+0.150%	$1.9M	$2.4M	25x	as long as short
Nado NEAR-PERP	+0.0746%	1h	4.2585	−0.152%	$1.9M	$3.4M	10x	as long as short
Hyperliquid NEARshort	+0.0832%	1h	4.2665	+0.035%	$366.3M	$298.5M	10x
HTX NEAR-USDT	+0.0832%	8h	4.2670	+0.047%	$457K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1153%	1h	4.2698	+0.113%	$5K	$11K	10x	as long as short
Lighter NEAR	+0.1680%	1h	4.2773	+0.287%	$16.4M	$23.8M	15x	as long as short