Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1448%/8h= −158.6% APRpaid last 24h −0.321%

Price spread now: Aster against Hyperliquid−0.197%7-day average −0.258% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$278as in the Price arb table

costs, in and out, $10k−$2842.844% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.475%−$47 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.197%, 7d avg −0.258%

Together, before fees−0.452%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.062% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.197% now, against its 7-day average of −0.258%): +$6 on $10k if it goes back. Holding the pair costs −$43 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 5 days (−0.475% in total) that is about 17 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.475% in total (about -32.5% 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	Hyperliquid NIL	0.06828	0.1548	pay 0.0194% / 1h	16m 41s	$4.0M	$4.5M	3x
Short	Aster NILUSDT	0.06814	0.0100	get 0.0050% / 4h	16m 41s	$20K	$361K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$304.09
Price spread: −0.197% → −0.258%: $6.16
Slippage, 4 orders: −$267.42
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$582.36
Costs to cover: 2.844%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Aster: live order book, 60 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, 5 min ago	2.26 bp	26.6 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 60 min ago	14.10 bp	132.3 bp −$132	doesn't fit	doesn't fit	doesn't fit

NIL on 12 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
BloFin NIL-USDT	+0.0095%	4h	0.06809	−0.272%	$346K	$142K	50x	as long as short
Aster NILUSDTshort	+0.0100%	4h	0.06814	−0.197%	$20K	$361K	5x
Binance NILUSDT	+0.0100%	4h	0.06803	−0.360%	$5.3M	$79.2M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06811	−0.243%	$3.7M	$14.1M	20x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06813	−0.214%	$437K	$2.0M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06821	−0.097%	$2.4M	$5.0M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06815	−0.185%	$510K	$687K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06805	−0.331%	$1.7M	$8.6M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06801	−0.390%	—	$8.5M	—	as long as short
Variational Omni NIL	+0.0100%	4h	0.06847	+0.278%	$175K	$266K	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NIL-USD	+0.0104%	1h	0.06802	−0.380%	$16K	$94K	5x	as long as short
Hyperliquid NILlong	+0.1548%	1h	0.06828	long leg	$4.0M	$4.5M	3x