Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1222%/8h= −133.8% APRpaid last 24h −0.309%

Price spread now: BloFin against Hyperliquid−0.241%7-day average −0.331% · you buy dearer than you sell

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

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.444%−$44 on $10k

Price spread, last 3 days (all we have)−0.186%−$19 · spread now −0.241%, 7d avg −0.331%

Together, before fees−0.630%+ Points / potential airdropHyperliquid: Season 2 · farm board−$63 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.091% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.241% now, against its 7-day average of −0.331%): +$9 on $10k if it goes back. Holding the pair costs −$37 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.444% in total) that is about 34 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.444% in total (about -23.1% 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	0.06898	0.1264	pay 0.0158% / 1h	1m 14s	$4.1M	$4.6M	3x
Short	BloFin NIL-USDT	0.06881	0.0041	get 0.0021% / 4h	1h 01m	$348K	$150K	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

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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 BloFinbpOrdersPrice spread, now −0.241%Rate

Funding earned: −$256.66
Price spread: −0.241% → −0.331%: $9.07
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$268.59
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; BloFin: live order book, 14 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 Hyperliquid live order book, 11 min ago	1.90 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 14 min ago	2.23 bp	19.8 bp −$20	78.3 bp −$783	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-USDTshort	+0.0041%	4h	0.06881	−0.241%	$348K	$150K	50x
Aster NILUSDT	+0.0100%	4h	0.06882	−0.232%	$21K	$364K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06880	−0.253%	$5.3M	$81.2M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06899	+0.020%	$3.8M	$14.3M	20x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06882	−0.226%	$446K	$2.1M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06890	−0.110%	$2.4M	$5.3M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06881	−0.241%	$515K	$715K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06897	−0.009%	$1.8M	$9.0M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06894	−0.052%	—	$8.6M	—	as long as short
Variational Omni NIL	+0.0100%	4h	0.06888	−0.138%	$177K	$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	0.06880	−0.252%	$17K	$94K	5x	as long as short
Hyperliquid NILlong	+0.1264%	1h	0.06898	long leg	$4.1M	$4.6M	3x