Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Hyperliquid against Binance+0.079%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$710.707% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.213%−$21 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.079%, 7d avg −0.015%

Together, before fees−0.326%+ Points / potential airdropHyperliquid: Season 2 · farm board−$33 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: Hyperliquid is 0.094% dearer against Binance than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance NOTUSDT	0.0005066	0.0100	pay 0.0050% / 4h	37m 17s	$2.1M	$3.1M	50x
Short	Hyperliquid NOT	0.0005070	0.0100	get 0.0013% / 1h	37m 17s	$371K	$50K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.079%Rate

Funding earned: $0
Price spread: +0.079% → −0.015%: $9.36
Slippage, 4 orders: −$51.74
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$61.38
Costs to cover: 0.707%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Hyperliquid: live order book, 23 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 Binance live order book, 14 min ago	1.96 bp	18.4 bp −$18	108.4 bp −$1,084	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 23 min ago	9.83 bp	15.9 bp −$16	doesn't fit	doesn't fit	doesn't fit

NOT on 16 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
Variational Omni NOT	−0.0068%	4h	0.0005067	+0.027%	$71K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.790%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005079	+0.266%	$11K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005070	+0.079%	$371K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005078	+0.239%	$14K	$9K	5x	as long as short
Binance NOTUSDTlong	+0.0100%	4h	0.0005066	long leg	$2.1M	$3.1M	50x
Bybit NOTUSDT	+0.0100%	4h	0.0005062	−0.079%	$2.1M	$825K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005068	+0.039%	$620K	$604K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005080	+0.276%	$141K	$78K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005069	+0.059%	$1.4M	$459K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTM	+0.0100%	4h	0.0005070	+0.079%	$463K	$137K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005078	+0.237%	$667K	$382K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005073	+0.138%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005069	+0.052%	$4K	$1K	5x	as long as short
BloFin NOT-USDT	+0.0147%	4h	0.0005071	+0.099%	$112K	$17K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.4204%	1h	0.0005074	+0.149%	$50K	$10K	10x	as long as short