Funding arb · Price arb /

NOT

all NOT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX−0.020%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$368as in the Funding arb table

Net, price: spread back to 7d avg − costs−$347as in the Price arb table

costs, in and out, $10k−$3433.434% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now −0.020%, 7d avg +0.012%

Together, before fees−0.289%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 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 0.032% cheaper against BingX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX NOT-USDC	0.0005061	0.0100	pay 0.0050% / 4h	2h 18m	—	$720K	—
Short	Hyperliquid NOT	0.0005060	0.0100	get 0.0013% / 1h	18m 20s	$370K	$50K	3x

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 −0.020%Rate

Funding earned: $0
Price spread: −0.020% → +0.012%: −$3.21
Slippage, 4 orders: −$324.36
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$346.57
Costs to cover: 3.434%
Break-even: never at this rate

Slippage from BingX: live order book, 40 min ago; Hyperliquid: live order book, 66 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, 40 min ago	3.97 bp	152.4 bp −$152	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 66 min ago	9.89 bp	33.0 bp −$33	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
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.695%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0068%	4h	0.0005063	+0.040%	$111K	$17K	50x	as long as short
Variational Omni NOT	+0.0096%	4h	0.0005049	−0.233%	$66K	$34K	—	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005070	+0.170%	$11K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005060	−0.020%	$370K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005063	+0.038%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005058	−0.069%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005054	−0.138%	$2.1M	$801K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005059	−0.040%	$613K	$580K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005057	−0.079%	$140K	$77K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005058	−0.059%	$1.3M	$491K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005058	−0.059%	$492K	$119K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005060	−0.020%	$665K	$382K	50x	as long as short
BingX NOT-USDClong	+0.0100%	4h	0.0005061	long leg	—	$720K	—
Extended kNOT-USD	+0.0104%	1h	0.0005056	−0.106%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.7062%	1h	0.0005087	+0.518%	$49K	$9K	10x	as long as short