Funding arb · Price arb /

NOT

all NOT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0019%/8h= +2.0% APRpaid last 24h −0.005%

Price spread now: Hyperliquid against BloFin+0.039%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$760.763% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 3 days (all we have)−0.203%−$20 · spread now +0.039%, 7d avg −0.013%

Together, before fees−0.412%+ Points / potential airdropHyperliquid: Season 2 · farm board−$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.052% dearer against BloFin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.013%. Mind the row above: over the last 7 days funding on this pair cost −0.209%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin NOT-USDT	0.0005068	0.0081	pay 0.0041% / 4h	34m 58s	$111K	$17K	50x
Short	Hyperliquid NOT	0.0005070	0.0100	get 0.0013% / 1h	34m 58s	$371K	$50K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.039%Rate

Funding earned: $3.9
Price spread: +0.039% → −0.013%: $5.23
Slippage, 4 orders: −$55.29
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$67.17
Costs to cover: 0.763%
Break-even: 127.6 days

Slippage from BloFin: live order book, 25 min ago; Hyperliquid: live order book, 25 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 BloFin live order book, 25 min ago	3.94 bp	17.7 bp −$18	59.2 bp −$592	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 25 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	−0.0102%	4h	0.0005065	−0.061%	$71K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.828%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDTlong	+0.0081%	4h	0.0005068	long leg	$111K	$17K	50x
Lighter 1000NOT	+0.0096%	1h	0.0005080	+0.233%	$11K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005070	+0.039%	$371K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005071	+0.061%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005067	−0.012%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005065	−0.059%	$2.1M	$824K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005069	+0.020%	$625K	$604K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005080	+0.237%	$141K	$78K	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	0.0005068	0.000%	$1.4M	$460K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005065	−0.059%	$463K	$137K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005072	+0.079%	$666K	$382K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005067	−0.020%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005069	+0.020%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.4207%	1h	0.0005070	+0.043%	$49K	$10K	10x	as long as short