Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against Hyperliquid−0.198%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$301as in the Funding arb table

Net, price: spread back to 7d avg − costs−$344as in the Price arb table

costs, in and out, $10k−$3253.251% of the position

Long on Hyperliquid Short on BingX

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)+0.262%+$26 · spread now −0.198%, 7d avg −0.012%

Together, before fees+0.506%+ Points / potential airdropHyperliquid: Season 2 · farm board+$51 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: BingX is 0.186% cheaper against Hyperliquid than usual: you would sell low and buy high, −$19 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	Hyperliquid NOT	0.0005050	0.0100	pay 0.0013% / 1h	24m 22s	$370K	$51K	3x
Short	BingX NOT-USDC	0.0005040	0.0100	get 0.0050% / 4h	1h 24m	—	$723K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.198%Rate

Funding earned: $0
Price spread: −0.198% → −0.012%: −$18.57
Slippage, 4 orders: −$306.1
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$343.67
Costs to cover: 3.251%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 45 min ago; BingX: live order book, 19 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, 45 min ago	9.93 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 19 min ago	4.95 bp	148.2 bp −$148	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	−0.0113%	4h	0.0005034	−0.309%	$71K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.485%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005056	+0.121%	$11K	$5K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005050	long leg	$370K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005042	−0.164%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005046	−0.079%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005039	−0.218%	$2.1M	$816K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005043	−0.139%	$612K	$586K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005038	−0.238%	$140K	$79K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005046	−0.079%	$1.3M	$465K	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	0.0005040	−0.198%	$491K	$121K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005050	0.000%	$663K	$387K	50x	as long as short
BingX NOT-USDCshort	+0.0100%	4h	0.0005040	−0.198%	—	$723K	—
Extended kNOT-USD	+0.0104%	1h	0.0005046	−0.079%	$4K	$1K	5x	as long as short
BloFin NOT-USDT	+0.0144%	4h	0.0005036	−0.277%	$111K	$17K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.6200%	1h	0.0005042	−0.167%	$49K	$10K	10x	as long as short