Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bitget against Hyperliquid+0.119%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1131.132% of the position

Long on Hyperliquid Short on Bitget

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)−0.055%−$5 · spread now +0.119%, 7d avg +0.056%

Together, before fees+0.189%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 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: Bitget is 0.063% dearer against Hyperliquid than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.056%.

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	58m 24s	$368K	$51K	3x
Short	Bitget NOTUSDT	0.0005056	0.0100	get 0.0050% / 4h	58m 24s	$670K	$409K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.119%Rate

Funding earned: $0
Price spread: +0.119% → +0.056%: $6.31
Slippage, 4 orders: −$92.18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$106.88
Costs to cover: 1.132%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 31 min ago; Bitget: live order book, 62 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, 31 min ago	9.83 bp	37.5 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 62 min ago	6.89 bp	26.2 bp −$26	162.7 bp −$1,627	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	−0.0476%	4h	0.0005044	−0.110%	$71K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0254%	4h	0.0005051	+0.020%	$465K	$128K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.485%	$1K	$13K	5.5x	as long as short
Bybit NOTUSDT	+0.0072%	4h	0.0005049	−0.020%	$2.1M	$846K	25x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005066	+0.311%	$11K	$4K	3x	as long as short
BloFin NOT-USDT	+0.0100%	4h	0.0005055	+0.099%	$112K	$16K	50x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005050	long leg	$368K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005054	+0.073%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005053	+0.059%	$2.1M	$3.0M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005048	−0.040%	$634K	$644K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005046	−0.079%	$143K	$68K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005052	+0.040%	$1.3M	$414K	200x	as long as short
Bitget NOTUSDTshort	+0.0100%	4h	0.0005056	+0.119%	$670K	$409K	50x
BingX NOT-USDC	+0.0100%	4h	0.0005051	+0.020%	—	$722K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005055	+0.093%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.1709%	1h	0.0005054	+0.080%	$49K	$9K	10x	as long as short