Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0009%/8h= +0.9% APRpaid last 24h +0.002%

Price spread now: BloFin against Hyperliquid+0.059%47s7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$930.930% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.212%+$21 on $10k

Price spread, last 4 days (all we have)+0.405%+$41 · spread now +0.059%, 7d avg +0.011%

Together, before fees+0.617%+ Points / potential airdropHyperliquid: Season 2 · farm board+$62 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: BloFin is 0.048% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.011%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005090	0.0100	pay 0.0013% / 1h	18m 23s	$371K	$51K	3x
Short	BloFin NOT-USDT	0.0005093	0.0109	get 0.0054% / 4h	1h 18m	$112K	$17K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.059%Rate

Funding earned: $1.82
Price spread: +0.059% → +0.011%: $4.82
Slippage, 4 orders: −$71.96
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$86.32
Costs to cover: 0.930%
Break-even: 338.7 days

Slippage from Hyperliquid: live order book, 11 min ago; BloFin: live order book, 17 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, 11 min ago	9.83 bp	37.5 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 17 min ago	6.89 bp	22.1 bp −$22	73.6 bp −$736	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	−0.0343%	4h	0.0005087	−0.058%	$72K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0234%	4h	0.0005084	−0.118%	$468K	$130K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.244%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005105	+0.295%	$11K	$4K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005090	long leg	$371K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005097	+0.141%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005092	+0.039%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005086	−0.079%	$2.1M	$857K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005088	−0.039%	$637K	$655K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005087	−0.059%	$144K	$68K	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	0.0005093	+0.059%	$1.3M	$441K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005095	+0.098%	$676K	$411K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005092	+0.039%	—	$721K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005091	+0.027%	$4K	$491	5x	as long as short
BloFin NOT-USDTshort	+0.0109%	4h	0.0005093	+0.059%	$112K	$17K	50x
Kraken Futures PF_NOTUSD	+0.1946%	1h	0.0005084	−0.123%	$50K	$9K	10x	as long as short