Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h +0.010%

Price spread now: Hyperliquid against BloFin−0.094%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.267%−$27 on $10k

Price spread, last 3 days (all we have)−0.049%−$5 · spread now −0.094%, 7d avg +0.021%

Together, before fees−0.316%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Hyperliquid is 0.115% cheaper against BloFin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin OP-USDT	0.1280	0.0220	pay 0.0220% / 8h	35m 13s	$1.0M	$291K	75x
Short	Hyperliquid OP	0.1279	0.0100	get 0.0013% / 1h	35m 13s	$4.1M	$2.9M	5x

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 −0.094%Rate

Funding earned: −$25.2
Price spread: −0.094% → +0.021%: −$11.46
Slippage, 4 orders: −$18.75
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$76.41
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Hyperliquid: live order book, 6 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, 2 min ago	0.39 bp	8.9 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.95 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit

OP on 30 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 OP/USDC PERP	−0.1633%	1h	0.1273	−0.562%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.072%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.328%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1276	−0.340%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1280	−0.016%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1279	−0.094%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1279	−0.094%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1276	−0.304%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1281	+0.055%	$291K	$922K	15x	as long as short
Hyperliquid OPshort	+0.0100%	1h	0.1279	−0.094%	$4.1M	$2.9M	5x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1279	−0.092%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1280	−0.032%	$20.7M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1279	−0.086%	$18.6M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1280	−0.039%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1279	−0.094%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	0.000%	$20.3M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1278	−0.172%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	−0.016%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1279	−0.094%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1276	−0.297%	$124K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.126%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	−0.172%	$319K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	−0.016%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	−0.047%	$198	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	+0.008%	$177K	$236K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	−0.090%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.086%	$4K	—	3x	as long as short
BloFin OP-USDTlong	+0.0220%	8h	0.1280	long leg	$1.0M	$291K	75x
Kraken Futures PF_OPUSD	+0.0357%	1h	0.1281	+0.085%	$802K	$746K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1277	−0.218%	$710	—	20x	as long as short