Funding arb · Price arb /

PROVE

all PROVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0294%/8h= −32.2% APRpaid last 24h −0.093%

Price spread now: Hyperliquid against BingX+0.017%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1041.041% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 4 days (all we have)+0.236%+$24 · spread now +0.017%, 7d avg −0.032%

Together, before fees+0.040%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.050% dearer against BingX than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.032%): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.196% in total) that is about 43 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.196% in total (about -10.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PROVE-USDT	0.2290	−0.0394	get 0.0197% / 4h	3h 34m	—	$2.5M	—
Short	Hyperliquid PROVE	0.2290	−0.0688	pay 0.0086% / 1h	34m 31s	$332K	$961K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$61.71
Price spread: +0.017% → −0.032%: $4.99
Slippage, 4 orders: −$85.1
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$160.82
Costs to cover: 1.041%
Break-even: never at this rate

Slippage from BingX: live order book, 15 min ago; Hyperliquid: live order book, 56 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 BingX live order book, 15 min ago	6.57 bp	20.9 bp −$21	85.6 bp −$856	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 56 min ago	4.96 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit

PROVE on 14 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
ApeX Omni PROVEUSDT	−0.2576%	1h	0.2293	+0.131%	$21K	$356K	50x	as long as short
Aster PROVEUSDT	−0.2265%	4h	0.2294	+0.172%	$37K	$292K	5x	as long as short
MEXC PROVE_USDT	−0.2148%	4h	0.2287	−0.131%	$291K	$418K	20x	as long as short
Bitget PROVEUSDT	−0.2144%	4h	0.2286	−0.175%	$656K	$5.2M	50x	as long as short
OKX PROVE-USDT-SWAP	−0.2138%	4h	0.2286	−0.175%	$634K	$8.3M	20x	as long as short
Binance PROVEUSDT	−0.2126%	4h	0.2285	−0.229%	$3.5M	$37.8M	75x	as long as short
KuCoin PROVEUSDTM	−0.1896%	4h	0.2290	+0.009%	$2.7M	$1.1M	50x	as long as short
GRVT PROVE_USDT_Perp	−0.1118%	4h	0.2271	−0.835%	$211K	$3.0M	10x	as long as short
Gate PROVE_USDT	−0.0794%	4h	0.2290	0.000%	$203K	$643K	75x	as long as short
Hyperliquid PROVEshort	−0.0688%	1h	0.2290	+0.017%	$332K	$961K	3x

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PROVE	−0.0517%	4h	0.2293	+0.135%	$28K	$47K	—	as long as short
BingX PROVE-USDTlong	−0.0394%	4h	0.2290	long leg	—	$2.5M	—
Bybit PROVEUSDT	−0.0133%	4h	0.2291	+0.044%	$2.1M	$11.5M	25x	as long as short
Lighter PROVE	+0.0096%	1h	0.2296	+0.279%	$80K	$131K	3x	as long as short