Funding arb · Price arb /

PROVE

all PROVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.2184%/8h= −239.1% APRpaid last 24h +0.190%

Price spread now: BingX against Hyperliquid+0.044%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$860.860% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.295%+$29 on $10k

Price spread, last 4 days (all we have)−0.253%−$25 · spread now +0.044%, 7d avg +0.033%

Together, before fees+0.042%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.033%, so right now this pair is about funding alone: −$66 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.295%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.295% in total (about 15.4% 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	Hyperliquid PROVE	0.2379	−0.7178	get 0.0897% / 1h	16m 04s	$354K	$924K	3x
Short	BingX PROVE-USDT	0.2380	−0.9362	pay 0.4681% / 4h	16m 04s	—	$2.5M	—

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 +0.044%Rate

Funding earned: −$458.61
Price spread: +0.044% → +0.033%: $1.12
Slippage, 4 orders: −$66.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$543.46
Costs to cover: 0.860%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 54 min ago; BingX: live order book, 3 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, 54 min ago	3.98 bp	22.1 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	6.31 bp	20.8 bp −$21	68.0 bp −$680	590.4 bp −$59.0K	1203.7 bp −$601.9K

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
Bybit PROVEUSDT	−0.9832%	4h	0.2388	+0.380%	$2.1M	$10.2M	25x	as long as short
BingX PROVE-USDTshort	−0.9362%	4h	0.2380	+0.044%	—	$2.5M	—
Variational Omni PROVE	−0.8163%	4h	0.2385	+0.260%	$28K	$46K	—	as long as short
Hyperliquid PROVElong	−0.7178%	1h	0.2379	long leg	$354K	$924K	3x
Binance PROVEUSDT	−0.7130%	4h	0.2378	−0.040%	$3.4M	$36.2M	75x	as long as short
MEXC PROVE_USDT	−0.7126%	4h	0.2377	−0.082%	$294K	$403K	20x	as long as short
Gate PROVE_USDT	−0.6824%	4h	0.2380	+0.044%	$215K	$1.0M	75x	as long as short
OKX PROVE-USDT-SWAP	−0.6808%	4h	0.2380	+0.044%	$606K	$8.1M	20x	as long as short
Aster PROVEUSDT	−0.6619%	4h	0.2390	+0.464%	$46K	$269K	5x	as long as short
GRVT PROVE_USDT_Perp	−0.6570%	4h	0.2375	−0.147%	$221K	$2.5M	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PROVEUSDT	−0.6396%	4h	0.2378	−0.040%	$662K	$4.7M	50x	as long as short
KuCoin PROVEUSDTM	−0.6180%	4h	0.2380	+0.027%	$2.9M	$1.1M	50x	as long as short
Lighter PROVE	−0.2672%	1h	0.2384	+0.199%	$83K	$132K	3x	as long as short
ApeX Omni PROVEUSDT	−0.2615%	1h	0.2379	−0.011%	$52K	$333K	50x	as long as short