Funding arb · Price arb /

PROVE

all PROVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1074%/8h= −117.6% APRpaid last 24h −0.175%

Price spread now: OKX against Hyperliquid−0.048%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1000.998% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.185%−$18 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.048%, 7d avg −0.016%

Together, before fees−0.199%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and OKX is 0.032% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.016%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.185% in total (about -9.6% 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	0.2251	−0.0515	get 0.0064% / 1h	39m 13s	$319K	$726K	3x
Short	OKX PROVE-USDT-SWAP	0.2250	−0.1589	pay 0.0794% / 4h	2h 39m	$630K	$6.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$225.53
Price spread: −0.048% → −0.016%: −$3.16
Slippage, 4 orders: −$80.77
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$328.46
Costs to cover: 0.998%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 41 min ago; OKX: live order book, 4 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, 41 min ago	1.75 bp	26.5 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	2.21 bp	24.0 bp −$24	92.2 bp −$922	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
Aster PROVEUSDT	−0.1912%	4h	0.2256	+0.239%	$37K	$219K	5x	as long as short
ApeX Omni PROVEUSDT	−0.1703%	1h	0.2262	+0.485%	$15K	$313K	50x	as long as short
OKX PROVE-USDT-SWAPshort	−0.1589%	4h	0.2250	−0.048%	$630K	$6.5M	20x
Binance PROVEUSDT	−0.1559%	4h	0.2250	−0.048%	$3.4M	$30.8M	75x	as long as short
MEXC PROVE_USDT	−0.1556%	4h	0.2248	−0.137%	$279K	$384K	20x	as long as short
Bitget PROVEUSDT	−0.1508%	4h	0.2249	−0.092%	$636K	$3.9M	50x	as long as short
KuCoin PROVEUSDTM	−0.1124%	4h	0.2253	+0.090%	$2.7M	$699K	50x	as long as short
Gate PROVE_USDT	−0.1002%	4h	0.2252	+0.041%	$185K	$647K	75x	as long as short
GRVT PROVE_USDT_Perp	−0.0770%	4h	0.2261	+0.441%	$212K	$3.1M	10x	as long as short
Hyperliquid PROVElong	−0.0515%	1h	0.2251	long leg	$319K	$726K	3x

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX PROVE-USDT	+0.0054%	4h	0.2253	+0.085%	—	$2.5M	—	as long as short
Lighter PROVE	+0.0096%	1h	0.2258	+0.290%	$78K	$129K	3x	as long as short
Bybit PROVEUSDT	+0.0100%	4h	0.2256	+0.219%	$2.1M	$9.1M	25x	as long as short
Variational Omni PROVE	+0.0100%	4h	0.2265	+0.602%	$27K	$44K	—	as long as short