Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.018%

Price spread now: Hyperliquid against ApeX Omni+0.409%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$195as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1721.716% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.231%−$23 on $10k

Price spread, last 3 days (all we have)−0.934%−$93 · spread now +0.409%, 7d avg −0.040%

Together, before fees−1.164%+ Points / potential airdropHyperliquid: Season 2 · farm board−$116 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: Hyperliquid is 0.449% dearer against ApeX Omni than usual: you sell high and buy low, +$45 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SUSDT	0.03910	0.0100	pay 0.0013% / 1h	0m 36s	$25K	$452K	50x
Short	Hyperliquid S	0.03926	0.0100	get 0.0013% / 1h	0m 36s	$985K	$713K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against ApeX Omni. 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 ApeX OmnibpFee HyperliquidbpOrdersPrice spread, now +0.409%Rate

Funding earned: $0
Price spread: +0.409% → −0.040%: $44.93
Slippage, 4 orders: −$152.63
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$126.7
Costs to cover: 1.716%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 17 min ago; Hyperliquid: live order book, 40 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 ApeX Omni live order book, 17 min ago	12.80 bp	61.9 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 40 min ago	3.68 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.2144%	1h	0.03850	−1.535%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1598%	1h	0.03911	+0.025%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.148%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0957%	4h	0.03896	−0.359%	$606K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0199% / S +0.0192%	1h	0.03919	+0.220%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03914	+0.095%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03917	+0.187%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03915	+0.128%	$100K	$343K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.859%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03929	+0.486%	$165K	$223K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Sshort	+0.0100%	1h	0.03926	+0.409%	$985K	$713K	5x
Aster SUSDT	+0.0100%	4h	0.03926	+0.417%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03926	+0.403%	$5.4M	$18.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03920	+0.256%	$5.6M	$5.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03927	+0.435%	$978K	$5.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03919	+0.230%	$320K	$266K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03925	+0.384%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03923	+0.332%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03928	+0.460%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03923	+0.332%	—	$6.7M	—	as long as short
ApeX Omni SUSDTlong	+0.0100%	1h	0.03910	long leg	$25K	$452K	50x
Extended S-USD	+0.0104%	1h	0.03924	+0.357%	$221K	$877K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0260%	1h	0.03920	+0.256%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03914	+0.102%	$266K	$125K	75x	as long as short
Backpack S_USDC_PERP	+0.0383%	1h	0.03930	+0.512%	$114K	$302K	5x	as long as short