Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0101%/8h= +11.1% APRpaid last 24h −0.037%

Price spread now: OKX against Hyperliquid−0.122%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$960.964% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.122%, 7d avg −0.065%

Together, before fees+0.071%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.057% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.122% now, against its 7-day average of −0.065%). If the spread goes back, that is −$6 on $10k: about 45 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.015% in total) that is about 27 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.03926	−0.0001	get 0.0000% / 1h	56m 26s	$985K	$878K	5x
Short	OKX S-USDT-SWAP	0.03921	0.0100	get 0.0050% / 4h	1h 56m	$978K	$7.0M	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 −0.122%Rate

Funding earned: $21.25
Price spread: −0.122% → −0.065%: −$5.72
Slippage, 4 orders: −$77.37
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$80.84
Costs to cover: 0.964%
Break-even: 33.6 days

Slippage from Hyperliquid: live order book, 54 min ago; OKX: live order book, 2 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	1.40 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.28 bp	30.7 bp −$31	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
Kraken Futures PF_SUSD	−0.1594%	1h	0.03920	−0.137%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.542%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0787%	4h	0.03914	−0.304%	$609K	$34K	—	as long as short
Deribit S_USDC-PERPETUAL	−0.0514%	1h	0.03925	−0.020%	$66K	$10K	10x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0193% / S +0.0186%	1h	0.03932	+0.153%	$1K	—	100x	as long as short
01 Exchange SUSD	−0.0136%	1h	0.03920	−0.148%	$24K	$3K	5x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03922	−0.084%	$4	—	15x	as long as short
Hyperliquid Slong	−0.0001%	1h	0.03926	long leg	$985K	$878K	5x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03930	+0.117%	$606	—	150x	as long as short
Orderly PERP_S_USDC	+0.0020%	4h	0.03926	+0.005%	$100K	$350K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.437%	$2K	$37K	12x	as long as short
Aster SUSDT	+0.0041%	4h	0.03928	+0.046%	$43K	$212K	10x	as long as short
Lighter S	+0.0096%	1h	0.03929	+0.082%	$165K	$222K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03926	−0.005%	$5.4M	$22.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03920	−0.148%	$5.6M	$6.2M	50x	as long as short
OKX S-USDT-SWAPshort	+0.0100%	4h	0.03921	−0.122%	$978K	$7.0M	20x
Gate S_USDT	+0.0100%	4h	0.03918	−0.199%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03925	−0.020%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03923	−0.071%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03925	−0.020%	$1.2M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03923	−0.071%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	−0.148%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03922	−0.093%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03918	−0.199%	$269K	$132K	75x	as long as short
Backpack S_USDC_PERP	+0.0699%	1h	0.03930	+0.107%	$114K	$298K	5x	as long as short