Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h −0.074%

Price spread now: Orderly against Hyperliquid−0.124%7-day average −0.022% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.488%−$49 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now −0.124%, 7d avg −0.022%

Together, before fees−0.454%+ Points / potential airdropHyperliquid: Season 2 · farm board−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.102% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.04017	0.0100	pay 0.0013% / 1h	50m 55s	$1.0M	$610K	5x
Short	Orderly PERP_S_USDC	0.04012	0.0039	get 0.0019% / 4h	2h 50m	$101K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.124%Rate

Funding earned: −$12.83
Price spread: −0.124% → −0.022%: −$10.24
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.07
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Orderly: no order-book sample. Net counts fees only.

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, 9 min ago	1.63 bp	13.1 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4040%	1h	0.03840	−4.406%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.767%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1263%	1h	0.04011	−0.140%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0587%	4h	0.04005	−0.289%	$623K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04013	−0.102%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04011	−0.140%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04012	−0.116%	$618	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.066%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDCshort	+0.0039%	4h	0.04012	−0.124%	$101K	$335K	10x
Lighter S	+0.0096%	1h	0.04019	+0.050%	$165K	$165K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Slong	+0.0100%	1h	0.04017	long leg	$1.0M	$610K	5x
Aster SUSDT	+0.0100%	4h	0.04019	+0.058%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04016	−0.026%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04010	−0.174%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04014	−0.075%	$999K	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04012	−0.124%	$330K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04016	−0.025%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04016	−0.025%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04015	−0.050%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04015	−0.050%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03990	−0.672%	$26K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04014	−0.072%	$225K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04011	−0.149%	$272K	$121K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0747%	1h	0.04018	+0.025%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0858%	1h	0.04020	+0.075%	$117K	$333K	5x	as long as short