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% APRpaid last 24h +0.039%

Price spread now: Hyperliquid against OKX−0.025%7-day average +0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$910.911% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now −0.025%, 7d avg +0.065%

Together, before fees+0.087%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 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 0.090% cheaper against OKX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX S-USDT-SWAP	0.03927	0.0100	pay 0.0050% / 4h	1h 00m	$978K	$5.4M	20x
Short	Hyperliquid S	0.03926	0.0100	get 0.0013% / 1h	0m 40s	$985K	$713K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now −0.025%Rate

Funding earned: $0
Price spread: −0.025% → +0.065%: −$9.03
Slippage, 4 orders: −$72.1
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$100.13
Costs to cover: 0.911%
Break-even: never at this rate

Slippage from OKX: live order book, 2 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 OKX live order book, 2 min ago	2.56 bp	21.5 bp −$22	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	−1.961%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1598%	1h	0.03911	−0.408%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.572%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0957%	4h	0.03896	−0.790%	$606K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0199% / S +0.0192%	1h	0.03919	−0.214%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03914	−0.338%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03917	−0.246%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03915	−0.306%	$100K	$343K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.405%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03929	+0.051%	$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	−0.025%	$985K	$713K	5x
Aster SUSDT	+0.0100%	4h	0.03926	−0.017%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03926	−0.031%	$5.4M	$18.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03920	−0.178%	$5.6M	$5.4M	50x	as long as short
OKX S-USDT-SWAPlong	+0.0100%	4h	0.03927	long leg	$978K	$5.4M	20x
Gate S_USDT	+0.0100%	4h	0.03919	−0.204%	$320K	$266K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03925	−0.051%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03923	−0.102%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03928	+0.025%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03923	−0.102%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.433%	$25K	$452K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03924	−0.077%	$221K	$877K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0260%	1h	0.03920	−0.178%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03914	−0.331%	$266K	$125K	75x	as long as short
Backpack S_USDC_PERP	+0.0383%	1h	0.03930	+0.076%	$114K	$302K	5x	as long as short