Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.086%

Price spread now: Hyperliquid against Orderly−0.010%7-day average +0.025% · you buy dearer than you sell

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

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.518%+$52 on $10k

Price spread, last 3 days (all we have)+0.158%+$16 · spread now −0.010%, 7d avg +0.025%

Together, before fees+0.676%+ Points / potential airdropHyperliquid: Season 2 · farm board+$68 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.035% cheaper against Orderly than usual: you would sell low and buy high (spread −0.010% now, against its 7-day average of +0.025%). If the spread goes back, that is −$4 on $10k: about 37 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.518% in total) that is about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.03938	0.0024	pay 0.0012% / 4h	1h 42m	$100K	$348K	10x
Short	Hyperliquid S	0.03938	0.0100	get 0.0013% / 1h	42m 00s	$988K	$788K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. 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 OrderlybpFee HyperliquidbpOrdersPrice spread, now −0.010%Rate

Funding earned: $15.96
Price spread: −0.010% → +0.025%: −$3.53
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$2.57
Costs to cover: 0.150%
Break-even: 8.1 days

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 68 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 68 min ago	1.40 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit

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
Kraken Futures PF_SUSD	−0.1587%	1h	0.03937	−0.013%	$33K	$28K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.844%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0862%	4h	0.03922	−0.403%	$611K	$32K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0194% / S +0.0188%	1h	0.03942	+0.091%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03935	−0.078%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0024%	1h	0.03930	−0.203%	$24K	$2K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03940	+0.060%	$607	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03943	+0.127%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDClong	+0.0024%	4h	0.03938	long leg	$100K	$348K	10x
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.114%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0053%	4h	0.03937	−0.034%	$43K	$212K	10x	as long as short
Lighter S	+0.0096%	1h	0.03941	+0.076%	$165K	$222K	5x	as long as short
Hyperliquid Sshort	+0.0100%	1h	0.03938	−0.010%	$988K	$788K	5x
Binance SUSDT	+0.0100%	4h	0.03936	−0.049%	$5.4M	$20.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03932	−0.152%	$5.6M	$5.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03935	−0.076%	$982K	$6.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03929	−0.229%	$321K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03936	−0.051%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03932	−0.152%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03938	0.000%	$1.2M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03936	−0.051%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.203%	$25K	$466K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03935	−0.075%	$221K	$881K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03935	−0.076%	$268K	$128K	75x	as long as short
Backpack S_USDC_PERP	+0.0390%	1h	0.03940	+0.051%	$115K	$300K	5x	as long as short