Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.138%

Price spread now: Hyperliquid against Binance+0.040%7-day average +0.154% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$470.472% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.418%+$42 on $10k

Price spread, last 7 days+0.109%+$11 · spread now +0.040%, 7d avg +0.154%

Together, before fees+0.527%+ Points / potential airdropHyperliquid: Season 2 · farm board+$53 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 0.115% cheaper against Binance than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.154%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SKYUSDT	0.06779	0.0100	pay 0.0050% / 4h	3h 23m	$15.2M	$11.6M	75x
Short	Hyperliquid SKY	0.06782	0.0100	get 0.0013% / 1h	23m 14s	$2.8M	$923K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.040%Rate

Funding earned: $0
Price spread: +0.040% → +0.154%: −$11.48
Slippage, 4 orders: −$28.17
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$58.65
Costs to cover: 0.472%
Break-even: never at this rate

Slippage from Binance: live order book, 2 min ago; Hyperliquid: live order book, 8 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 Binance live order book, 2 min ago	2.22 bp	12.6 bp −$13	58.1 bp −$581	354.7 bp −$35.5K	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.07 bp	5.4 bp −$5	doesn't fit	doesn't fit	doesn't fit

SKY on 18 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
Bybit SKYUSDT	−0.0058%	4h	0.06777	−0.028%	$7.1M	$3.3M	25x	as long as short
Variational Omni SKY	−0.0041%	4h	0.06745	−0.505%	$180K	$98K	—	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+1.683%	$376	$303K	12x	as long as short
Lighter SKY	+0.0096%	1h	0.06776	−0.040%	$178K	$106K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06768	−0.161%	$67K	$35K	5x	as long as short
Hyperliquid SKYshort	+0.0100%	1h	0.06782	+0.040%	$2.8M	$923K	3x
Aster SKYUSDT	+0.0100%	4h	0.06779	0.000%	$41K	$45K	20x	as long as short
Binance SKYUSDTlong	+0.0100%	4h	0.06779	long leg	$15.2M	$11.6M	75x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06776	−0.043%	$794K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06758	−0.309%	$579K	$295K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06781	+0.031%	$998K	$268K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06777	−0.028%	$402K	$293K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06777	−0.028%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06780	+0.016%	—	$2.5M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06756	−0.338%	$34K	$653K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06776	−0.037%	$1K	$5K	10x	as long as short
BloFin SKY-USDT	+0.0156%	4h	0.06760	−0.279%	$577K	$28K	75x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0518% / S −0.0248%	1h	0.06783	+0.054%	$80K	—	50x	as long as short