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 +0.070%

Price spread now: Hyperliquid against Aster−0.129%7-day average +0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$790as in the Price arb table

costs, in and out, $10k−$7677.668% of the position

Long on Aster Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.163%+$16 on $10k

Price spread, last 4 days (all we have)+0.228%+$23 · spread now −0.129%, 7d avg +0.100%

Together, before fees+0.391%+ Points / potential airdropAster: Stage 5 · Hyperliquid: Season 2 · farm board+$39 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 0.229% cheaper against Aster than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of +0.100%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster SPXUSDT	0.5048	0.0100	pay 0.0050% / 4h	1h 24m	$127K	$104K	10x
Short	Hyperliquid SPX	0.5041	0.0100	get 0.0013% / 1h	24m 43s	$9.8M	$7.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Aster. 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 AsterbpFee HyperliquidbpOrdersPrice spread, now −0.129%Rate

Funding earned: $0
Price spread: −0.129% → +0.100%: −$22.89
Slippage, 4 orders: −$749.84
Fee Aster: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$789.73
Costs to cover: 7.668%
Break-even: never at this rate

Slippage from Aster: live order book, 56 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 Aster live order book, 56 min ago	15.86 bp	711.2 bp −$711	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	3.76 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit

SPX on 19 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_SPXUSD	−0.1242%	1h	0.5048	−0.004%	$234K	$552K	20x	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.367%	$9	$4K	5.5x	as long as short
Variational Omni SPX	+0.0056%	4h	0.5024	−0.478%	$848K	$1.3M	—	as long as short
Lighter SPX	+0.0096%	1h	0.5042	−0.123%	$116K	$319K	5x	as long as short
Hyperliquid SPXshort	+0.0100%	1h	0.5041	−0.129%	$9.8M	$7.4M	5x
Aster SPXUSDTlong	+0.0100%	4h	0.5048	long leg	$127K	$104K	10x
Binance SPXUSDT	+0.0100%	4h	0.5041	−0.129%	$5.1M	$20.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5030	−0.357%	$11.7M	$15.5M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5034	−0.277%	$985K	$2.7M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5044	−0.079%	$1.0M	$477K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5050	+0.040%	$11.3M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5046	−0.040%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5042	−0.119%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5044	−0.079%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5035	−0.258%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5053	+0.099%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5028	−0.396%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5050	+0.031%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5049	+0.020%	$256K	$953K	75x	as long as short