Funding arb · Price arb /

STABLE

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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 −0.004%

Price spread now: Hyperliquid against BingX−0.016%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$920.922% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.395%−$39 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now −0.016%, 7d avg −0.053%

Together, before fees−0.491%+ Points / potential airdropHyperliquid: Season 2 · farm board−$49 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 0.037% dearer against BingX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX STABLE-USDT	0.02468	0.0100	pay 0.0050% / 4h	1h 24m	—	$6.6M	—
Short	Hyperliquid STABLE	0.02468	0.0100	get 0.0013% / 1h	24m 52s	$870K	$227K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.053%: $3.69
Slippage, 4 orders: −$73.18
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$88.49
Costs to cover: 0.922%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Hyperliquid: live order book, 55 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 BingX live order book, 2 min ago	6.08 bp	25.2 bp −$25	83.3 bp −$833	629.3 bp −$62.9K	1084.7 bp −$542.4K
Sell Hyperliquid live order book, 55 min ago	2.02 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit

STABLE on 15 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
Aster STABLEUSDT	−0.0182%	4h	0.02468	0.000%	$19K	$7K	20x	as long as short
Lighter STABLE	+0.0096%	1h	0.02481	+0.515%	$114K	$3K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02468	−0.016%	$870K	$227K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02467	−0.041%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02470	+0.089%	$1.5M	$763K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02468	0.000%	$203K	$406K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02467	−0.041%	$172K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02468	0.000%	$658K	$156K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02474	+0.243%	$177K	$27K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02469	+0.041%	$291K	$116K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDTlong	+0.0100%	4h	0.02468	long leg	—	$6.6M	—
Variational Omni STABLE	+0.0100%	4h	0.02471	+0.109%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02468	−0.008%	$2K	$657K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02468	−0.020%	$12K	$175K	10x	as long as short
BloFin STABLE-USDT	+0.0124%	4h	0.02466	−0.081%	$113K	$7K	75x	as long as short