Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BloFin+0.028%47s7-day average −0.004% · you sell dearer than you buy

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

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.279%−$28 on $10k

Price spread, last 4 days (all we have)−0.235%−$23 · spread now +0.028%, 7d avg −0.004%

Together, before fees−0.514%+ Points / potential airdropHyperliquid: Season 2 · farm board−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.032% dearer against BloFin than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.004%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 7 days (−0.279% in total) that is about 19 hours. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin STABLE-USDT	0.02494	0.0147	pay 0.0074% / 4h	1h 22m	$87K	$7K	75x
Short	Hyperliquid STABLE	0.02495	0.0100	get 0.0013% / 1h	22m 26s	$878K	$179K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$9.92
Price spread: +0.028% → −0.004%: $3.16
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$27.75
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 13 min ago; Hyperliquid: live order book, 18 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 BloFin live order book, 13 min ago	2.02 bp	15.9 bp −$16	50.7 bp −$507	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 18 min ago	2.01 bp	doesn't fit	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
Lighter STABLE	+0.0096%	1h	0.02505	+0.449%	$115K	$6K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02495	+0.028%	$878K	$179K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02493	−0.052%	$19K	$8K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02495	+0.046%	$2.6M	$2.8M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02497	+0.116%	$1.5M	$730K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02495	+0.040%	$201K	$382K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02494	0.000%	$174K	$57K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02492	−0.080%	$617K	$168K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02493	−0.040%	$184K	$29K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02496	+0.080%	$287K	$92K	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-USDT	+0.0100%	4h	0.02495	+0.040%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02484	−0.381%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02492	−0.088%	$1K	$825K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02493	−0.057%	$14K	$143K	10x	as long as short
BloFin STABLE-USDTlong	+0.0147%	4h	0.02494	long leg	$87K	$7K	75x