Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: BingX against Hyperliquid−0.032%7-day average +0.048% · you buy dearer than you sell

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

Long on Hyperliquid Short on BingX

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)+0.139%+$14 · spread now −0.032%, 7d avg +0.048%

Together, before fees+0.533%+ 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: BingX is 0.080% cheaper against Hyperliquid than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STABLE	0.02465	0.0100	pay 0.0013% / 1h	58m 11s	$866K	$187K	3x
Short	BingX STABLE-USDT	0.02464	0.0100	get 0.0050% / 4h	58m 11s	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.032%Rate

Funding earned: $0
Price spread: −0.032% → +0.048%: −$8.05
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$27.05
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 42 min ago; BingX: live order book, 8 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 Hyperliquid live order book, 42 min ago	2.01 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	6.07 bp	26.7 bp −$27	79.8 bp −$798	795.6 bp −$79.6K	1386.2 bp −$693.1K

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	0.02485	+0.820%	$114K	$6K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02465	long leg	$866K	$187K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02473	+0.340%	$18K	$8K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02464	−0.032%	$2.5M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02463	−0.073%	$1.5M	$764K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02461	−0.154%	$197K	$371K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02470	+0.211%	$173K	$56K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02468	+0.130%	$611K	$155K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02474	+0.373%	$183K	$28K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02464	−0.032%	$283K	$90K	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-USDTshort	+0.0100%	4h	0.02464	−0.032%	—	$6.5M	—
Variational Omni STABLE	+0.0100%	4h	0.02482	+0.698%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02468	+0.138%	$2K	$843K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02469	+0.179%	$14K	$136K	10x	as long as short
BloFin STABLE-USDT	+0.0110%	4h	0.02481	+0.657%	$119K	$7K	75x	as long as short