Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Hyperliquid against OKX−0.112%7-day average −0.058% · you buy dearer than you sell

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

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now −0.112%, 7d avg −0.058%

Together, before fees−0.060%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 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 0.055% cheaper against OKX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX STABLE-USDT-SWAP	0.02494	0.0100	pay 0.0050% / 4h	2h 11m	$201K	$414K	20x
Short	Hyperliquid STABLE	0.02491	0.0100	get 0.0013% / 1h	11m 58s	$878K	$202K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now −0.112%Rate

Funding earned: $0
Price spread: −0.112% → −0.058%: −$5.47
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$24.47
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 54 min ago; Hyperliquid: live order book, 38 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 OKX live order book, 54 min ago	7.99 bp	34.9 bp −$35	1320.0 bp −$13.2K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 38 min ago	1.80 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

STABLE on 14 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	+0.445%	$115K	$8K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02491	−0.112%	$878K	$202K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02491	−0.129%	$19K	$7K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02491	−0.140%	$2.5M	$2.9M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02493	−0.040%	$1.5M	$772K	25x	as long as short
OKX STABLE-USDT-SWAPlong	+0.0100%	4h	0.02494	long leg	$201K	$414K	20x
Gate STABLE_USDT	+0.0100%	4h	0.02491	−0.120%	$174K	$70K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02490	−0.160%	$609K	$176K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02499	+0.200%	$185K	$30K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02492	−0.080%	$292K	$96K	25x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02492	−0.080%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02494	−0.018%	$146K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02490	−0.176%	$2K	$817K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02490	−0.145%	$12K	$144K	10x	as long as short