Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0515%/8h= −56.4% APRpaid last 24h −0.106%

Price spread now: HTX against Hyperliquid−0.096%48s7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.331% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.151%−$15 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.096%, 7d avg −0.096%

Together, before fees−0.131%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.096%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.151% in total (about -7.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SUI	1.0401	0.0615	pay 0.0077% / 1h	2m 25s	$75.5M	$80.9M	10x
Short	HTX SUI-USDT	1.0391	0.0100	get 0.0100% / 8h	2m 25s	$653K	$18.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Hyperliquid. 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 HyperliquidbpFee HTXbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$108.18
Price spread: −0.096% → −0.096%: −$0.06
Slippage, 4 orders: −$12.12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$141.35
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; HTX: live order book, 2 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 Hyperliquid live order book, 11 min ago	0.48 bp	6.6 bp −$7	10.7 bp −$107	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	2.41 bp	10.6 bp −$11	23.0 bp −$230	41.3 bp −$4,133	doesn't fit

SUI on 46 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
Injective SUI/USDC PERP	−0.3474%	1h	1.0288	−1.086%	$42K	$123K	12x	as long as short
Hibachi SUI/USDT-P	−0.0376%	1h	1.0390	−0.103%	$6K	$19K	7x	as long as short
Reya SUIRUSDPERP	−0.0370%	1h	1.0382	−0.186%	$4K	$3K	20x	as long as short
Bluefin SUI-PERP	−0.0063%	1h	1.0380	−0.202%	$595K	$406K	25x	as long as short
dYdX SUI-USD	0.0000%	1h	1.0393	−0.081%	$95K	$175K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0397	−0.038%	$464K	$5.2M	2.5x	as long as short
Deribit SUI_USDC-PERPETUAL	0.0000%	1h	1.0395	−0.058%	$202K	$587K	25x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0002%	1h	1.0386	−0.143%	$120K	—	150x	as long as short
01 Exchange SUIUSD	+0.0088%	1h	1.0391	−0.096%	$9K	$9K	10x	as long as short
Lighter SUI	+0.0096%	1h	1.0391	−0.100%	$798K	$5.9M	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SUI	+0.0096%	1h	1.0395	−0.059%	$261K	$2.0M	10x	as long as short
Popdex SUIUSDT	+0.0096%	1h	1.0387	−0.135%	$41K	$493K	50x	as long as short
Orderly PERP_SUI_USDC	+0.0100%	8h	1.0388	−0.125%	$46K	$327K	20x	as long as short
Paradex SUI-USD-PERP	+0.0100%	8h	1.0389	−0.115%	$27K	$9K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0380	−0.197%	$657K	$1.4M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0389	−0.113%	$1.0M	$4.8M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0394	−0.065%	$225K	$259K	10x	as long as short
Binance SUIUSDT	+0.0100%	8h	1.0386	−0.140%	$154.1M	$1.03B	75x	as long as short
Bybit SUIUSDT	+0.0100%	8h	1.0386	−0.145%	$104.4M	$307.8M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0387	−0.135%	$41.8M	$388.7M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0380	−0.202%	$46K	$387K	10x	as long as short
Gate SUI_USDT	+0.0100%	8h	1.0385	−0.154%	$167.5M	$81.9M	50x	as long as short
MEXC SUI_USDT	+0.0100%	8h	1.0385	−0.154%	$151.0M	$293.0M	300x	as long as short
KuCoin SUIUSDTM	+0.0100%	8h	1.0382	−0.183%	$51.3M	$52.8M	75x	as long as short
Bitget SUIUSDT	+0.0100%	8h	1.0382	−0.183%	$68.5M	$167.7M	75x	as long as short
BingX SUI-USDT	+0.0100%	8h	1.0385	−0.154%	—	$81.5M	—	as long as short
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0393	−0.077%	$667K	$1.1M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0349	−0.499%	$2.3M	$2.9M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0363	−0.368%	$168K	$4.5M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0382	−0.186%	$446K	$7.1M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0366	−0.337%	$236K	$444K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0394	−0.067%	$108K	$771K	10x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0407	+0.058%	$2K	$1.9M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0393	−0.077%	$6K	$2.4M	10x	as long as short
HTX SUI-USDTshort	+0.0100%	8h	1.0391	−0.096%	$653K	$18.5M	75x
Phemex SUIUSDT	+0.0100%	8h	1.0391	−0.096%	$11.6M	$25.0M	50x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0379	−0.215%	$244K	$2K	10x	as long as short
Extended SUI-USD	+0.0104%	1h	1.0380	−0.206%	$1.4M	$3.8M	50x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0395	−0.056%	$49K	$37K	3x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0392	−0.087%	$8.0M	$24.3M	100x	as long as short
Coinbase International SUI-PERP-INTX	+0.0224%	1h	1.0395	−0.058%	$1.0M	$14.1M	50x	as long as short
Kraken Futures PF_SUIUSD	+0.0272%	1h	1.0399	−0.022%	$7.2M	$24.2M	50x	as long as short
Phoenix SUI	+0.0327%	1h	1.0401	+0.005%	$206K	$593K	10x	as long as short
Hyperliquid SUIlong	+0.0615%	1h	1.0401	long leg	$75.5M	$80.9M	10x
GMX SUI/USD [ETH-USDC]	L +0.0638% / S −0.0305%	1h	1.0385	−0.152%	$900K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.0835%	1h	1.0387	−0.138%	$94K	$382K	10x	as long as short