Funding arb · Price arb /

SUSHI

all SUSHI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0007%/8h= −0.7% APRpaid last 24h −0.004%

Price spread now: Hyperliquid against BloFin+0.191%67s7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$720.722% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now +0.191%, 7d avg +0.047%

Together, before fees+0.045%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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 0.144% dearer against BloFin than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.047%. The two prices were read 67 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 SUSHI-USDT	0.2564	0.0107	pay 0.0107% / 8h	5h 15m	$214K	$39K	75x
Short	Hyperliquid SUSHI	0.2569	0.0100	get 0.0013% / 1h	15m 58s	$362K	$338K	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 +0.191%Rate

Funding earned: −$1.43
Price spread: +0.191% → +0.047%: $14.41
Slippage, 4 orders: −$51.18
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$59.2
Costs to cover: 0.722%
Break-even: never at this rate

Slippage from BloFin: live order book, 16 min ago; Hyperliquid: live order book, 14 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 BloFin live order book, 16 min ago	1.96 bp	13.1 bp −$13	21.2 bp −$212	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 14 min ago	3.34 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit

SUSHI 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
Bitget SUSHIUSDT	−0.0056%	8h	0.2569	+0.195%	$1.0M	$703K	50x	as long as short
Injective SUSHI/USDC PERP	+0.0033%	1h	0.2545	−0.741%	$16	$18K	5.5x	as long as short
Variational Omni SUSHI	+0.0068%	8h	0.2567	+0.136%	$41K	$13K	—	as long as short
Hyperliquid SUSHIshort	+0.0100%	1h	0.2569	+0.191%	$362K	$338K	3x
Aster SUSHIUSDT	+0.0100%	8h	0.2569	+0.176%	$23K	$17K	5x	as long as short
Binance SUSHIUSDT	+0.0100%	8h	0.2566	+0.091%	$4.0M	$9.0M	75x	as long as short
Bybit SUSHIUSDT	+0.0100%	8h	0.2566	+0.090%	$2.6M	$2.5M	75x	as long as short
OKX SUSHI-USDT-SWAP	+0.0100%	8h	0.2568	+0.156%	$1.6M	$3.2M	50x	as long as short
Gate SUSHI_USDT	+0.0100%	8h	0.2569	+0.195%	$566K	$254K	50x	as long as short
MEXC SUSHI_USDT	+0.0100%	8h	0.2567	+0.117%	$1.2M	$272K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SUSHIUSDTM	+0.0100%	8h	0.2570	+0.234%	$1.2M	$225K	50x	as long as short
BingX SUSHI-USDT	+0.0100%	8h	0.2568	+0.156%	—	$2.5M	—	as long as short
HTX SUSHI-USDT	+0.0100%	8h	0.2572	+0.312%	$89K	$49K	75x	as long as short
BloFin SUSHI-USDTlong	+0.0107%	8h	0.2564	long leg	$214K	$39K	75x
Kraken Futures PF_SUSHIUSD	+0.0223%	1h	0.2571	+0.269%	$774K	$64K	20x	as long as short