Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0241%/8h= −26.4% APRpaid last 24h −0.188%

Price spread now: OKX against Hyperliquid−0.230%7-day average −0.105% · you buy dearer than you sell

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

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.441%−$44 on $10k

Price spread, last 7 days+0.283%+$28 · spread now −0.230%, 7d avg −0.105%

Together, before fees−0.158%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and OKX is 0.125% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.105%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SYRUP	0.2309	0.0341	pay 0.0043% / 1h	51m 10s	$5.9M	$1.5M	3x
Short	OKX SYRUP-USDT-SWAP	0.2304	0.0100	get 0.0050% / 4h	1h 51m	$1.2M	$990K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.230%Rate

Funding earned: −$50.7
Price spread: −0.230% → −0.105%: −$12.47
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$82.17
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; OKX: live order book, 5 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, 11 min ago	1.73 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	2.16 bp	33.1 bp −$33	462.8 bp −$4,628	doesn't fit	doesn't fit

SYRUP on 16 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 SYRUP	+0.0096%	1h	0.2309	−0.009%	$209K	$225K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2306	−0.151%	$12K	$61K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2304	−0.221%	$9.7M	$6.4M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2305	−0.169%	$2.3M	$1.9M	25x	as long as short
OKX SYRUP-USDT-SWAPshort	+0.0100%	4h	0.2304	−0.230%	$1.2M	$990K	20x
Gate SYRUP_USDT	+0.0100%	8h	0.2308	−0.078%	$431K	$66K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2304	−0.230%	$3.1M	$560K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2312	+0.134%	$2.0M	$107K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2305	−0.186%	$681K	$430K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2304	−0.217%	—	$6.5M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SYRUP	+0.0100%	4h	0.2310	+0.048%	$166K	$51K	—	as long as short
BloFin SYRUP-USDT	+0.0132%	4h	0.2304	−0.230%	$466K	$133K	50x	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2304	−0.225%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0331% / S −0.1447%	1h	0.2304	−0.223%	$3K	—	50x	as long as short
Hyperliquid SYRUPlong	+0.0341%	1h	0.2309	long leg	$5.9M	$1.5M	3x
Kraken Futures PF_SYRUPUSD	+0.1421%	1h	0.2306	−0.129%	$42K	$24K	10x	as long as short