Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against OKX−0.016%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$780.781% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now −0.016%, 7d avg −0.039%

Together, before fees−0.057%+ 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 0.024% dearer against OKX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX TRB-USDT-SWAP	19.180	0.0100	pay 0.0050% / 4h	58m 57s	$4.4M	$4.6M	20x
Short	Hyperliquid TRB	19.177	0.0100	get 0.0013% / 1h	58m 57s	$483K	$228K	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

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 OKXbpFee HyperliquidbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.039%: $2.37
Slippage, 4 orders: −$59.11
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$75.74
Costs to cover: 0.781%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Hyperliquid: live order book, 11 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 OKX live order book, 4 min ago	2.60 bp	17.2 bp −$17	116.2 bp −$1,162	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.26 bp	21.9 bp −$22	doesn't fit	doesn't fit	doesn't fit

TRB on 13 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
BloFin TRB-USDT	+0.0071%	4h	19.159	−0.109%	$358K	$173K	50x	as long as short
Hyperliquid TRBshort	+0.0100%	1h	19.177	−0.016%	$483K	$228K	3x
Aster TRBUSDT	+0.0100%	4h	19.178	−0.013%	$9K	$20K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.169	−0.059%	$5.1M	$10.2M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.194	+0.073%	$6.3M	$1.9M	50x	as long as short
OKX TRB-USDT-SWAPlong	+0.0100%	4h	19.180	long leg	$4.4M	$4.6M	20x
MEXC TRB_USDT	+0.0100%	4h	19.170	−0.052%	$14.6M	$913K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.193	+0.068%	$1.1M	$302K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.179	−0.005%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.185	+0.026%	—	$16.5M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0141%	4h	19.216	+0.187%	$14K	$3K	—	as long as short
Gate TRB_USDT	+0.0280%	4h	19.200	+0.104%	$579K	$1.5M	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1137%	1h	19.197	+0.087%	$102K	$99K	10x	as long as short