Funding arb · Price arb /

UMA

all UMA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Binance+0.110%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1211.210% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now +0.110%, 7d avg +0.051%

Together, before fees+0.018%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 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 0.059% dearer against Binance than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance UMAUSDT	0.4045	0.0100	pay 0.0050% / 4h	3h 44m	$1.5M	$1.3M	50x
Short	Hyperliquid UMA	0.4049	0.0100	get 0.0013% / 1h	44m 45s	$215K	$73K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → +0.051%: $5.91
Slippage, 4 orders: −$102.02
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$115.11
Costs to cover: 1.210%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Hyperliquid: live order book, 5 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 Binance live order book, 3 min ago	1.24 bp	30.0 bp −$30	246.9 bp −$2,469	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.98 bp	26.9 bp −$27	doesn't fit	doesn't fit	doesn't fit

UMA 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 UMA-USDT	+0.0071%	4h	0.4043	−0.046%	$74K	$7K	50x	as long as short
Hyperliquid UMAshort	+0.0100%	1h	0.4049	+0.110%	$215K	$73K	3x
Aster UMAUSDT	+0.0100%	4h	0.4045	+0.003%	$25K	$2K	5x	as long as short
Binance UMAUSDTlong	+0.0100%	4h	0.4045	long leg	$1.5M	$1.3M	50x
Bybit UMAUSDT	+0.0100%	4h	0.4047	+0.053%	$674K	$171K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4046	+0.028%	$314K	$243K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4047	+0.053%	$79K	$46K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4045	+0.004%	$231K	$169K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.4042	−0.070%	$164K	$61K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4049	+0.103%	$976K	$69K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX UMA-USDT	+0.0100%	4h	0.4044	−0.021%	—	$2.3M	—	as long as short
Variational Omni UMA	+0.0100%	4h	0.4048	+0.087%	$5K	$7	—	as long as short
Kraken Futures PF_UMAUSD	+0.0147%	1h	0.4051	+0.160%	$14K	$6K	10x	as long as short