Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.053%

Price spread now: BloFin against Hyperliquid−0.325%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$490.492% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.343%+$34 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.325%, 7d avg −0.098%

Together, before fees+0.387%+ Points / potential airdropHyperliquid: Season 2 · farm board+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.227% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.325% now, against its 7-day average of −0.098%). If the spread goes back, that is −$23 on $10k: about 3.2 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7168	0.0100	pay 0.0013% / 1h	57m 01s	$8.8M	$4.1M	5x
Short	BloFin VIRTUAL-USDT	0.7145	0.0340	get 0.0170% / 4h	57m 01s	$810K	$893K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.325%Rate

Funding earned: $50.4
Price spread: −0.325% → −0.098%: −$22.7
Slippage, 4 orders: −$28.19
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$21.49
Costs to cover: 0.492%
Break-even: 10.0 days

Slippage from Hyperliquid: live order book, 5 min ago; BloFin: live order book, 45 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, 5 min ago	0.28 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 45 min ago	2.09 bp	13.8 bp −$14	19.7 bp −$197	63.7 bp −$6,366	doesn't fit

VIRTUAL on 33 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 VIRTUAL	−0.0296%	1h	0.7144	−0.338%	$324K	$412K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7126	−0.590%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7140	−0.396%	$24	—	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0030%	1h	0.7145	−0.325%	$15K	$40K	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7167	−0.018%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7146	−0.314%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.716%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7148	−0.283%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7168	long leg	$8.8M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7142	−0.364%	$97K	$291K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7128	−0.560%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7160	−0.114%	$16.3M	$40.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7157	−0.158%	$16.5M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7161	−0.102%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7151	−0.241%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7151	−0.241%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7151	−0.241%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7161	−0.102%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7159	−0.130%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7161	−0.102%	$238K	$205K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7157	−0.157%	$533K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7155	−0.191%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7165	−0.040%	$639K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7159	−0.130%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7143	−0.360%	$51K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7150	−0.255%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7147	−0.290%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7146	−0.310%	$53K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7168	−0.010%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7144	−0.338%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7145	−0.325%	$810K	$893K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.149%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0801%	1h	0.7159	−0.128%	$596K	$665K	50x	as long as short