Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Hyperliquid against Orderly+0.195%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.195% dearer against Orderly than usual: you sell high and buy low, +$19 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ADA_USDC	0.2465	0.0100	pay 0.0100% / 8h	5h 38m	$6K	$6K	20x
Short	Hyperliquid ADA	0.2470	0.0100	get 0.0013% / 1h	38m 44s	$43.0M	$14.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. 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 OrderlybpFee HyperliquidbpOrdersPrice spread, now +0.195%Rate

Funding earned: $0
Price spread: +0.195% → 0.000%: $19.47
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $4.47
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Hyperliquid: 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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 5 min ago	1.01 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ADA on 37 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
dYdX ADA-USD	0.0000%	1h	0.2468	+0.102%	$203K	$3K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2466	+0.024%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.243%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0056%	1h	0.2471	+0.243%	$421K	$7.6M	50x	as long as short
Hyperliquid ADAshort	+0.0100%	1h	0.2470	+0.195%	$43.0M	$14.4M	10x
Aster ADAUSDT	+0.0100%	8h	0.2469	+0.155%	$1.2M	$987K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2469	+0.166%	$158K	$161K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2469	+0.162%	$103.7M	$369.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2468	+0.122%	$72.6M	$108.6M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2469	+0.162%	$32.9M	$105.8M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ADA_USDT	+0.0100%	8h	0.2466	+0.041%	$98.8M	$59.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2468	+0.122%	$51.8M	$56.5M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2467	+0.085%	$29.7M	$16.5M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2469	+0.162%	$66.2M	$48.1M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2468	+0.122%	—	$6.6M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2465	+0.016%	$122K	$419K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2468	+0.122%	$4.3M	$1.0M	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2465	+0.005%	$65K	$282K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2464	−0.050%	$299K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2463	−0.081%	$227K	$730K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2468	+0.134%	$95K	$675K	10x	as long as short
Orderly PERP_ADA_USDClong	+0.0100%	8h	0.2465	long leg	$6K	$6K	20x
Derive ADA-PERP	+0.0100%	1h	0.2466	+0.029%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2465	0.000%	$9K	$747K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2465	−0.020%	$339	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2469	+0.148%	$1.3M	$6.0M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2466	+0.041%	$47.9M	$6.3M	50x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2466	+0.033%	$537K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2465	0.000%	$166K	$6.3M	3.2x	as long as short
Paradex ADA-USD-PERP	+0.0109%	8h	0.2470	+0.192%	$21K	$250	20x	as long as short
Lighter ADA	+0.0144%	1h	0.2471	+0.231%	$2.5M	$1.0M	10x	as long as short
Phoenix ADA	+0.0163%	1h	0.2469	+0.150%	$4K	$90K	10x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0196%	1h	0.2466	+0.024%	$561K	$477K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2471	+0.243%	$4.5M	$5.8M	75x	as long as short
Kraken Futures PF_ADAUSD	+0.0261%	1h	0.2464	−0.042%	$6.3M	$12.4M	50x	as long as short
Reya ADARUSDPERP	+0.0280%	1h	0.2468	+0.121%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0417% / S −0.0202%	1h	0.2465	+0.003%	$96K	—	100x	as long as short