Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.006%

Price spread now: Hyperliquid against BingX+0.108%7-day average +0.179% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

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

costs, in and out, $10k−$650.647% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 7 days−0.012%−$1 · spread now +0.108%, 7d avg +0.179%

Together, before fees+0.090%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 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 0.071% cheaper against BingX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.179%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX AR-USDT	4.1730	0.0100	pay 0.0100% / 8h	2h 23m	—	$2.8M	—
Short	Hyperliquid AR	4.1775	0.0100	get 0.0013% / 1h	23m 44s	$3.4M	$4.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.108%Rate

Funding earned: $0
Price spread: +0.108% → +0.179%: −$7.1
Slippage, 4 orders: −$45.68
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$71.78
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from BingX: live order book, 11 min ago; Hyperliquid: live order book, 8 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 BingX live order book, 11 min ago	3.57 bp	16.2 bp −$16	35.0 bp −$350	306.0 bp −$30.6K	660.2 bp −$330.1K
Sell Hyperliquid live order book, 8 min ago	4.99 bp	16.2 bp −$16	doesn't fit	doesn't fit	doesn't fit

AR on 17 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
Kraken Futures PF_ARUSD	−0.0924%	1h	4.1694	−0.086%	$51K	$179K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0550%	1h	4.1808	+0.187%	$536K	—	50x	as long as short
Hyperliquid ARshort	+0.0100%	1h	4.1775	+0.108%	$3.4M	$4.9M	5x
Aster ARUSDT	+0.0100%	8h	4.1793	+0.150%	$41K	$464K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.1778	+0.114%	$8.3M	$52.3M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.1749	+0.046%	$4.2M	$9.2M	75x	as long as short
OKX AR-USDT-SWAP	+0.0100%	8h	4.1770	+0.096%	$2.2M	$16.9M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.1690	−0.096%	$2.3M	$2.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.1770	+0.096%	$5.7M	$4.3M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.1740	+0.024%	$1.0M	$1.3M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ARUSDT	+0.0100%	8h	4.1750	+0.048%	$3.7M	$5.5M	75x	as long as short
BingX AR-USDTlong	+0.0100%	8h	4.1730	long leg	—	$2.8M	—
Variational Omni AR	+0.0100%	8h	4.1743	+0.031%	$234K	$626K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.1810	+0.192%	$20K	$717K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.1767	+0.088%	$36K	$248K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.1790	+0.144%	$407K	$454K	20x	as long as short
Injective AR/USDC PERP	+0.0666%	1h	4.4240	+6.015%	$2K	$5K	5.5x	as long as short