Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h −0.021%

Price spread now: BloFin against Hyperliquid−0.015%87s7-day average −0.168% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$680.680% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)+0.289%+$29 · spread now −0.015%, 7d avg −0.168%

Together, before fees+0.246%+ Points / potential airdropHyperliquid: Season 2 · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.152% dearer against Hyperliquid than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.168%. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.5307	0.0100	pay 0.0013% / 1h	35m 33s	$4.1M	$4.5M	5x
Short	BloFin AR-USDT	4.5300	0.0220	get 0.0220% / 8h	5h 35m	$431K	$496K	20x

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 −0.015%Rate

Funding earned: $25.2
Price spread: −0.015% → −0.168%: $15.23
Slippage, 4 orders: −$47.03
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$27.6
Costs to cover: 0.680%
Break-even: 14.7 days

Slippage from Hyperliquid: live order book, 6 min ago; BloFin: 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 Hyperliquid live order book, 6 min ago	4.51 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.10 bp	18.5 bp −$19	36.7 bp −$367	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
GMX AR/USD [WBTC.b-USDC]	L −0.0141% / S +0.0551%	1h	4.5288	−0.042%	$582K	—	50x	as long as short
OKX AR-USDT-SWAP	−0.0092%	8h	4.5230	−0.170%	$2.3M	$18.8M	20x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5290	−0.038%	$548	$3K	5.5x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.5307	long leg	$4.1M	$4.5M	5x
Aster ARUSDT	+0.0100%	8h	4.5276	−0.068%	$19K	$500K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.5240	−0.148%	$9.0M	$51.5M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5250	−0.126%	$4.7M	$8.4M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.5250	−0.126%	$2.5M	$1.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.5220	−0.192%	$6.7M	$4.3M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5260	−0.104%	$1.2M	$1.2M	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	4.5190	−0.258%	$3.9M	$5.3M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5240	−0.148%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5276	−0.068%	$235K	$256K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5300	−0.015%	$20K	$725K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.5218	−0.197%	$37K	$239K	10x	as long as short
BloFin AR-USDTshort	+0.0220%	8h	4.5300	−0.015%	$431K	$496K	20x
Kraken Futures PF_ARUSD	+0.1924%	1h	4.5440	+0.293%	$56K	$149K	20x	as long as short