Funding arb · Price arb /

AR

all AR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.049%

Price spread now: OKX against Hyperliquid−0.310%7-day average −0.202% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$690.691% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.158%−$16 on $10k

Price spread, last 7 days+0.211%+$21 · spread now −0.310%, 7d avg −0.202%

Together, before fees+0.053%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.108% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.202%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.4829	0.0100	pay 0.0013% / 1h	43m 23s	$4.0M	$4.4M	5x
Short	OKX AR-USDT-SWAP	4.4690	−0.0005	pay 0.0005% / 8h	4h 43m	$2.3M	$18.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.310%Rate

Funding earned: −$22.03
Price spread: −0.310% → −0.202%: −$10.79
Slippage, 4 orders: −$50.12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$101.94
Costs to cover: 0.691%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; OKX: 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, 8 min ago	4.33 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.12 bp	23.9 bp −$24	110.3 bp −$1,103	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	4.4766	−0.140%	$575K	—	50x	as long as short
OKX AR-USDT-SWAPshort	−0.0005%	8h	4.4690	−0.310%	$2.3M	$18.0M	20x
ApeX Omni ARUSDT	+0.0010%	1h	4.4660	−0.377%	$19K	$721K	50x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.4829	long leg	$4.0M	$4.4M	5x
Aster ARUSDT	+0.0100%	8h	4.4808	−0.048%	$26K	$478K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4749	−0.180%	$8.8M	$50.1M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4738	−0.203%	$4.6M	$8.2M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4760	−0.154%	$2.5M	$1.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4740	−0.199%	$6.4M	$4.2M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.4780	−0.109%	$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	4.4750	−0.176%	$3.9M	$5.1M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4730	−0.221%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4607	−0.496%	$236K	$246K	—	as long as short
Extended AR-USD	+0.0104%	1h	4.4733	−0.213%	$36K	$235K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4730	−0.221%	$427K	$480K	20x	as long as short
Kraken Futures PF_ARUSD	+0.0695%	1h	4.4693	−0.303%	$60K	$160K	20x	as long as short
Injective AR/USDC PERP	+0.0854%	1h	4.5290	+1.028%	$548	$3K	5.5x	as long as short