Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.190%

Price spread now: Hyperliquid against Bluefin+0.047%54s7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs+$11as 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−$230.229% of the position

Long on Bluefin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.335%+$33 on $10k

Price spread, last 4 days (all we have)+0.089%+$9 · spread now +0.047%, 7d avg +0.094%

Together, before fees+0.424%+ Points / potential airdropHyperliquid: Season 2 · farm board+$42 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 0.046% cheaper against Bluefin than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.094%. The two prices were read 54 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	Bluefin BTC-PERP	85,555.4	0.0100	pay 0.0013% / 1h	22m 21s	$207K	$738K	40x
Short	Hyperliquid BTC	85,596	0.0100	get 0.0013% / 1h	22m 21s	$3.75B	$4.98B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bluefin. 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 BluefinbpFee HyperliquidbpOrdersPrice spread, now +0.047%Rate

Funding earned: $0
Price spread: +0.047% → +0.094%: −$4.61
Slippage, 4 orders: −$6.89
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$27.5
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Bluefin: live order book, 37 min ago; Hyperliquid: live order book, 12 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 Bluefin live order book, 37 min ago	2.16 bp	7.7 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.8 bp −$482	5.8 bp −$2,910

BTC on 56 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
Phoenix BTC	−0.0179%	1h	85,485	−0.082%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,531	−0.029%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,513.8	−0.049%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,519.6	−0.042%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0021%	8h	85,492.8	−0.073%	$919.3M	$751.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,519.4	−0.042%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,503.8	−0.060%	$515.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,497.7	−0.067%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0021%	1h	85,494.8	−0.071%	$25.4M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,498	−0.067%	$4.4M	$98.0M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0062%	8h	85,490.4	−0.076%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,515.1	−0.047%	$147.6M	$487.3M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,502.7	−0.062%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,496	−0.069%	$6.7M	$146.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,510.1	−0.053%	$172.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,510.5	−0.052%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,521	−0.040%	$8.4M	$52.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,512.4	−0.050%	$5.06B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,511.2	−0.052%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,509	−0.054%	$9.37B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,484	−0.083%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,563.2	+0.009%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,596	+0.047%	$3.75B	$4.98B	40x
Pacifica BTC	+0.0100%	1h	85,534.7	−0.024%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,507.3	−0.056%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,529.6	−0.030%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,505	−0.059%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	−0.046%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,519.6	−0.042%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,513.9	−0.049%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.117%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,482.9	−0.085%	$279.2M	$920.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.125%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	−0.040%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,512	−0.051%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,567.9	+0.015%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,513	−0.050%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.6	−0.058%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,514.4	−0.048%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,555.4	long leg	$207K	$738K	40x
Derive BTC-PERP	+0.0100%	1h	85,510.6	−0.052%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,496.2	−0.069%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,520	−0.041%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,511.5	−0.051%	$2.26B	$942.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,495	−0.071%	$44.7M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,530.3	−0.029%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,560.8	+0.006%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0141%	1h	85,561.6	+0.007%	$884.7M	$1.57B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.094%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,543.2	−0.014%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,542.1	−0.016%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,522	−0.039%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,518.9	−0.043%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,554.3	−0.001%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,546	−0.011%	$10.4M	$756.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,532.4	−0.027%	$500K	$18.8M	6.7x	as long as short