Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.054%

Price spread now: Bitget against Hyperliquid−0.303%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$850.854% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.303%, 7d avg −0.121%

Together, before fees−0.068%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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 Bitget is 0.182% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.121%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid CC	0.1188	0.0211	pay 0.0026% / 1h	6m 57s	$5.6M	$1.4M	3x
Short	Bitget CCUSDT	0.1185	0.0100	get 0.0050% / 4h	2h 06m	$935K	$786K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.303%Rate

Funding earned: −$23.31
Price spread: −0.303% → −0.121%: −$18.17
Slippage, 4 orders: −$64.35
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$126.83
Costs to cover: 0.854%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bitget: live order book, 59 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, 5 min ago	1.26 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 59 min ago	2.51 bp	36.9 bp −$37	97.4 bp −$974	doesn't fit	doesn't fit

CC on 18 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
Injective CC/USDC PERP	−0.3556%	1h	0.1173	−1.288%	$6K	$100	5.5x	as long as short
Bybit CCUSDT	−0.0194%	4h	0.1185	−0.244%	$10.8M	$3.9M	25x	as long as short
MEXC CC_USDT	−0.0186%	4h	0.1185	−0.278%	$1.6M	$316K	100x	as long as short
Paradex CC-USD-PERP	+0.0093%	8h	0.1185	−0.262%	$1K	—	5x	as long as short
Aster CCUSDT	+0.0100%	4h	0.1185	−0.237%	$35K	$39K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1185	−0.252%	$11.2M	$12.0M	75x	as long as short
OKX CC-USDT-SWAP	+0.0100%	4h	0.1186	−0.219%	$2.6M	$3.6M	20x	as long as short
Gate CC_USDT	+0.0100%	4h	0.1185	−0.295%	$368K	$219K	50x	as long as short
KuCoin CCUSDTM	+0.0100%	4h	0.1187	−0.093%	$488K	$121K	50x	as long as short
Bitget CCUSDTshort	+0.0100%	4h	0.1185	−0.303%	$935K	$786K	20x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CC-USDT	+0.0100%	4h	0.1186	−0.227%	—	$6.6M	—	as long as short
Backpack CC_USDC_PERP	+0.0100%	1h	0.1186	−0.227%	$16K	$22K	10x	as long as short
Variational Omni CC	+0.0100%	4h	0.1184	−0.325%	$603K	$55K	—	as long as short
GRVT CC_USDT_Perp	+0.0100%	4h	0.1185	−0.294%	$91K	$2.4M	10x	as long as short
Derive CC-PERP	+0.0100%	1h	0.1184	−0.353%	$6K	$36K	6.7x	as long as short
Hyperliquid CClong	+0.0211%	1h	0.1188	long leg	$5.6M	$1.4M	3x
GMX CC/USD [WBTC.b-USDC]	L +0.0451% / S −0.0241%	1h	0.1186	−0.183%	$44K	—	50x	as long as short
Lighter CC	+0.0736%	1h	0.1190	+0.177%	$240K	$155K	5x	as long as short