Funding arb · Price arb /

HMSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2006%/8h= +219.7% APRpaid last 24h +0.453%

Price spread now: Hyperliquid against OKX+0.225%7-day average +0.338% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1561.563% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.751%+$75 on $10k

Price spread, last 4 days (all we have)−0.249%−$25 · spread now +0.225%, 7d avg +0.338%

Together, before fees+0.502%+ Points / potential airdropHyperliquid: Season 2 · farm board+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.113% cheaper against OKX than usual: you would sell low and buy high (spread +0.225% now, against its 7-day average of +0.338%). If the spread goes back, that is −$11 on $10k: about 4 hours of funding at the current rate (+$60 a day). At the pace of the last 7 days (+0.751% in total) that is about 25 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.751% in total (about 39.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HMSTR-USDT-SWAP	0.0001776	0.0100	pay 0.0050% / 4h	1h 34m	$623K	$737K	10x
Short	Hyperliquid HMSTR	0.0001780	0.2106	get 0.0263% / 1h	34m 38s	$2.0M	$112K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.225%Rate

Funding earned: $421.34
Price spread: +0.225% → +0.338%: −$11.28
Slippage, 4 orders: −$137.32
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $253.74
Costs to cover: 1.563%
Break-even: 2.8 days

Slippage from OKX: live order book, 37 min ago; Hyperliquid: live order book, 6 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 OKX live order book, 37 min ago	2.80 bp	24.4 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	28.01 bp	32.5 bp −$33	doesn't fit	doesn't fit	doesn't fit

HMSTR on 13 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
BingX HMSTR-USDT	+0.0070%	4h	0.0001776	0.000%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001775	−0.045%	$33K	$6K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001776	−0.028%	$2.2M	$1.9M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001775	−0.056%	$1.5M	$602K	25x	as long as short
OKX HMSTR-USDT-SWAPlong	+0.0100%	4h	0.0001776	long leg	$623K	$737K	10x
Gate HMSTR_USDT	+0.0100%	4h	0.0001775	−0.056%	$412K	$232K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001775	−0.056%	$386K	$116K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001776	0.000%	$252K	$58K	10x	as long as short
Variational Omni HMSTR	+0.0100%	4h	0.0001774	−0.102%	$2K	$919	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001773	−0.169%	$13K	$606K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001775	−0.080%	$927	—	5x	as long as short
Hyperliquid HMSTRshort	+0.2106%	1h	0.0001780	+0.225%	$2.0M	$112K	3x
Kraken Futures PF_HMSTRUSD	+0.3204%	1h	0.0001768	−0.476%	$10K	$6K	10x	as long as short