Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.002%

Price spread now: Hyperliquid against BloFin+0.008%7-day average −0.012% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.008%, 7d avg −0.012%

Together, before fees−0.095%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.021% dearer against BloFin than usual: you sell high and buy low (spread +0.008% now, against its 7-day average of −0.012%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 7 days (−0.008% in total) that is about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin INIT-USDT	0.08262	0.0156	pay 0.0078% / 4h	4m 31s	$153K	$111K	25x
Short	Hyperliquid INIT	0.08263	0.0100	get 0.0013% / 1h	4m 31s	$300K	$233K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$11.78
Price spread: +0.008% → −0.012%: $2.09
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$30.69
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 57 min ago; Hyperliquid: live order book, 55 min ago. Net counts fees only.

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 BloFin live order book, 57 min ago	3.66 bp	22.3 bp −$22	57.7 bp −$577	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 55 min ago	2.32 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

INIT 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
Hyperliquid INITshort	+0.0100%	1h	0.08263	+0.008%	$300K	$233K	3x
Aster INITUSDT	+0.0100%	4h	0.08255	−0.083%	$27K	$37K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08255	−0.083%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08255	−0.085%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08271	+0.109%	$134K	$640K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08252	−0.121%	$84K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08268	+0.073%	$449K	$220K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08250	−0.145%	$328K	$55K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08256	−0.073%	$431K	$311K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08259	−0.036%	—	$6.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni INIT	+0.0100%	4h	0.08250	−0.141%	$26K	$23K	—	as long as short
BloFin INIT-USDTlong	+0.0156%	4h	0.08262	long leg	$153K	$111K	25x
Kraken Futures PF_INITUSD	+0.0493%	1h	0.08257	−0.062%	$5K	$17K	10x	as long as short