Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.002%

Price spread now: BloFin against Hyperliquid−0.189%7-day average +0.011% · you buy dearer than you sell

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

Long on Hyperliquid Short on BloFin

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)+0.270%+$27 · spread now −0.189%, 7d avg +0.011%

Together, before fees+0.279%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.200% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.189% now, against its 7-day average of +0.011%). If the spread goes back, that is −$20 on $10k: about 13 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.008% in total) that is about 5 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid INIT	0.08213	0.0100	pay 0.0013% / 1h	54m 44s	$299K	$232K	3x
Short	BloFin INIT-USDT	0.08198	0.0151	get 0.0076% / 4h	54m 44s	$152K	$110K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hyperliquid. 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 HyperliquidbpFee BloFinbpOrdersPrice spread, now −0.189%Rate

Funding earned: $10.77
Price spread: −0.189% → +0.011%: −$20.02
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$30.24
Costs to cover: 0.210%
Break-even: 26.6 days

Slippage unknown: Hyperliquid: live order book, 5 min ago; BloFin: live order book, 7 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 Hyperliquid live order book, 5 min ago	2.32 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 7 min ago	3.66 bp	21.5 bp −$22	52.6 bp −$526	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 INITlong	+0.0100%	1h	0.08213	long leg	$299K	$232K	3x
Aster INITUSDT	+0.0100%	4h	0.08191	−0.277%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08214	+0.006%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08198	−0.189%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08219	+0.067%	$133K	$635K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08187	−0.323%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08212	−0.018%	$446K	$218K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08198	−0.189%	$326K	$54K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08200	−0.164%	$428K	$310K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08201	−0.152%	—	$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	0.08189	−0.301%	$26K	$23K	—	as long as short
BloFin INIT-USDTshort	+0.0151%	4h	0.08198	−0.189%	$152K	$110K	25x
Kraken Futures PF_INITUSD	+0.0496%	1h	0.08209	−0.050%	$5K	$17K	10x	as long as short