Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX+0.020%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$890.889% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 7 days+0.045%+$5 · spread now +0.020%, 7d avg −0.021%

Together, before fees−0.150%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 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 0.042% dearer against BingX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX IO-USDT	0.1489	0.0100	pay 0.0050% / 4h	1h 57m	—	$1.3M	—
Short	Hyperliquid IO	0.1489	0.0100	get 0.0013% / 1h	57m 45s	$992K	$272K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.020%Rate

Funding earned: $0
Price spread: +0.020% → −0.021%: $4.16
Slippage, 4 orders: −$69.9
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$84.74
Costs to cover: 0.889%
Break-even: never at this rate

Slippage from BingX: live order book, 1 min ago; Hyperliquid: live order book, 50 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 BingX live order book, 1 min ago	6.71 bp	27.2 bp −$27	67.8 bp −$678	474.6 bp −$47.5K	659.5 bp −$329.7K
Sell Hyperliquid live order book, 50 min ago	1.34 bp	19.7 bp −$20	doesn't fit	doesn't fit	doesn't fit

IO on 14 exchanges

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 IOshort	+0.0100%	1h	0.1489	+0.020%	$992K	$272K	3x
Aster IOUSDT	+0.0100%	4h	0.1489	−0.007%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1489	−0.028%	$3.0M	$4.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1488	−0.067%	$1.1M	$527K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1489	+0.007%	$212K	$406K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1488	−0.067%	$1.2M	$209K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1488	−0.067%	$340K	$192K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1490	+0.067%	$1.3M	$868K	50x	as long as short
BingX IO-USDTlong	+0.0100%	4h	0.1489	long leg	—	$1.3M	—
Variational Omni IO	+0.0100%	4h	0.1486	−0.225%	$30K	$18K	—	as long as short

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1489	−0.016%	$2K	$209K	5x	as long as short
BloFin IO-USDT	+0.0131%	4h	0.1490	+0.067%	$191K	$28K	50x	as long as short
Injective IO/USDC PERP	+0.0452%	1h	0.1494	+0.336%	$2K	$189	5.5x	as long as short
Kraken Futures PF_IOUSD	+0.6288%	1h	0.1491	+0.133%	$38K	$4K	10x	as long as short