Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h −0.004%

Price spread now: Hyperliquid against BloFin−0.152%7-day average −0.053% · you buy dearer than you sell

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−0.124%−$12 on $10k

Price spread, last 4 days (all we have)+0.181%+$18 · spread now −0.152%, 7d avg −0.053%

Together, before fees+0.057%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.099% cheaper against BloFin than usual: you would sell low and buy high (spread −0.152% now, against its 7-day average of −0.053%). If the spread goes back, that is −$10 on $10k: about 7.8 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.124%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin IO-USDT	0.1510	0.0058	pay 0.0029% / 4h	42m 54s	$192K	$39K	50x
Short	Hyperliquid IO	0.1508	0.0100	get 0.0013% / 1h	42m 54s	$1.0M	$376K	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

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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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.152%Rate

Funding earned: $8.87
Price spread: −0.152% → −0.053%: −$9.9
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$22.04
Costs to cover: 0.210%
Break-even: 24.4 days

Slippage unknown: BloFin: live order book, 55 min ago; Hyperliquid: 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 BloFin live order book, 55 min ago	9.89 bp	20.1 bp −$20	54.2 bp −$542	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.66 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

IO on 14 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
BloFin IO-USDTlong	+0.0058%	4h	0.1510	long leg	$192K	$39K	50x
Hyperliquid IOshort	+0.0100%	1h	0.1508	−0.152%	$1.0M	$376K	3x
Aster IOUSDT	+0.0100%	4h	0.1509	−0.042%	$23K	$49K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1506	−0.240%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1507	−0.199%	$1.1M	$913K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1509	−0.099%	$233K	$546K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1507	−0.199%	$1.2M	$228K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1509	−0.066%	$359K	$655K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1508	−0.132%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1507	−0.199%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1505	−0.350%	$33K	$13K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1508	−0.159%	$2K	$134K	5x	as long as short
Injective IO/USDC PERP	+0.0583%	1h	0.1512	+0.132%	$2K	$199	5.5x	as long as short
Kraken Futures PF_IOUSD	+3.7345%	1h	0.1505	−0.309%	$39K	$18K	10x	as long as short