Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.001%

Price spread now: BloFin against Hyperliquid−0.112%67s7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$870.873% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 3 days (all we have)+0.084%+$8 · spread now −0.112%, 7d avg +0.060%

Together, before fees+0.207%+ Points / potential airdropHyperliquid: Season 2 · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.173% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of +0.060%). If the spread goes back, that is −$17 on $10k: about 14 days of funding at the current rate (+$1 a day). The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IO	0.1513	0.0100	pay 0.0013% / 1h	22m 03s	$1.0M	$391K	3x
Short	BloFin IO-USDT	0.1511	0.0141	get 0.0070% / 4h	2h 22m	$192K	$30K	50x

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

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 HyperliquidbpFee BloFinbpOrdersPrice spread, now −0.112%Rate

Funding earned: $8.55
Price spread: −0.112% → +0.060%: −$17.26
Slippage, 4 orders: −$66.33
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$96.04
Costs to cover: 0.873%
Break-even: 85.6 days

Slippage from Hyperliquid: live order book, 8 min ago; BloFin: live order book, 60 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 Hyperliquid live order book, 8 min ago	2.32 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 60 min ago	3.33 bp	23.1 bp −$23	52.0 bp −$520	467.3 bp −$46.7K	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
Injective IO/USDC PERP	−0.0157%	1h	0.1506	−0.443%	$2K	$102	5.5x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1513	long leg	$1.0M	$391K	3x
Aster IOUSDT	+0.0100%	4h	0.1515	+0.136%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1515	+0.152%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1512	−0.026%	$1.1M	$868K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1514	+0.093%	$232K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1513	+0.020%	$1.2M	$239K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1513	+0.020%	$403K	$655K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1514	+0.086%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1514	+0.086%	—	$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	0.1512	−0.050%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1514	+0.070%	$5K	$171K	5x	as long as short
BloFin IO-USDTshort	+0.0141%	4h	0.1511	−0.112%	$192K	$30K	50x
Kraken Futures PF_IOUSD	+0.5425%	1h	0.1515	+0.185%	$39K	$21K	10x	as long as short