Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bitget against Hyperliquid−0.230%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$144as in the Price arb table

costs, in and out, $10k−$1321.315% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.139%−$14 · spread now −0.230%, 7d avg −0.104%

Together, before fees−0.139%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 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: Bitget is 0.127% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.104%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LAYER	0.07680	0.0100	pay 0.0013% / 1h	54m 14s	$597K	$166K	3x
Short	Bitget LAYERUSDT	0.07662	0.0100	get 0.0050% / 4h	54m 14s	$1.1M	$168K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.230%Rate

Funding earned: $0
Price spread: −0.230% → −0.104%: −$12.67
Slippage, 4 orders: −$110.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$144.2
Costs to cover: 1.315%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 46 min ago; Bitget: live order book, 2 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, 46 min ago	1.76 bp	28.8 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	7.17 bp	36.9 bp −$37	186.5 bp −$1,865	doesn't fit	doesn't fit

LAYER 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
Kraken Futures PF_LAYERUSD	−0.0510%	1h	0.07669	−0.137%	$8K	$54	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.283%	—	$18K	5.5x	as long as short
Hyperliquid LAYERlong	+0.0100%	1h	0.07680	long leg	$597K	$166K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07663	−0.218%	$9K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07668	−0.153%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07662	−0.230%	$718K	$737K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07665	−0.191%	$138K	$46K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07668	−0.152%	$340K	$116K	20x	as long as short
Bitget LAYERUSDTshort	+0.0100%	4h	0.07662	−0.230%	$1.1M	$168K	50x
BingX LAYER-USDT	+0.0100%	4h	0.07669	−0.139%	—	$1.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07640	−0.517%	$16K	$191K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07667	−0.166%	$5K	$176K	5x	as long as short
BloFin LAYER-USDT	+0.0147%	4h	0.07661	−0.243%	$116K	$16K	50x	as long as short