Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0586%/8h= −64.1% APRpaid last 24h −0.180%

Price spread now: OKX against Hyperliquid−0.084%7-day average −0.125% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.400%−$40 on $10k

Price spread, last 7 days+0.065%+$7 · spread now −0.084%, 7d avg −0.125%

Together, before fees−0.335%+ Points / potential airdropHyperliquid: Season 2 · farm board−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.041% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.084% now, against its 7-day average of −0.125%): +$4 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.400% in total) that is about 17 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.400% in total (about -20.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NEAR	4.2916	0.0686	pay 0.0086% / 1h	49m 58s	$350.4M	$311.1M	10x
Short	OKX NEAR-USDT-SWAP	4.2880	0.0100	get 0.0100% / 8h	2h 49m	$60.4M	$285.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$122.98
Price spread: −0.084% → −0.125%: $4.12
Slippage, 4 orders: −$8.62
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$146.48
Costs to cover: 0.276%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago	0.12 bp	8.6 bp −$9	11.0 bp −$110	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.17 bp	6.2 bp −$6	15.6 bp −$156	35.5 bp −$3,548	doesn't fit

NEAR on 45 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
Reya NEARRUSDPERP	−0.0171%	1h	4.2873	−0.100%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2827	−0.207%	$106K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.2859	−0.132%	$161K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.509%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2890	−0.061%	$111K	$500K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2920	+0.009%	$261.7M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2858	−0.135%	$212.7M	$424.8M	75x	as long as short
OKX NEAR-USDT-SWAPshort	+0.0100%	8h	4.2880	−0.084%	$60.4M	$285.9M	50x
Bulk NEAR-USD	+0.0100%	1h	4.2835	−0.188%	$244K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2863	−0.123%	$32.0M	$59.5M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NEAR_USDT	+0.0100%	8h	4.2910	−0.014%	$70.7M	$142.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2880	−0.084%	$53.1M	$45.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2862	−0.126%	$70.9M	$127.8M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2870	−0.107%	—	$144.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2828	−0.206%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2783	−0.309%	$250K	$948K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2800	−0.270%	$1.4M	$1.5M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2891	−0.058%	$56K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2980	+0.149%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2970	+0.126%	$461K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2880	−0.084%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.2858	−0.136%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2928	+0.028%	$200K	$37K	3x	as long as short
Polymarket Perps NEAR-USD	+0.0109%	1h	4.2909	−0.016%	$273K	$3.9M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2950	+0.079%	$13.4M	$31.7M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.2945	+0.068%	$2.3M	$15.8M	50x	as long as short
Nado NEAR-PERP	+0.0264%	1h	4.2872	−0.103%	$1.7M	$3.2M	10x	as long as short
Kalshi KXNEARPERP	+0.0269%	8h	4.2873	−0.100%	$832K	$24.5M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0195%	1h	4.2854	−0.144%	$230K	—	100x	as long as short
Aster NEARUSDT	+0.0336%	8h	4.2900	−0.037%	$2.8M	$5.5M	50x	as long as short
ApeX Omni NEARUSDT	+0.0365%	1h	4.2740	−0.410%	$164K	$793K	50x	as long as short
Extended NEAR-USD	+0.0496%	1h	4.2874	−0.098%	$3.7M	$19.9M	25x	as long as short
SoDEX NEAR-USD	+0.0631%	1h	4.2865	−0.119%	$6K	$53K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0681%	1h	4.2896	−0.047%	$1.3M	$6.8M	20x	as long as short
Hyperliquid NEARlong	+0.0686%	1h	4.2916	long leg	$350.4M	$311.1M	10x
01 Exchange NEARUSD	+0.0696%	1h	4.2968	+0.121%	$13K	$7K	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0738%	1h	4.2874	−0.097%	$7.6M	$38.7M	50x	as long as short
Lighter NEAR	+0.0768%	1h	4.2918	+0.004%	$16.8M	$25.0M	15x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.2940	+0.056%	$211K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.2855	−0.143%	$393K	$1.3M	10x	as long as short
Lighter RH NEAR	+0.0944%	1h	4.2921	+0.012%	$1.5M	$7.2M	10x	as long as short
Phoenix NEAR	+0.1033%	1h	4.2873	−0.100%	$1.8M	$2.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1104%	1h	4.2904	−0.028%	$2.0M	$10.8M	25x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.2921	+0.011%	$679K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1469%	1h	4.2879	−0.087%	$5K	$12K	10x	as long as short