Funding arb · Price arb /

NIL

all NIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2288%/8h= +250.6% APRpaid last 24h +0.314%

Price spread now: Hyperliquid against Bitget+0.443%7-day average +0.265% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$970.967% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.441%+$44 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now +0.443%, 7d avg +0.265%

Together, before fees+0.488%+ Points / potential airdropHyperliquid: Season 2 · farm board+$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$69 a day on $10k at the current rate, and Hyperliquid is 0.178% dearer against Bitget than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.265%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.441% in total (about 23.0% 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	Bitget NILUSDT	0.06750	0.0100	pay 0.0050% / 4h	2h 49m	$1.7M	$9.7M	50x
Short	Hyperliquid NIL	0.06780	0.2388	get 0.0299% / 1h	49m 04s	$4.1M	$4.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.443%Rate

Funding earned: $480.55
Price spread: +0.443% → +0.265%: $17.77
Slippage, 4 orders: −$75.65
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $401.67
Costs to cover: 0.967%
Break-even: 1.1 days

Slippage from Bitget: live order book, 4 min ago; Hyperliquid: live order book, 3 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 Bitget live order book, 4 min ago	8.83 bp	25.4 bp −$25	130.8 bp −$1,308	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	2.94 bp	13.5 bp −$13	doesn't fit	doesn't fit	doesn't fit

NIL on 12 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
Aster NILUSDT	+0.0100%	4h	0.06763	+0.188%	$20K	$370K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06755	+0.067%	$5.4M	$85.3M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06758	+0.119%	$3.5M	$14.8M	20x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06757	+0.104%	$440K	$2.1M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06748	−0.030%	$2.3M	$6.0M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06760	+0.148%	$483K	$722K	30x	as long as short
Bitget NILUSDTlong	+0.0100%	4h	0.06750	long leg	$1.7M	$9.7M	50x
BingX NIL-USDT	+0.0100%	4h	0.06750	0.000%	—	$8.7M	—	as long as short
Variational Omni NIL	+0.0100%	4h	0.06786	+0.526%	$50K	$154K	—	as long as short
BloFin NIL-USDT	+0.0101%	4h	0.06788	+0.563%	$360K	$161K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NIL-USD	+0.0104%	1h	0.06753	+0.039%	$16K	$94K	5x	as long as short
Hyperliquid NILshort	+0.2388%	1h	0.06780	+0.443%	$4.1M	$4.6M	3x