Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h −0.002%

Price spread now: Hyperliquid against BloFin−0.117%87s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as 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−$870.867% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.212%−$21 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now −0.117%, 7d avg −0.013%

Together, before fees−0.225%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.104% cheaper against BloFin than usual: you would sell low and buy high (spread −0.117% now, against its 7-day average of −0.013%). If the spread goes back, that is −$10 on $10k: about 27 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.212%, so the current rate has only just turned in your favour. The two prices were read 87 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	BloFin NOT-USDT	0.0005126	0.0087	pay 0.0044% / 4h	3h 05m	$112K	$17K	50x
Short	Hyperliquid NOT	0.0005120	0.0100	get 0.0013% / 1h	5m 40s	$374K	$52K	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

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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.117%Rate

Funding earned: $2.66
Price spread: −0.117% → −0.013%: −$10.37
Slippage, 4 orders: −$65.69
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$94.39
Costs to cover: 0.867%
Break-even: 254.9 days

Slippage from BloFin: live order book, 49 min ago; Hyperliquid: live order book, 44 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 BloFin live order book, 49 min ago	3.93 bp	19.9 bp −$20	64.3 bp −$643	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 44 min ago	9.81 bp	33.4 bp −$33	doesn't fit	doesn't fit	doesn't fit

NOT on 16 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_NOTUSD	−0.0331%	1h	0.0005118	−0.158%	$50K	$10K	10x	as long as short
Variational Omni NOT	−0.0159%	4h	0.0005109	−0.340%	$72K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.916%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDTlong	+0.0087%	4h	0.0005126	long leg	$112K	$17K	50x
Lighter 1000NOT	+0.0096%	1h	0.0005123	−0.062%	$12K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005120	−0.117%	$374K	$52K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005115	−0.211%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005114	−0.242%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005108	−0.351%	$2.2M	$832K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005111	−0.293%	$633K	$615K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005118	−0.156%	$143K	$80K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005114	−0.234%	$1.4M	$466K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005111	−0.293%	$467K	$135K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005119	−0.137%	$672K	$396K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005114	−0.234%	—	$8.9M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005112	−0.269%	$4K	$491	5x	as long as short