Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0050%/8h= +5.4% APRpaid last 24h +0.005%

Price spread now: BloFin against Hyperliquid−0.238%7-day average +0.010% · 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−$113as in the Price arb table

costs, in and out, $10k−$890.885% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 3 days (all we have)+0.392%+$39 · spread now −0.238%, 7d avg +0.010%

Together, before fees+0.602%+ Points / potential airdropHyperliquid: Season 2 · farm board+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.248% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.238% now, against its 7-day average of +0.010%). If the spread goes back, that is −$25 on $10k: about 17 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.209% in total) that is about 8.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005050	0.0100	pay 0.0013% / 1h	28m 34s	$369K	$51K	3x
Short	BloFin NOT-USDT	0.0005038	0.0150	get 0.0075% / 4h	1h 28m	$111K	$17K	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

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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 BloFinbpOrdersPrice spread, now −0.238%Rate

Funding earned: $10.4
Price spread: −0.238% → +0.010%: −$24.8
Slippage, 4 orders: −$67.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$102.9
Costs to cover: 0.885%
Break-even: 76.3 days

Slippage from Hyperliquid: live order book, 41 min ago; BloFin: 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 Hyperliquid live order book, 41 min ago	9.93 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 44 min ago	1.99 bp	18.5 bp −$18	53.8 bp −$538	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
Variational Omni NOT	−0.0129%	4h	0.0005030	−0.389%	$71K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.485%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005057	+0.147%	$11K	$5K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005050	long leg	$369K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005046	−0.085%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005048	−0.032%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005041	−0.178%	$2.1M	$819K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005047	−0.059%	$614K	$587K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005038	−0.238%	$140K	$79K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005048	−0.040%	$1.3M	$465K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTM	+0.0100%	4h	0.0005044	−0.119%	$492K	$121K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005047	−0.059%	$663K	$387K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005045	−0.099%	—	$721K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005047	−0.051%	$4K	$1K	5x	as long as short
BloFin NOT-USDTshort	+0.0150%	4h	0.0005038	−0.238%	$111K	$17K	50x
Kraken Futures PF_NOTUSD	+0.6156%	1h	0.0005077	+0.541%	$49K	$9K	10x	as long as short