Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.013%

Price spread now: Hyperliquid against ApeX Omni−0.222%85s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$194as 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−$1711.710% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 4 days (all we have)−0.302%−$30 · spread now −0.222%, 7d avg −0.045%

Together, before fees−0.528%+ Points / potential airdropHyperliquid: Season 2 · farm board−$53 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: Hyperliquid is 0.177% cheaper against ApeX Omni than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.045%. The two prices were read 85 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	ApeX Omni SUSDT	0.03960	0.0100	pay 0.0013% / 1h	0m 10s	$22K	$463K	50x
Short	Hyperliquid S	0.03951	0.0100	get 0.0013% / 1h	0m 10s	$994K	$595K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against ApeX Omni. 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 ApeX OmnibpFee HyperliquidbpOrdersPrice spread, now −0.222%Rate

Funding earned: $0
Price spread: −0.222% → −0.045%: −$17.69
Slippage, 4 orders: −$152
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$188.69
Costs to cover: 1.710%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 52 min ago; Hyperliquid: live order book, 50 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 ApeX Omni live order book, 52 min ago	25.00 bp	85.7 bp −$86	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 50 min ago	2.13 bp	16.2 bp −$16	doesn't fit	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.5672%	1h	0.03840	−3.030%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2257%	1h	0.03946	−0.343%	$32K	$14K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1344%	1h	0.03929	−0.783%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03954	−0.144%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03949	−0.269%	$4	—	15x	as long as short
Variational Omni S	−0.0063%	4h	0.03946	−0.346%	$613K	$29K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03954	−0.164%	$609	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.535%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0083%	4h	0.03953	−0.177%	$98K	$298K	10x	as long as short
Lighter S	+0.0096%	1h	0.03955	−0.126%	$167K	$159K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Sshort	+0.0100%	1h	0.03951	−0.222%	$994K	$595K	5x
Aster SUSDT	+0.0100%	4h	0.03953	−0.179%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03951	−0.238%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03945	−0.379%	$5.6M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03948	−0.303%	$979K	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03946	−0.354%	$321K	$191K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03951	−0.227%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03950	−0.253%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03952	−0.202%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03951	−0.227%	—	$6.8M	—	as long as short
ApeX Omni SUSDTlong	+0.0100%	1h	0.03960	long leg	$22K	$463K	50x
Extended S-USD	+0.0104%	1h	0.03949	−0.279%	$224K	$593K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0256%	1h	0.03958	−0.051%	$67K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03950	−0.253%	$271K	$101K	75x	as long as short
Backpack S_USDC_PERP	+0.1292%	1h	0.03960	0.000%	$115K	$424K	5x	as long as short