Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.081%

Price spread now: Hyperliquid against BloFin+0.331%47s7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as 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−$800.800% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.448%−$45 on $10k

Price spread, last 4 days (all we have)−0.133%−$13 · spread now +0.331%, 7d avg +0.046%

Together, before fees−0.580%+ Points / potential airdropHyperliquid: Season 2 · farm board−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.285% dearer against BloFin than usual: you sell high and buy low (spread +0.331% now, against its 7-day average of +0.046%): +$29 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 4.0 days. The two prices were read 47 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 S-USDT	0.03952	0.0340	pay 0.0170% / 4h	2h 54m	$272K	$101K	75x
Short	Hyperliquid S	0.03965	0.0100	get 0.0013% / 1h	54m 07s	$998K	$587K	5x

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 +0.331%Rate

Funding earned: −$50.4
Price spread: +0.331% → +0.046%: $28.5
Slippage, 4 orders: −$58.95
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$101.85
Costs to cover: 0.800%
Break-even: never at this rate

Slippage from BloFin: live order book, 35 min ago; Hyperliquid: live order book, 6 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, 35 min ago	5.05 bp	27.1 bp −$27	72.2 bp −$722	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	2.03 bp	10.7 bp −$11	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	−0.9248%	1h	0.03840	−2.834%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1836%	1h	0.03962	+0.248%	$33K	$14K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03929	−0.582%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03968	+0.405%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03965	+0.319%	$4	—	15x	as long as short
Variational Omni S	−0.0097%	4h	0.03955	+0.084%	$614K	$29K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03967	+0.379%	$612	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.745%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0083%	4h	0.03967	+0.380%	$98K	$323K	10x	as long as short
Lighter S	+0.0096%	1h	0.03972	+0.506%	$168K	$137K	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	0.03965	+0.331%	$998K	$587K	5x
Aster SUSDT	+0.0100%	4h	0.03968	+0.414%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03969	+0.441%	$5.5M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03962	+0.253%	$5.7M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03966	+0.354%	$983K	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03960	+0.202%	$322K	$183K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03967	+0.380%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03965	+0.329%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03970	+0.455%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03964	+0.304%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	+0.709%	$22K	$464K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03966	+0.352%	$223K	$595K	10x	as long as short
BloFin S-USDTlong	+0.0340%	4h	0.03952	long leg	$272K	$101K	75x
Deribit S_USDC-PERPETUAL	+0.0506%	1h	0.03973	+0.531%	$67K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1506%	1h	0.03970	+0.455%	$115K	$425K	5x	as long as short