Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: ApeX Omni against Hyperliquid−0.470%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$212as in the Price arb table

costs, in and out, $10k−$1611.612% of the position

Long on Hyperliquid Short on ApeX Omni

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)+1.276%+$128 · spread now −0.470%, 7d avg +0.042%

Together, before fees+1.502%+ Points / potential airdropHyperliquid: Season 2 · farm board+$150 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: ApeX Omni is 0.511% cheaper against Hyperliquid than usual: you would sell low and buy high, −$51 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.04129	0.0100	pay 0.0013% / 1h	31m 17s	$1.0M	$554K	5x
Short	ApeX Omni SUSDT	0.04110	0.0100	get 0.0013% / 1h	31m 17s	$25K	$448K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now −0.470%Rate

Funding earned: $0
Price spread: −0.470% → +0.042%: −$51.13
Slippage, 4 orders: −$142.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$212.38
Costs to cover: 1.612%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; ApeX Omni: live order book, 31 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, 9 min ago	1.83 bp	18.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 31 min ago	36.90 bp	63.0 bp −$63	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	−1.1432%	1h	0.03950	−4.344%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1666%	1h	0.04123	−0.158%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−2.601%	$48K	$16K	25x	as long as short
Variational Omni S	−0.0253%	4h	0.04099	−0.743%	$637K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04130	+0.007%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04128	−0.033%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04129	−0.002%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.712%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0067%	4h	0.04129	−0.010%	$103K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04132	+0.063%	$172K	$156K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Slong	+0.0100%	1h	0.04129	long leg	$1.0M	$554K	5x
Aster SUSDT	+0.0100%	4h	0.04129	−0.009%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04130	+0.009%	$5.7M	$13.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04125	−0.107%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04126	−0.082%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04123	−0.155%	$339K	$200K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04129	−0.010%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04125	−0.107%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04130	+0.015%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04126	−0.082%	—	$6.8M	—	as long as short
ApeX Omni SUSDTshort	+0.0100%	1h	0.04110	−0.470%	$25K	$448K	50x
Extended S-USD	+0.0104%	1h	0.04127	−0.069%	$234K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04123	−0.155%	$283K	$106K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0719%	1h	0.04132	+0.063%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1623%	1h	0.04130	+0.015%	$122K	$365K	5x	as long as short