Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%

Price spread now: Hyperliquid against OKX+0.040%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1071.070% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.040%, 7d avg +0.068%

Together, before fees−0.018%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 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 0.028% cheaper against OKX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX S-USDT-SWAP	0.04028	0.0100	pay 0.0050% / 4h	2h 14m	$1.0M	$3.8M	20x
Short	Hyperliquid S	0.04030	0.0100	get 0.0013% / 1h	14m 32s	$1.0M	$596K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.040%Rate

Funding earned: $0
Price spread: +0.040% → +0.068%: −$2.8
Slippage, 4 orders: −$88.02
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$109.82
Costs to cover: 1.070%
Break-even: never at this rate

Slippage from OKX: live order book, 3 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 OKX live order book, 3 min ago	2.48 bp	38.4 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.37 bp	15.7 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	−1.0320%	1h	0.03840	−4.667%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1810%	1h	0.04019	−0.234%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−1.663%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04021	−0.181%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04029	+0.015%	$4	—	15x	as long as short
Variational Omni S	−0.0050%	4h	0.04028	+0.008%	$625K	$25K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04021	−0.163%	$620	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.787%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0084%	4h	0.04023	−0.124%	$100K	$557K	10x	as long as short
Lighter S	+0.0096%	1h	0.04039	+0.273%	$172K	$140K	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	0.04030	+0.040%	$1.0M	$596K	5x
Aster SUSDT	+0.0100%	4h	0.04031	+0.084%	$48K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04031	+0.066%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04027	−0.025%	$5.7M	$4.3M	50x	as long as short
OKX S-USDT-SWAPlong	+0.0100%	4h	0.04028	long leg	$1.0M	$3.8M	20x
Gate S_USDT	+0.0100%	4h	0.04027	−0.025%	$328K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04032	+0.099%	$3.9M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04028	0.000%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04033	+0.124%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04027	−0.025%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.199%	$24K	$484K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04028	−0.002%	$226K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04031	+0.074%	$277K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0745%	1h	0.04024	−0.099%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2417%	1h	0.04030	+0.050%	$117K	$426K	5x	as long as short