Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Hyperliquid against Binance+0.032%7-day average +0.009% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.284%−$28 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now +0.032%, 7d avg +0.009%

Together, before fees−0.293%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 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 0.023% dearer against Binance than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance STABLEUSDT	0.02524	0.0100	pay 0.0050% / 4h	2m 59s	$2.5M	$2.8M	75x
Short	Hyperliquid STABLE	0.02525	0.0100	get 0.0013% / 1h	2m 59s	$891K	$228K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.032%Rate

Funding earned: $0
Price spread: +0.032% → +0.009%: $2.31
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$16.69
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 2 min ago; Hyperliquid: live order book, 67 min ago. Net counts fees only.

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 Binance live order book, 2 min ago	1.98 bp	26.6 bp −$27	100.9 bp −$1,009	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 67 min ago	2.03 bp	24.8 bp −$25	doesn't fit	doesn't fit	doesn't fit

STABLE on 15 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
Lighter STABLE	+0.0096%	1h	0.02538	+0.524%	$117K	$3K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02525	+0.032%	$891K	$228K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02525	+0.006%	$19K	$6K	20x	as long as short
Binance STABLEUSDTlong	+0.0100%	4h	0.02524	long leg	$2.5M	$2.8M	75x
Bybit STABLEUSDT	+0.0100%	4h	0.02526	+0.072%	$1.5M	$781K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02522	−0.094%	$206K	$430K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02526	+0.064%	$176K	$89K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02524	−0.015%	$673K	$157K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02529	+0.183%	$181K	$29K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02524	−0.015%	$295K	$115K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02525	+0.024%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02527	+0.110%	$148K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02523	−0.055%	$2K	$698K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02523	−0.057%	$12K	$175K	10x	as long as short
BloFin STABLE-USDT	+0.0123%	4h	0.02525	+0.024%	$115K	$7K	75x	as long as short