Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: Hyperliquid against Bitget−0.101%7-day average −0.029% · you buy dearer than you sell

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

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.290%−$29 on $10k

Price spread, last 4 days (all we have)+0.152%+$15 · spread now −0.101%, 7d avg −0.029%

Together, before fees−0.137%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 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 0.072% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget STABLEUSDT	0.02476	0.0100	pay 0.0050% / 4h	2h 53m	$291K	$117K	25x
Short	Hyperliquid STABLE	0.02474	0.0100	get 0.0013% / 1h	53m 21s	$873K	$234K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee HyperliquidbpOrdersPrice spread, now −0.101%Rate

Funding earned: $0
Price spread: −0.101% → −0.029%: −$7.23
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$28.23
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 30 min ago; Hyperliquid: live order book, 31 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 Bitget live order book, 30 min ago	2.02 bp	69.8 bp −$70	239.0 bp −$2,390	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 31 min ago	6.87 bp	23.0 bp −$23	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
Aster STABLEUSDT	−0.0186%	4h	0.02471	−0.188%	$19K	$7K	20x	as long as short
BloFin STABLE-USDT	+0.0094%	4h	0.02476	0.000%	$115K	$8K	75x	as long as short
Lighter STABLE	+0.0096%	1h	0.02489	+0.541%	$114K	$3K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02474	−0.101%	$873K	$234K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02472	−0.144%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02475	−0.036%	$1.5M	$819K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02474	−0.081%	$204K	$417K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02473	−0.121%	$171K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02473	−0.121%	$660K	$156K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02478	+0.081%	$174K	$27K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDTlong	+0.0100%	4h	0.02476	long leg	$291K	$117K	25x
BingX STABLE-USDT	+0.0100%	4h	0.02474	−0.081%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02475	−0.021%	$145K	$51K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02474	−0.061%	$2K	$642K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02472	−0.157%	$12K	$175K	10x	as long as short