Funding arb · Price arb /

STABLE

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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: Bitget against Hyperliquid+0.178%7-day average +0.029% · you sell dearer than you buy

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

Long on Hyperliquid Short on Bitget

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)−0.229%−$23 · spread now +0.178%, 7d avg +0.029%

Together, before fees+0.060%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 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: Bitget is 0.149% dearer against Hyperliquid than usual: you sell high and buy low, +$15 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	Hyperliquid STABLE	0.02473	0.0100	pay 0.0013% / 1h	52m 38s	$872K	$234K	3x
Short	Bitget STABLEUSDT	0.02477	0.0100	get 0.0050% / 4h	2h 52m	$292K	$117K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Hyperliquid. 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 HyperliquidbpFee BitgetbpOrdersPrice spread, now +0.178%Rate

Funding earned: $0
Price spread: +0.178% → +0.029%: $14.92
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$6.08
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 32 min ago; Bitget: 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 Hyperliquid live order book, 32 min ago	6.87 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 31 min ago	2.02 bp	57.7 bp −$58	209.5 bp −$2,095	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	−0.0188%	4h	0.02472	−0.034%	$19K	$7K	20x	as long as short
BloFin STABLE-USDT	+0.0063%	4h	0.02476	+0.138%	$115K	$8K	75x	as long as short
Lighter STABLE	+0.0096%	1h	0.02489	+0.679%	$114K	$3K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02473	long leg	$872K	$234K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02471	−0.049%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02477	+0.170%	$1.5M	$820K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02474	+0.057%	$204K	$417K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02474	+0.057%	$171K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02472	−0.024%	$659K	$156K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02479	+0.259%	$175K	$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 STABLEUSDTshort	+0.0100%	4h	0.02477	+0.178%	$292K	$117K	25x
BingX STABLE-USDT	+0.0100%	4h	0.02476	+0.138%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02475	+0.117%	$145K	$51K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02474	+0.036%	$2K	$642K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02472	−0.041%	$12K	$175K	10x	as long as short