Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h +0.002%

Price spread now: BloFin against Hyperliquid−0.061%87s7-day average +0.005% · you buy dearer than you sell

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

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.279%+$28 on $10k

Price spread, last 3 days (all we have)+0.130%+$13 · spread now −0.061%, 7d avg +0.005%

Together, before fees+0.409%+ Points / potential airdropHyperliquid: Season 2 · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.066% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of +0.005%). If the spread goes back, that is −$7 on $10k: about 13 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.279% in total) that is about 40 hours. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STABLE	0.02475	0.0100	pay 0.0013% / 1h	25m 50s	$873K	$235K	3x
Short	BloFin STABLE-USDT	0.02474	0.0117	get 0.0058% / 4h	2h 25m	$114K	$8K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.061%Rate

Funding earned: $3.5
Price spread: −0.061% → +0.005%: −$6.6
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$24.09
Costs to cover: 0.210%
Break-even: 55.1 days

Slippage unknown: Hyperliquid: live order book, 59 min ago; BloFin: live order book, 54 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, 59 min ago	6.87 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 54 min ago	2.02 bp	28.7 bp −$29	56.9 bp −$569	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	−0.0278%	4h	0.02477	+0.066%	$19K	$7K	20x	as long as short
Lighter STABLE	+0.0096%	1h	0.02491	+0.638%	$114K	$3K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02475	long leg	$873K	$235K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02475	−0.002%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02477	+0.053%	$1.5M	$818K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02476	+0.020%	$204K	$418K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02474	−0.061%	$171K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02475	−0.020%	$660K	$158K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02482	+0.263%	$175K	$27K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02478	+0.101%	$292K	$116K	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	0.02476	+0.020%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02478	+0.096%	$145K	$51K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02478	+0.085%	$2K	$646K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02476	+0.005%	$12K	$175K	10x	as long as short
BloFin STABLE-USDTshort	+0.0117%	4h	0.02474	−0.061%	$114K	$8K	75x