Funding arb · Price arb /

STBL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0350%/8h= −38.3% APRpaid last 24h −0.070%

Price spread now: BloFin against Hyperliquid+0.060%47s7-day average +0.197% · you sell dearer than you buy

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1241.237% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 4 days (all we have)−0.085%−$8 · spread now +0.060%, 7d avg +0.197%

Together, before fees−0.261%+ Points / potential airdropHyperliquid: Season 2 · farm board−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and BloFin is 0.137% cheaper against Hyperliquid than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.197%). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.177% in total (about -9.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STBL	0.02658	0.0508	pay 0.0063% / 1h	2m 17s	$2.0M	$257K	3x
Short	BloFin STBL-USDT	0.02660	0.0158	get 0.0079% / 4h	3h 02m	$126K	$22K	50x

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

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 HyperliquidbpFee BloFinbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$73.52
Price spread: +0.060% → +0.197%: −$13.69
Slippage, 4 orders: −$102.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$210.9
Costs to cover: 1.237%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; BloFin: live order book, 17 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 Hyperliquid live order book, 8 min ago	1.88 bp	21.4 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 17 min ago	11.26 bp	34.6 bp −$35	150.5 bp −$1,505	doesn't fit	doesn't fit

STBL on 12 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 STBL	+0.0096%	1h	0.02652	−0.241%	$80K	$2K	3x	as long as short
Aster STBLUSDT	+0.0100%	4h	0.02658	−0.022%	$89K	$5K	5x	as long as short
Binance STBLUSDT	+0.0100%	4h	0.02661	+0.094%	$1.9M	$2.0M	50x	as long as short
MEXC STBL_USDT	+0.0100%	4h	0.02661	+0.098%	$360K	$149K	100x	as long as short
KuCoin STBLUSDTM	+0.0100%	4h	0.02659	+0.023%	$1.1M	$235K	20x	as long as short
Variational Omni STBL	+0.0100%	4h	0.02663	+0.174%	$973	$276	—	as long as short
SunX STBL-USDT	+0.0100%	4h	0.02655	−0.128%	$1K	$1.1M	20x	as long as short
BloFin STBL-USDTshort	+0.0158%	4h	0.02660	+0.060%	$126K	$22K	50x
Hyperliquid STBLlong	+0.0508%	1h	0.02658	long leg	$2.0M	$257K	3x
Bybit STBLUSDT	+0.1045%	4h	0.02658	−0.015%	$1.5M	$655K	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STBL-USDT	+0.1134%	4h	0.02660	+0.060%	—	$6.6M	—	as long as short
Gate STBL_USDT	+0.2418%	4h	0.02669	+0.399%	$1.2M	$94K	50x	as long as short