Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0101%/8h= −11.0% APRpaid last 24h −0.001%

Price spread now: BingX against Hyperliquid−0.125%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 7 days+0.105%+$11 · spread now −0.125%, 7d avg −0.058%

Together, before fees+0.113%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.067% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid WIF	0.2477	0.0201	pay 0.0025% / 1h	9m 23s	$8.0M	$4.3M	5x
Short	BingX WIF-USDT	0.2474	0.0100	get 0.0050% / 4h	3h 09m	—	$65.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$21.11
Price spread: −0.125% → −0.058%: −$6.71
Slippage, 4 orders: −$30.68
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$77.5
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; BingX: live order book, 15 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, 3 min ago	2.40 bp	18.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	3.98 bp	9.5 bp −$10	18.7 bp −$187	78.4 bp −$7,838	414.7 bp −$207.3K

WIF on 32 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
Deribit WIF_USDC-PERPETUAL	−0.0557%	1h	0.2475	−0.085%	$49K	$289K	25x	as long as short
Gate WIF_USDT	−0.0174%	4h	0.2472	−0.206%	$1.3M	$7.2M	50x	as long as short
Backpack WIF_USDC_PERP	−0.0161%	1h	0.2473	−0.170%	$73K	$256K	10x	as long as short
KuCoin WIFUSDTM	−0.0068%	4h	0.2472	−0.206%	$5.1M	$12.3M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2475	−0.100%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2475	−0.067%	$12K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.287%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	+0.0039%	1h	0.2475	−0.084%	$646K	$2.3M	50x	as long as short
Lighter WIF	+0.0096%	1h	0.2480	+0.137%	$147K	$595K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2475	−0.085%	$56K	$496K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_WIF_USDC	+0.0099%	4h	0.2473	−0.166%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2477	−0.018%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2477	−0.006%	$77K	$52K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2474	−0.123%	$19.0M	$108.7M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2472	−0.190%	$16.9M	$37.3M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2473	−0.166%	$5.9M	$33.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2474	−0.125%	$22.5M	$11.1M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2474	−0.125%	$7.5M	$12.2M	50x	as long as short
BingX WIF-USDTshort	+0.0100%	4h	0.2474	−0.125%	—	$65.8M	—
Variational Omni WIF	+0.0100%	4h	0.2487	+0.403%	$74K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2496	+0.762%	$283K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2490	+0.521%	$43K	$632K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2472	−0.206%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2474	−0.125%	$561	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2466	−0.448%	$170K	$745K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2474	−0.108%	$10K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2474	−0.119%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0187% / S −0.0048%	1h	0.2483	+0.248%	$8K	—	100x	as long as short
Hyperliquid WIFlong	+0.0201%	1h	0.2477	long leg	$8.0M	$4.3M	5x
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2480	+0.117%	$334K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2489	+0.480%	$1.0M	$703K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2473	−0.161%	$0	—	15x	as long as short