Funding arb · Price arb /

AR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.029%

Price spread now: OKX against Hyperliquid−0.263%7-day average −0.197% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$640.645% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 7 days+0.161%+$16 · spread now −0.263%, 7d avg −0.197%

Together, before fees+0.023%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 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 OKX is 0.066% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.197%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.5961	0.0100	pay 0.0013% / 1h	52m 11s	$4.1M	$4.9M	5x
Short	OKX AR-USDT-SWAP	4.5840	0.0007	get 0.0007% / 8h	52m 11s	$2.4M	$20.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.263%Rate

Funding earned: −$19.49
Price spread: −0.263% → −0.197%: −$6.59
Slippage, 4 orders: −$45.45
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$90.53
Costs to cover: 0.645%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; OKX: live order book, 1 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, 10 min ago	0.11 bp	14.4 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	1.09 bp	16.5 bp −$16	83.1 bp −$831	doesn't fit	doesn't fit

AR on 17 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
Kraken Futures PF_ARUSD	−0.1963%	1h	4.5844	−0.255%	$52K	$163K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.5911	−0.109%	$590K	—	50x	as long as short
ApeX Omni ARUSDT	−0.0004%	1h	4.5840	−0.263%	$58K	$747K	50x	as long as short
OKX AR-USDT-SWAPshort	+0.0007%	8h	4.5840	−0.263%	$2.4M	$20.9M	20x
Injective AR/USDC PERP	+0.0033%	1h	4.5720	−0.524%	$3K	$339	5.5x	as long as short
Extended AR-USD	+0.0048%	1h	4.5831	−0.283%	$37K	$237K	10x	as long as short
MEXC AR_USDT	+0.0051%	8h	4.5850	−0.242%	$6.8M	$4.4M	100x	as long as short
Binance ARUSDT	+0.0051%	8h	4.5846	−0.249%	$9.1M	$55.7M	75x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.5961	long leg	$4.1M	$4.9M	5x
Aster ARUSDT	+0.0100%	8h	4.5829	−0.287%	$20K	$611K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARUSDT	+0.0100%	8h	4.5827	−0.292%	$4.7M	$8.9M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.5860	−0.220%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5850	−0.242%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.5820	−0.307%	$3.9M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.5820	−0.307%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5934	−0.059%	$139K	$173K	—	as long as short
BloFin AR-USDT	+0.0172%	8h	4.5780	−0.394%	$430K	$674K	20x	as long as short