Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0347%/8h= −37.9% APRpaid last 24h +0.059%

Price spread now: Hyperliquid against Perpl−0.005%7-day average +0.027% · you buy dearer than you sell

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

Long on Perpl Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.260%−$26 on $10k

Price spread, last 7 days−0.100%−$10 · spread now −0.005%, 7d avg +0.027%

Together, before fees−0.360%+ Points / potential airdropPerpl: Active · Hyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Hyperliquid is 0.032% cheaper against Perpl than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,606.6	0.0447	pay 0.0040% / 43m	20m 01s	$495K	$18.9M	6.7x
Short	Hyperliquid BTC	85,602	0.0100	get 0.0013% / 1h	49m 01s	$3.74B	$4.97B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Perpl. 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 PerplbpFee HyperliquidbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$72.77
Price spread: −0.005% → +0.027%: −$3.2
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$98.77
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; Hyperliquid: live order book, 5 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 Perpl no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 5 min ago	0.06 bp	5.2 bp −$5	6.4 bp −$64	7.0 bp −$704	doesn't fit

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 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
Bluefin BTC-PERP	−0.1397%	1h	85,566.1	−0.047%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,568	−0.045%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,667	+0.071%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,567.7	−0.045%	$371K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,528.7	−0.091%	$417.9M	$665.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	85,518.6	−0.103%	$918.6M	$749.4M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,605.7	−0.001%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,543.1	−0.074%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,526.9	−0.093%	$515.5M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,541.8	−0.076%	$6.9M	$97.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0056%	1h	85,560.6	−0.054%	$22.5M	$218.7M	50x	as long as short
BingX BTC-USDT	+0.0058%	8h	85,528.9	−0.091%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,555.1	−0.060%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0077%	1h	85,538.6	−0.079%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,536	−0.083%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,527.4	−0.093%	$5.04B	$5.58B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,540	−0.078%	$9.33B	$23.97B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,532	−0.087%	$59.9M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,537.9	−0.080%	$173.7M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,540.9	−0.077%	$23.8M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,559	−0.056%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,632.1	+0.030%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.081%	$232K	$7.9M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,602	−0.005%	$3.74B	$4.97B	40x
Pacifica BTC	+0.0100%	1h	85,605	−0.002%	$40.1M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,544.3	−0.073%	$5.32B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,543.2	−0.074%	$2.57B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,562	−0.052%	$3.9M	$17.9M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.105%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,531.1	−0.088%	$5.53B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,514.5	−0.108%	$35.8M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	−0.026%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637.5	+0.036%	$279.7M	$917.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,650.2	+0.051%	$214.9M	$165.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,590.3	−0.019%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,613.8	+0.008%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,617	+0.012%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,548	−0.068%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,546.9	−0.070%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,522.7	−0.098%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,528.9	−0.091%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,539	−0.079%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,533.6	−0.085%	$2.26B	$939.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,532.7	−0.086%	$150.9M	$482.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,531.5	−0.088%	$44.5M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,585.5	−0.025%	—	$106.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,567.9	−0.045%	$117.4M	$5.15B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,497	−0.128%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,554.5	−0.061%	$188.5M	$952.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,545.1	−0.072%	$13.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0183%	1h	85,581.3	−0.030%	$893.4M	$1.53B	50x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,625.7	+0.022%	$695K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,587.1	−0.023%	$8.4M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,648.3	+0.049%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,581	−0.030%	$10.7M	$758.5M	6.4x	as long as short
Perpl BTClong	+0.0447%	43m	85,606.6	long leg	$495K	$18.9M	6.7x