Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX+0.131%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1311.313% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now +0.131%, 7d avg +0.018%

Together, before fees−0.175%+ Points / potential airdropHyperliquid: Season 2 · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.113% dearer against BingX than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of +0.018%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.8 days. At the pace of the last 7 days (−0.074% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX GMT-USDT	0.008371	0.0200	pay 0.0100% / 4h	55m 17s	—	$1.2M	—
Short	Hyperliquid GMT	0.008382	0.0100	get 0.0013% / 1h	55m 17s	$123K	$123K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$21
Price spread: +0.131% → +0.018%: $11.32
Slippage, 4 orders: −$112.34
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$141.02
Costs to cover: 1.313%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; Hyperliquid: live order book, 4 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 BingX live order book, 14 min ago	7.21 bp	24.8 bp −$25	67.8 bp −$678	560.2 bp −$56.0K	848.3 bp −$424.1K
Sell Hyperliquid live order book, 4 min ago	1.79 bp	50.0 bp −$50	doesn't fit	doesn't fit	doesn't fit

GMT 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
Kraken Futures PF_GMTUSD	−0.1556%	1h	0.008385	+0.163%	$46K	$11K	20x	as long as short
KuCoin GMTUSDTM	+0.0068%	4h	0.008370	−0.012%	$250K	$101K	50x	as long as short
Hyperliquid GMTshort	+0.0100%	1h	0.008382	+0.131%	$123K	$123K	3x
Aster GMTUSDT	+0.0100%	4h	0.008375	+0.043%	$8K	$14K	10x	as long as short
Binance GMTUSDT	+0.0100%	4h	0.008379	+0.096%	$2.7M	$3.0M	50x	as long as short
Bybit GMTUSDT	+0.0100%	8h	0.008372	+0.012%	$1.1M	$1.1M	50x	as long as short
OKX GMT-USDT-SWAP	+0.0100%	4h	0.008370	−0.012%	$348K	$555K	20x	as long as short
Gate GMT_USDT	+0.0100%	8h	0.008370	−0.012%	$147K	$105K	50x	as long as short
MEXC GMT_USDT	+0.0100%	4h	0.008380	+0.108%	$423K	$181K	20x	as long as short
Bitget GMTUSDT	+0.0100%	4h	0.008374	+0.036%	$674K	$400K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni GMT	+0.0100%	8h	0.008370	−0.008%	$3K	$5K	—	as long as short
BingX GMT-USDTlong	+0.0200%	4h	0.008371	long leg	—	$1.2M	—