Funding arb · Price arb /

HEMI

all HEMI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1137%/8h= +124.5% APRpaid last 24h +0.082%

Price spread now: Hyperliquid against BingX+0.106%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$960.962% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.502%+$50 on $10k

Price spread, last 7 days+0.087%+$9 · spread now +0.106%, 7d avg +0.076%

Together, before fees+0.589%+ Points / potential airdropHyperliquid: Season 2 · farm board+$59 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$34 a day on $10k at the current rate, and Hyperliquid is 0.031% dearer against BingX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.076%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.502% in total (about 26.2% 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	BingX HEMI-USDT	0.006574	0.0184	pay 0.0092% / 4h	2h 20m	—	$1.4M	—
Short	Hyperliquid HEMI	0.006581	0.1321	get 0.0165% / 1h	20m 00s	$1.1M	$369K	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

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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.106%Rate

Funding earned: $238.68
Price spread: +0.106% → +0.076%: $3.09
Slippage, 4 orders: −$77.17
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $145.6
Costs to cover: 0.962%
Break-even: 2.7 days

Slippage from BingX: live order book, 10 min ago; Hyperliquid: live order book, just now.

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, 10 min ago	5.35 bp	23.0 bp −$23	83.3 bp −$833	doesn't fit	doesn't fit
Sell Hyperliquid live order book, just now	0.76 bp	25.8 bp −$26	doesn't fit	doesn't fit	doesn't fit

HEMI 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
Aster HEMIUSDT	+0.0100%	4h	0.006559	−0.226%	$76K	$46K	5x	as long as short
Bybit HEMIUSDT	+0.0100%	4h	0.006572	−0.030%	$1.7M	$1.5M	25x	as long as short
KuCoin HEMIUSDTM	+0.0100%	4h	0.006570	−0.061%	$835K	$1.7M	20x	as long as short
Variational Omni HEMI	+0.0100%	4h	0.006560	−0.208%	$23K	$3K	—	as long as short
SunX HEMI-USDT	+0.0100%	4h	0.006708	+2.038%	$2K	$1.2M	20x	as long as short
BloFin HEMI-USDT	+0.0171%	4h	0.006546	−0.426%	$368K	$52K	20x	as long as short
Extended HEMI-USD	+0.0176%	1h	0.006567	−0.101%	$17K	—	5x	as long as short
MEXC HEMI_USDT	+0.0176%	4h	0.006574	0.000%	$1.7M	$281K	50x	as long as short
Binance HEMIUSDT	+0.0177%	4h	0.006573	−0.015%	$6.7M	$11.0M	20x	as long as short
BingX HEMI-USDTlong	+0.0184%	4h	0.006574	long leg	—	$1.4M	—

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HEMI_USDT	+0.0326%	4h	0.006567	−0.106%	$512K	$291K	20x	as long as short
Hyperliquid HEMIshort	+0.1321%	1h	0.006581	+0.106%	$1.1M	$369K	3x