Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1302%/8h= −142.6% APRpaid last 24h −0.422%

Price spread now: BingX against Hyperliquid−0.559%7-day average −0.400% · you buy dearer than you sell

Net, funding: paid 7d − costs−$239as in the Funding arb table

Net, price: spread back to 7d avg − costs−$186as in the Price arb table

costs, in and out, $10k−$1711.705% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.683%−$68 on $10k

Price spread, last 7 days+0.204%+$20 · spread now −0.559%, 7d avg −0.400%

Together, before fees−0.479%+ Points / potential airdropHyperliquid: Season 2 · farm board−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and BingX is 0.159% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.400%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.683% in total (about -35.6% 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	Hyperliquid HMSTR	0.0001790	0.1372	pay 0.0172% / 1h	29m 27s	$2.0M	$117K	3x
Short	BingX HMSTR-USDT	0.0001780	0.0070	get 0.0035% / 4h	2h 29m	—	$1.3M	—

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 −0.559%Rate

Funding earned: −$273.47
Price spread: −0.559% → −0.400%: −$15.9
Slippage, 4 orders: −$151.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$459.92
Costs to cover: 1.705%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 1 min ago; BingX: live order book, 7 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, 1 min ago	27.85 bp	71.4 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	5.61 bp	18.7 bp −$19	75.8 bp −$758	689.0 bp −$68.9K	1011.3 bp −$505.7K

HMSTR on 13 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
BingX HMSTR-USDTshort	+0.0070%	4h	0.0001780	−0.559%	—	$1.3M	—
Aster HMSTRUSDT	+0.0100%	4h	0.0001779	−0.592%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001780	−0.564%	$2.2M	$2.1M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001779	−0.615%	$1.5M	$606K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001780	−0.559%	$600K	$839K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001779	−0.615%	$397K	$159K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001781	−0.503%	$387K	$117K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001779	−0.615%	$248K	$48K	10x	as long as short
Variational Omni HMSTR	+0.0100%	4h	0.0001780	−0.546%	$2K	$920	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001778	−0.670%	$13K	$613K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001780	−0.585%	$928	—	5x	as long as short
Kraken Futures PF_HMSTRUSD	+0.1030%	1h	0.0001782	−0.423%	$10K	$7K	10x	as long as short
Hyperliquid HMSTRlong	+0.1372%	1h	0.0001790	long leg	$2.0M	$117K	3x