Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Hyperliquid against BingX+0.368%7-day average +0.269% · you sell dearer than you buy

Net, funding: paid 7d − costs−$165as in the Funding arb table

Net, price: spread back to 7d avg − costs−$156as in the Price arb table

costs, in and out, $10k−$1661.657% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 7 days−0.111%−$11 · spread now +0.368%, 7d avg +0.269%

Together, before fees−0.109%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.099% dearer against BingX than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.269%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX IMX-USDT	0.1521	0.0100	pay 0.0050% / 4h	3h 16m	—	$2.9M	—
Short	Hyperliquid IMX	0.1527	0.0100	get 0.0013% / 1h	16m 31s	$3.5M	$283K	5x

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 +0.368%Rate

Funding earned: $0
Price spread: +0.368% → +0.269%: $9.89
Slippage, 4 orders: −$146.66
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$155.78
Costs to cover: 1.657%
Break-even: never at this rate

Slippage from BingX: live order book, 3 min ago; Hyperliquid: live order book, 5 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, 3 min ago	6.58 bp	18.4 bp −$18	50.7 bp −$507	383.6 bp −$38.4K	945.0 bp −$472.5K
Sell Hyperliquid live order book, 5 min ago	6.59 bp	34.0 bp −$34	doesn't fit	doesn't fit	doesn't fit

IMX on 15 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
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1520	−0.034%	$2K	—	150x	as long as short
dYdX IMX-USD	+0.0026%	1h	0.1520	−0.066%	$27K	$72	5x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	−0.394%	$559	$28K	5.5x	as long as short
Hyperliquid IMXshort	+0.0100%	1h	0.1527	+0.368%	$3.5M	$283K	5x
Binance IMXUSDT	+0.0100%	4h	0.1522	+0.086%	$3.7M	$5.8M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1520	−0.066%	$3.9M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1523	+0.131%	$966K	$1.7M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1519	−0.131%	$655K	$80K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1523	+0.131%	$2.8M	$564K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1521	0.000%	$398K	$129K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1524	+0.197%	$1.3M	$403K	75x	as long as short
BingX IMX-USDTlong	+0.0100%	4h	0.1521	long leg	—	$2.9M	—
Variational Omni IMX	+0.0100%	4h	0.1512	−0.608%	$95K	$131K	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1519	−0.131%	$192K	$133K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.1217%	1h	0.1525	+0.234%	$116K	$11K	20x	as long as short