Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Hyperliquid against OKX+0.388%7-day average +0.269% · you sell dearer than you buy

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$1101.102% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.211%−$21 · spread now +0.388%, 7d avg +0.269%

Together, before fees−0.150%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 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 0.118% dearer against OKX than usual: you sell high and buy low, +$12 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	OKX IMX-USDT-SWAP	0.1496	0.0100	pay 0.0050% / 4h	1h 33m	$940K	$1.7M	20x
Short	Hyperliquid IMX	0.1502	0.0100	get 0.0013% / 1h	33m 12s	$3.4M	$279K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.388%Rate

Funding earned: $0
Price spread: +0.388% → +0.269%: $11.83
Slippage, 4 orders: −$91.22
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$98.39
Costs to cover: 1.102%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Hyperliquid: live order book, 8 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 OKX live order book, 4 min ago	1.67 bp	33.6 bp −$34	2048.1 bp −$20.5K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	2.32 bp	29.5 bp −$29	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 −0.0002% / S +0.0004%	1h	0.1500	+0.247%	$6K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+1.263%	$559	$28K	5.5x	as long as short
Kraken Futures PF_IMXUSD	+0.0040%	1h	0.1499	+0.199%	$114K	$22K	20x	as long as short
Hyperliquid IMXshort	+0.0100%	1h	0.1502	+0.388%	$3.4M	$279K	5x
Binance IMXUSDT	+0.0100%	4h	0.1496	−0.012%	$3.6M	$5.9M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1495	−0.067%	$3.8M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAPlong	+0.0100%	4h	0.1496	long leg	$940K	$1.7M	20x
Gate IMX_USDT	+0.0100%	4h	0.1497	+0.060%	$646K	$141K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1498	+0.127%	$2.8M	$573K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1501	+0.328%	$391K	$124K	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	0.1497	+0.060%	$1.3M	$415K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1498	+0.127%	—	$2.9M	—	as long as short
Variational Omni IMX	+0.0100%	4h	0.1498	+0.149%	$94K	$131K	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1498	+0.127%	$191K	$147K	75x	as long as short
dYdX IMX-USD	+0.4026%	1h	0.1499	+0.194%	$26K	$59	5x	as long as short