Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX+0.026%7-day average −0.019% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 4 days (all we have)−0.198%−$20 · spread now +0.026%, 7d avg −0.019%

Together, before fees−0.399%+ Points / potential airdropHyperliquid: Season 2 · farm board−$40 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 0.046% dearer against BingX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX IO-USDT	0.1519	0.0100	pay 0.0050% / 4h	56m 49s	—	$1.3M	—
Short	Hyperliquid IO	0.1519	0.0100	get 0.0013% / 1h	56m 49s	$1.0M	$387K	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 +0.026%Rate

Funding earned: $0
Price spread: +0.026% → −0.019%: $4.57
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$14.43
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 14 min ago; Hyperliquid: live order book, 3 min ago. Net counts fees only.

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	6.63 bp	22.5 bp −$22	60.1 bp −$601	469.3 bp −$46.9K	577.2 bp −$288.6K
Sell Hyperliquid live order book, 3 min ago	1.64 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

IO on 14 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
Injective IO/USDC PERP	−0.0159%	1h	0.1514	−0.329%	$2K	$102	5.5x	as long as short
BloFin IO-USDT	+0.0060%	4h	0.1519	0.000%	$193K	$31K	50x	as long as short
Hyperliquid IOshort	+0.0100%	1h	0.1519	+0.026%	$1.0M	$387K	3x
Aster IOUSDT	+0.0100%	4h	0.1521	+0.160%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1520	+0.033%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1517	−0.105%	$1.1M	$880K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1520	+0.086%	$245K	$547K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1518	−0.066%	$1.1M	$224K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1519	0.000%	$388K	$658K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1522	+0.197%	$1.3M	$1.2M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDTlong	+0.0100%	4h	0.1519	long leg	—	$1.3M	—
Variational Omni IO	+0.0100%	4h	0.1516	−0.211%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1520	+0.045%	$5K	$171K	5x	as long as short
Kraken Futures PF_IOUSD	+1.2533%	1h	0.1522	+0.180%	$39K	$21K	10x	as long as short