Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX+0.067%7-day average +0.109% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$870.874% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.141%+$14 · spread now +0.067%, 7d avg +0.109%

Together, before fees+0.141%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Hyperliquid is 0.041% cheaper against BingX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.109%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LAYER-USDT	0.07581	0.0142	pay 0.0071% / 4h	2h 40m	—	$1.6M	—
Short	Hyperliquid LAYER	0.07586	0.0100	get 0.0013% / 1h	40m 36s	$583K	$162K	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 +0.067%Rate

Funding earned: −$8.82
Price spread: +0.067% → +0.109%: −$4.13
Slippage, 4 orders: −$68.44
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$100.39
Costs to cover: 0.874%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Hyperliquid: live order book, 44 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, 7 min ago	3.30 bp	18.6 bp −$19	93.5 bp −$935	614.2 bp −$61.4K	802.2 bp −$401.1K
Sell Hyperliquid live order book, 44 min ago	0.92 bp	23.4 bp −$23	doesn't fit	doesn't fit	doesn't fit

LAYER 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
Kraken Futures PF_LAYERUSD	−0.0468%	1h	0.07578	−0.035%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.050%	—	$18K	5.5x	as long as short
Hyperliquid LAYERshort	+0.0100%	1h	0.07586	+0.067%	$583K	$162K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07575	−0.082%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07577	−0.057%	$2.0M	$2.3M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07577	−0.053%	$697K	$641K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07573	−0.106%	$135K	$54K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07577	−0.053%	$349K	$114K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07578	−0.040%	$1.1M	$161K	50x	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07570	−0.145%	$25K	$187K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin LAYER-USDT	+0.0102%	4h	0.07571	−0.132%	$113K	$12K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07574	−0.086%	$2K	$174K	5x	as long as short
BingX LAYER-USDTlong	+0.0142%	4h	0.07581	long leg	—	$1.6M	—