Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.007%

Price spread now: Hyperliquid against BloFin+0.162%67s7-day average +0.148% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1000.995% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now +0.162%, 7d avg +0.148%

Together, before fees−0.043%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.148%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin LAYER-USDT	0.07676	0.0067	pay 0.0034% / 4h	1h 44m	$115K	$14K	50x
Short	Hyperliquid LAYER	0.07688	0.0100	get 0.0013% / 1h	44m 00s	$598K	$166K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.162%Rate

Funding earned: $6.89
Price spread: +0.162% → +0.148%: $1.34
Slippage, 4 orders: −$78.51
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$91.28
Costs to cover: 0.995%
Break-even: 99.7 days

Slippage from BloFin: live order book, 66 min ago; Hyperliquid: live order book, 66 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 BloFin live order book, 66 min ago	0.65 bp	17.1 bp −$17	68.8 bp −$688	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 66 min ago	4.50 bp	23.6 bp −$24	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	−0.0419%	1h	0.07680	+0.052%	$8K	$54	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.237%	—	$18K	5.5x	as long as short
BloFin LAYER-USDTlong	+0.0067%	4h	0.07676	long leg	$115K	$14K	50x
Hyperliquid LAYERshort	+0.0100%	1h	0.07688	+0.162%	$598K	$166K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07667	−0.120%	$9K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07676	+0.006%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07674	−0.026%	$718K	$734K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07674	−0.026%	$137K	$49K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07675	−0.013%	$340K	$116K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07679	+0.039%	$1.1M	$166K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX LAYER-USDT	+0.0100%	4h	0.07680	+0.052%	—	$1.6M	—	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07670	−0.078%	$25K	$187K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07673	−0.037%	$3K	$168K	5x	as long as short