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: Binance against Hyperliquid−0.221%7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1031.028% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.221%, 7d avg −0.139%

Together, before fees+0.034%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 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: Binance is 0.083% cheaper against Hyperliquid than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.139%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LAYER	0.07666	0.0100	pay 0.0013% / 1h	35m 19s	$591K	$166K	3x
Short	Binance LAYERUSDT	0.07649	0.0100	get 0.0050% / 4h	35m 19s	$2.1M	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.221%Rate

Funding earned: $0
Price spread: −0.221% → −0.139%: −$8.26
Slippage, 4 orders: −$83.82
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$111.08
Costs to cover: 1.028%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 34 min ago; Binance: live order book, 15 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 Hyperliquid live order book, 34 min ago	0.13 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	1.30 bp	27.3 bp −$27	93.8 bp −$938	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	−0.0547%	1h	0.07656	−0.127%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.111%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0083%	4h	0.07655	−0.141%	$113K	$12K	50x	as long as short
Hyperliquid LAYERlong	+0.0100%	1h	0.07666	long leg	$591K	$166K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07643	−0.293%	$9K	$2K	5x	as long as short
Binance LAYERUSDTshort	+0.0100%	4h	0.07649	−0.221%	$2.1M	$2.4M	50x
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07647	−0.245%	$705K	$667K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07652	−0.180%	$136K	$55K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07650	−0.206%	$339K	$115K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07653	−0.167%	$1.1M	$165K	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	0.07658	−0.102%	—	$1.6M	—	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07650	−0.206%	$26K	$184K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07642	−0.310%	$2K	$174K	5x	as long as short