Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against OKX+0.296%7-day average +0.177% · you sell dearer than you buy

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1271.268% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now +0.296%, 7d avg +0.177%

Together, before fees−0.122%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 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 0.119% dearer against OKX than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.177%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LAYER-USDT-SWAP	0.07695	0.0100	pay 0.0050% / 4h	3h 41m	$708K	$687K	20x
Short	Hyperliquid LAYER	0.07718	0.0100	get 0.0013% / 1h	41m 04s	$599K	$169K	3x

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 +0.296%Rate

Funding earned: $0
Price spread: +0.296% → +0.177%: $11.91
Slippage, 4 orders: −$107.79
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$114.89
Costs to cover: 1.268%
Break-even: never at this rate

Slippage from OKX: live order book, 30 min ago; Hyperliquid: live order book, 19 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, 30 min ago	3.25 bp	26.3 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 19 min ago	1.43 bp	31.0 bp −$31	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	−0.0783%	1h	0.07709	+0.180%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.471%	—	$18K	5.5x	as long as short
Hyperliquid LAYERshort	+0.0100%	1h	0.07718	+0.296%	$599K	$169K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07709	+0.179%	$10K	$3K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07707	+0.159%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAPlong	+0.0100%	4h	0.07695	long leg	$708K	$687K	20x
Gate LAYER_USDT	+0.0100%	4h	0.07708	+0.169%	$138K	$52K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07703	+0.104%	$351K	$116K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07716	+0.273%	$1.1M	$165K	50x	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07700	+0.065%	$26K	$181K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended LAYER-USD	+0.0104%	1h	0.07702	+0.097%	$2K	$176K	5x	as long as short
BloFin LAYER-USDT	+0.0124%	4h	0.07705	+0.130%	$113K	$14K	50x	as long as short
BingX LAYER-USDT	+0.0202%	4h	0.07709	+0.182%	—	$1.6M	—	as long as short