Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.025%

Price spread now: Orderly against Hyperliquid−0.068%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.068% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MNT	0.6442	0.0100	pay 0.0013% / 1h	58m 42s	$6.4M	$924K	5x
Short	Orderly PERP_MNT_USDC	0.6438	0.0100	get 0.0100% / 8h	7h 58m	$1K	$74	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hyperliquid. 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 HyperliquidbpFee OrderlybpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → 0.000%: −$6.83
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.83
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; Orderly: no order-book sample. 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 Hyperliquid live order book, 3 min ago	1.94 bp	14.6 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MNT on 15 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6428	−0.217%	$19	—	100x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6429	−0.203%	$772	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+1.298%	$3K	$210K	12x	as long as short
Lighter MNT	+0.0096%	1h	0.6450	+0.110%	$146K	$87K	5x	as long as short
Hyperliquid MNTlong	+0.0100%	1h	0.6442	long leg	$6.4M	$924K	5x
Bybit MNTUSDT	+0.0100%	8h	0.6434	−0.130%	$42.4M	$15.2M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6422	−0.317%	$451K	$176K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6430	−0.192%	$2.4M	$103K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6432	−0.161%	—	$2.6M	—	as long as short
Backpack MNT_USDC_PERP	+0.0100%	1h	0.6431	−0.177%	$40K	$61K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MNT	+0.0100%	8h	0.6427	−0.237%	$288K	$112K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6430	−0.192%	$11K	$637K	50x	as long as short
Orderly PERP_MNT_USDCshort	+0.0100%	8h	0.6438	−0.068%	$1K	$74	10x
BloFin MNT-USDT	+0.0302%	8h	0.6432	−0.161%	$91K	$216K	25x	as long as short
Kraken Futures PF_MNTUSD	+0.1530%	1h	0.6440	−0.033%	$16K	$40K	20x	as long as short