Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2304%/8h= +252.3% APRpaid last 24h +0.316%

Price spread now: Hyperliquid against BingX+0.510%7-day average +0.257% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$1021.015% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.442%+$44 on $10k

Price spread, last 4 days (all we have)−0.202%−$20 · spread now +0.510%, 7d avg +0.257%

Together, before fees+0.240%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$69 a day on $10k at the current rate, and Hyperliquid is 0.252% dearer against BingX than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.257%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.442% in total (about 23.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX NIL-USDT	0.06748	0.0100	pay 0.0050% / 4h	2h 48m	—	$8.7M	—
Short	Hyperliquid NIL	0.06782	0.2404	get 0.0301% / 1h	48m 13s	$4.1M	$4.6M	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 +0.510%Rate

Funding earned: $483.94
Price spread: +0.510% → +0.257%: $25.25
Slippage, 4 orders: −$82.51
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $407.67
Costs to cover: 1.015%
Break-even: 1.1 days

Slippage from BingX: live order book, 5 min ago; Hyperliquid: live order book, 4 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, 5 min ago	5.89 bp	28.6 bp −$29	99.3 bp −$993	473.2 bp −$47.3K	694.7 bp −$347.3K
Sell Hyperliquid live order book, 4 min ago	2.94 bp	13.5 bp −$13	doesn't fit	doesn't fit	doesn't fit

NIL on 12 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
Aster NILUSDT	+0.0100%	4h	0.06755	+0.103%	$20K	$370K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06746	−0.030%	$5.3M	$85.2M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06760	+0.178%	$3.5M	$14.8M	20x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06751	+0.044%	$439K	$2.1M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06755	+0.104%	$2.3M	$6.0M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06753	+0.074%	$483K	$721K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06757	+0.133%	$1.7M	$9.7M	50x	as long as short
BingX NIL-USDTlong	+0.0100%	4h	0.06748	long leg	—	$8.7M	—
Variational Omni NIL	+0.0100%	4h	0.06786	+0.556%	$50K	$154K	—	as long as short
BloFin NIL-USDT	+0.0101%	4h	0.06788	+0.593%	$360K	$161K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NIL-USD	+0.0104%	1h	0.06747	−0.010%	$16K	$94K	5x	as long as short
Hyperliquid NILshort	+0.2404%	1h	0.06782	+0.510%	$4.1M	$4.6M	3x