Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1156%/8h= −126.5% APRpaid last 24h −0.315%

Price spread now: Binance against Hyperliquid−0.287%7-day average −0.269% · you buy dearer than you sell

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$840.842% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.465%−$47 on $10k

Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.287%, 7d avg −0.269%

Together, before fees−0.292%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.269%, so right now this pair is about funding alone: −$35 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.465% in total (about -24.3% 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	Hyperliquid NIL	0.06749	0.1256	pay 0.0157% / 1h	12m 20s	$4.0M	$4.6M	3x
Short	Binance NILUSDT	0.06730	0.0100	get 0.0050% / 4h	1h 12m	$5.2M	$81.3M	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 −0.287%Rate

Funding earned: −$242.67
Price spread: −0.287% → −0.269%: −$1.72
Slippage, 4 orders: −$65.23
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$328.61
Costs to cover: 0.842%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Binance: live order book, just now.

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, 9 min ago	1.11 bp	19.1 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, just now	0.74 bp	23.8 bp −$24	104.8 bp −$1,048	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
BloFin NIL-USDT	+0.0091%	4h	0.06729	−0.301%	$347K	$148K	50x	as long as short
Aster NILUSDT	+0.0100%	4h	0.06735	−0.211%	$20K	$368K	5x	as long as short
Binance NILUSDTshort	+0.0100%	4h	0.06730	−0.287%	$5.2M	$81.3M	50x
Bybit NILUSDT	+0.0100%	4h	0.06740	−0.138%	$3.5M	$14.2M	20x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06730	−0.286%	$429K	$2.1M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06730	−0.286%	$2.4M	$5.3M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06736	−0.197%	$491K	$711K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06737	−0.182%	$1.7M	$9.0M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06736	−0.197%	—	$8.6M	—	as long as short
Variational Omni NIL	+0.0100%	4h	0.06749	−0.010%	$50K	$141K	—	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	0.06734	−0.227%	$16K	$94K	5x	as long as short
Hyperliquid NILlong	+0.1256%	1h	0.06749	long leg	$4.0M	$4.6M	3x