Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX+0.059%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$158as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1341.338% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.059%, 7d avg +0.012%

Together, before fees−0.325%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 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 0.047% dearer against BingX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX NOT-USDT	0.0005067	0.0100	pay 0.0050% / 4h	1h 41m	—	$8.8M	—
Short	Hyperliquid NOT	0.0005070	0.0100	get 0.0013% / 1h	41m 46s	$370K	$51K	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

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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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0
Price spread: +0.059% → +0.012%: $4.68
Slippage, 4 orders: −$114.78
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$129.11
Costs to cover: 1.338%
Break-even: never at this rate

Slippage from BingX: live order book, 11 min ago; Hyperliquid: live order book, 58 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, 11 min ago	2.95 bp	19.6 bp −$20	98.7 bp −$987	665.5 bp −$66.6K	doesn't fit
Sell Hyperliquid live order book, 58 min ago	19.72 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit

NOT on 16 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
Variational Omni NOT	−0.0346%	4h	0.0005053	−0.274%	$71K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0188%	4h	0.0005066	−0.020%	$464K	$130K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.809%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0049%	4h	0.0005069	+0.039%	$112K	$17K	50x	as long as short
Bybit NOTUSDT	+0.0063%	4h	0.0005065	−0.039%	$2.1M	$862K	25x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005076	+0.170%	$11K	$4K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005070	+0.059%	$370K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005071	+0.077%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005068	+0.022%	$2.1M	$3.1M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005061	−0.118%	$633K	$651K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005065	−0.039%	$143K	$68K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005070	+0.059%	$1.3M	$439K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005069	+0.039%	$672K	$411K	50x	as long as short
BingX NOT-USDTlong	+0.0100%	4h	0.0005067	long leg	—	$8.8M	—
Extended kNOT-USD	+0.0104%	1h	0.0005074	+0.139%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.1948%	1h	0.0005079	+0.235%	$50K	$9K	10x	as long as short