Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bitget−0.020%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1031.030% of the position

Long on Bitget 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)−0.076%−$8 · spread now −0.020%, 7d avg −0.056%

Together, before fees−0.320%+ 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 0.036% dearer against Bitget than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget NOTUSDT	0.0005051	0.0100	pay 0.0050% / 4h	1h 53m	$664K	$383K	50x
Short	Hyperliquid NOT	0.0005050	0.0100	get 0.0013% / 1h	53m 50s	$369K	$51K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now −0.020%Rate

Funding earned: $0
Price spread: −0.020% → −0.056%: $3.62
Slippage, 4 orders: −$81.97
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$99.35
Costs to cover: 1.030%
Break-even: never at this rate

Slippage from Bitget: live order book, 26 min ago; Hyperliquid: live order book, 16 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 Bitget live order book, 26 min ago	5.92 bp	20.2 bp −$20	221.2 bp −$2,212	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 16 min ago	9.93 bp	14.4 bp −$14	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	−0.0155%	4h	0.0005041	−0.206%	$66K	$34K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.504%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0053%	4h	0.0005043	−0.158%	$111K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005060	+0.176%	$11K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005050	−0.020%	$369K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005051	−0.006%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005051	0.000%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005046	−0.099%	$2.1M	$801K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005048	−0.059%	$612K	$577K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005047	−0.079%	$140K	$78K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005049	−0.040%	$1.3M	$455K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005047	−0.079%	$493K	$118K	50x	as long as short
Bitget NOTUSDTlong	+0.0100%	4h	0.0005051	long leg	$664K	$383K	50x
BingX NOT-USDT	+0.0100%	4h	0.0005049	−0.040%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005050	−0.022%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.6137%	1h	0.0005093	+0.836%	$49K	$9K	10x	as long as short