Funding arb · Price arb /

NOT

all NOT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.005%

Price spread now: Hyperliquid against BloFin−0.137%107s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$760.763% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now −0.137%, 7d avg −0.013%

Together, before fees−0.236%+ Points / potential airdropHyperliquid: Season 2 · farm board−$24 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 0.124% cheaper against BloFin than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.013%. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin NOT-USDT	0.0005117	0.0101	pay 0.0051% / 4h	3h 59m	$111K	$17K	50x
Short	Hyperliquid NOT	0.0005110	0.0100	get 0.0013% / 1h	59m 24s	$374K	$50K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.137%Rate

Funding earned: −$0.27
Price spread: −0.137% → −0.013%: −$12.4
Slippage, 4 orders: −$55.29
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$88.96
Costs to cover: 0.763%
Break-even: never at this rate

Slippage from BloFin: live order book, 61 min ago; Hyperliquid: live order book, 60 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 BloFin live order book, 61 min ago	3.94 bp	17.7 bp −$18	59.2 bp −$592	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 60 min ago	9.83 bp	15.9 bp −$16	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
Kraken Futures PF_NOTUSD	−0.0330%	1h	0.0005144	+0.520%	$50K	$10K	10x	as long as short
Variational Omni NOT	+0.0009%	4h	0.0005101	−0.316%	$72K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.749%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005120	+0.049%	$12K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005110	−0.137%	$374K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005120	+0.057%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005112	−0.098%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005110	−0.137%	$2.2M	$829K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005112	−0.098%	$638K	$629K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005120	+0.059%	$142K	$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	0.0005113	−0.078%	$1.4M	$459K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005109	−0.156%	$466K	$137K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005120	+0.059%	$672K	$387K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005116	−0.020%	—	$7.4M	—	as long as short
BloFin NOT-USDTlong	+0.0101%	4h	0.0005117	long leg	$111K	$17K	50x
Extended kNOT-USD	+0.0104%	1h	0.0005112	−0.099%	$4K	$491	5x	as long as short