Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Hyperliquid−0.020%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1021.019% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.020%, 7d avg +0.013%

Together, before fees+0.306%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 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: Binance is 0.032% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005040	0.0100	pay 0.0013% / 1h	50m 55s	$358K	$57K	3x
Short	Binance NOTUSDT	0.0005039	0.0100	get 0.0050% / 4h	50m 55s	$2.1M	$3.0M	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

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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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.020%Rate

Funding earned: $0
Price spread: −0.020% → +0.013%: −$3.23
Slippage, 4 orders: −$82.88
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$105.12
Costs to cover: 1.019%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 39 min ago; Binance: live order book, 15 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 Hyperliquid live order book, 39 min ago	9.83 bp	37.5 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	2.96 bp	28.0 bp −$28	145.6 bp −$1,456	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	−0.0430%	4h	0.0005024	−0.325%	$71K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0260%	4h	0.0005030	−0.198%	$463K	$127K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.294%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005044	+0.085%	$11K	$4K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005040	long leg	$358K	$57K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005040	+0.002%	$14K	$9K	5x	as long as short
Binance NOTUSDTshort	+0.0100%	4h	0.0005039	−0.020%	$2.1M	$3.0M	50x
Bybit NOTUSDT	+0.0100%	4h	0.0005032	−0.159%	$2.1M	$847K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005035	−0.099%	$630K	$643K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005040	0.000%	$143K	$68K	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	0.0005038	−0.040%	$1.3M	$422K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005037	−0.060%	$668K	$412K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005036	−0.079%	—	$725K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005036	−0.087%	$4K	$491	5x	as long as short
BloFin NOT-USDT	+0.0120%	4h	0.0005031	−0.179%	$111K	$16K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1716%	1h	0.0005034	−0.122%	$49K	$9K	10x	as long as short