Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against Hyperliquid+0.060%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$870.871% of the position

Long on Hyperliquid Short on BingX

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)−0.033%−$3 · spread now +0.060%, 7d avg −0.013%

Together, before fees+0.211%+ Points / potential airdropHyperliquid: Season 2 · farm board+$21 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: BingX is 0.073% dearer against Hyperliquid than usual: you sell high and buy low, +$7 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	0.0005000	0.0100	pay 0.0013% / 1h	21m 33s	$336K	$68K	3x
Short	BingX NOT-USDT	0.0005003	0.0100	get 0.0050% / 4h	2h 21m	—	$8.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.060%Rate

Funding earned: $0
Price spread: +0.060% → −0.013%: $7.31
Slippage, 4 orders: −$68.07
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$79.76
Costs to cover: 0.871%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 48 min ago; BingX: live order book, 2 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, 48 min ago	9.93 bp	30.7 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	6.01 bp	18.9 bp −$19	63.6 bp −$636	558.6 bp −$55.9K	1007.9 bp −$503.9K

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	−0.0152%	4h	0.0004969	−0.616%	$71K	$38K	—	as long as short
KuCoin NOTUSDTM	−0.0058%	4h	0.0004995	−0.100%	$476K	$136K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−2.520%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005015	+0.294%	$11K	$4K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005000	long leg	$336K	$68K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005003	+0.068%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005006	+0.120%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005003	+0.060%	$2.1M	$897K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005013	+0.260%	$635K	$701K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005000	0.000%	$138K	$73K	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	0.0005004	+0.080%	$1.3M	$450K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005007	+0.140%	$653K	$487K	50x	as long as short
BingX NOT-USDTshort	+0.0100%	4h	0.0005003	+0.060%	—	$8.5M	—
Extended kNOT-USD	+0.0104%	1h	0.0005004	+0.073%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0137%	4h	0.0004989	−0.220%	$109K	$18K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1687%	1h	0.0005020	+0.390%	$49K	$9K	10x	as long as short