Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h −0.032%

Price spread now: Orderly against Hyperliquid−0.080%7-day average −0.055% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.130%+$13 · spread now −0.080%, 7d avg −0.055%

Together, before fees+0.132%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Orderly is 0.025% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.055%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid OP	0.1250	0.0100	pay 0.0013% / 1h	0m 02s	$3.5M	$3.6M	5x
Short	Orderly PERP_OP_USDC	0.1249	−0.0054	pay 0.0054% / 8h	0m 02s	$12K	$235K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.080%Rate

Funding earned: −$32.33
Price spread: −0.080% → −0.055%: −$2.5
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$49.83
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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, 2 min ago	0.80 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

OP on 30 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
Injective OP/USDC PERP	−0.1660%	1h	0.1235	−1.200%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1249	−0.054%	$13K	—	100x	as long as short
Orderly PERP_OP_USDCshort	−0.0054%	8h	0.1249	−0.080%	$12K	$235K	10x
dYdX OP-USD	0.0000%	1h	0.1250	−0.030%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1249	−0.080%	$31K	$165K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1250	−0.022%	—	—	150x	as long as short
KuCoin OPUSDTM	+0.0058%	8h	0.1248	−0.160%	$2.8M	$6.0M	75x	as long as short
Variational Omni OP	+0.0063%	8h	0.1248	−0.161%	$221K	$47K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1247	−0.240%	$24K	$66K	50x	as long as short
Lighter OP	+0.0096%	1h	0.1250	+0.024%	$289K	$1.1M	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OPlong	+0.0100%	1h	0.1250	long leg	$3.5M	$3.6M	5x
Aster OPUSDT	+0.0100%	8h	0.1250	−0.020%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1249	−0.072%	$19.6M	$67.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	−0.104%	$18.2M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1249	−0.072%	$6.0M	$29.6M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1249	−0.080%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1249	−0.048%	$22.4M	$7.9M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1249	−0.080%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1249	−0.064%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1249	−0.072%	$117K	$222K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1246	−0.304%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1248	−0.134%	$305K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1246	−0.320%	$43K	$695K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1249	−0.072%	$199	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	−0.032%	$166K	$260K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1248	−0.133%	$100K	$610K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1249	−0.054%	$3K	$1K	3x	as long as short
Kraken Futures PF_OPUSD	+0.0165%	1h	0.1250	+0.019%	$744K	$678K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1250	−0.016%	$995K	$325K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1249	−0.114%	$694	—	20x	as long as short