Funding arb · Price arb /

REZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0445%/8h= −48.7% APRpaid last 24h −0.070%

Price spread now: Bitget against Hyperliquid−0.156%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$890.888% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

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

Price spread, last 7 days−0.119%−$12 · spread now −0.156%, 7d avg −0.186%

Together, before fees−0.332%+ Points / potential airdropHyperliquid: Season 2 · farm board−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.029% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.156% now, against its 7-day average of −0.186%): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.213% in total) that is about 23 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.213% in total (about -11.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid REZ	0.003840	0.0545	pay 0.0068% / 1h	50m 56s	$1.6M	$502K	3x
Short	Bitget REZUSDT	0.003834	0.0100	get 0.0050% / 4h	1h 50m	$603K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.156%Rate

Funding earned: −$93.42
Price spread: −0.156% → −0.186%: $2.95
Slippage, 4 orders: −$67.75
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$179.22
Costs to cover: 0.888%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Bitget: live order book, 5 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, 10 min ago	2.62 bp	24.0 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	3.91 bp	24.2 bp −$24	73.2 bp −$732	doesn't fit	doesn't fit

REZ on 12 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
Aster REZUSDT	+0.0100%	4h	0.003832	−0.205%	$18K	$37K	5x	as long as short
Binance REZUSDT	+0.0100%	4h	0.003833	−0.194%	$4.9M	$8.9M	50x	as long as short
Bybit REZUSDT	+0.0100%	4h	0.003840	0.000%	$1.5M	$1.0M	25x	as long as short
Gate REZ_USDT	+0.0100%	4h	0.003846	+0.156%	$399K	$126K	10x	as long as short
MEXC REZ_USDT	+0.0100%	4h	0.003833	−0.182%	$1.3M	$417K	50x	as long as short
KuCoin REZUSDTM	+0.0100%	4h	0.003836	−0.104%	$454K	$94K	30x	as long as short
Bitget REZUSDTshort	+0.0100%	4h	0.003834	−0.156%	$603K	$1.2M	50x
Variational Omni REZ	+0.0100%	4h	0.003838	−0.048%	$78K	$40K	—	as long as short
BingX REZ-USDT	+0.0108%	4h	0.003835	−0.130%	—	$6.6M	—	as long as short
BloFin REZ-USDT	+0.0137%	4h	0.003839	−0.026%	$325K	$50K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_REZUSD	+0.0236%	1h	0.003835	−0.124%	$44K	$10K	10x	as long as short
Hyperliquid REZlong	+0.0545%	1h	0.003840	long leg	$1.6M	$502K	3x