Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: Hyperliquid against Binance−0.026%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

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

costs, in and out, $10k−$750.748% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.026%, 7d avg +0.021%

Together, before fees−0.027%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 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 0.047% cheaper against Binance than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SUSDT	0.03944	0.0100	pay 0.0050% / 4h	3m 40s	$5.4M	$16.8M	75x
Short	Hyperliquid S	0.03943	0.0100	get 0.0013% / 1h	3m 40s	$988K	$664K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now −0.026%Rate

Funding earned: $0
Price spread: −0.026% → +0.021%: −$4.74
Slippage, 4 orders: −$55.8
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$79.54
Costs to cover: 0.748%
Break-even: never at this rate

Slippage from Binance: live order book, 7 min ago; Hyperliquid: live order book, 27 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 Binance live order book, 7 min ago	1.27 bp	20.5 bp −$21	55.6 bp −$556	3011.6 bp −$301.2K	doesn't fit
Sell Hyperliquid live order book, 27 min ago	1.53 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.6040%	1h	0.03850	−2.372%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2118%	1h	0.03938	−0.139%	$33K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.980%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1056%	4h	0.03927	−0.420%	$611K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0205% / S +0.0197%	1h	0.03948	+0.126%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03941	−0.053%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03947	+0.088%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03947	+0.095%	$608	—	150x	as long as short
Orderly PERP_S_USDC	+0.0026%	4h	0.03943	−0.013%	$100K	$338K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.968%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03948	+0.113%	$165K	$217K	5x	as long as short
Hyperliquid Sshort	+0.0100%	1h	0.03943	−0.026%	$988K	$664K	5x
Aster SUSDT	+0.0100%	4h	0.03946	+0.074%	$43K	$142K	10x	as long as short
Binance SUSDTlong	+0.0100%	4h	0.03944	long leg	$5.4M	$16.8M	75x
Bybit SUSDT	+0.0100%	4h	0.03939	−0.115%	$5.6M	$5.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03945	+0.037%	$984K	$4.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03937	−0.166%	$321K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03944	+0.012%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03945	+0.037%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03947	+0.088%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03943	−0.013%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03950	+0.164%	$115K	$314K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	−0.090%	$25K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03942	−0.045%	$221K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03934	−0.242%	$265K	$125K	75x	as long as short