Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.018%

Price spread now: Hyperliquid against BingX+0.094%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$760.760% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.228%−$23 on $10k

Price spread, last 4 days (all we have)+0.193%+$19 · spread now +0.094%, 7d avg +0.042%

Together, before fees−0.034%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.052% dearer against BingX than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of +0.042%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.4 days. At the pace of the last 7 days (−0.228% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX S-USDT	0.03917	0.0100	pay 0.0050% / 4h	1h 53m	—	$6.8M	—
Short	Hyperliquid S	0.03921	0.0076	get 0.0010% / 1h	53m 15s	$984K	$787K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$4.94
Price spread: +0.094% → +0.042%: $5.24
Slippage, 4 orders: −$57.02
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$75.72
Costs to cover: 0.760%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; Hyperliquid: live order book, 57 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 BingX live order book, 14 min ago	5.12 bp	21.7 bp −$22	57.9 bp −$579	441.1 bp −$44.1K	743.8 bp −$371.9K
Sell Hyperliquid live order book, 57 min ago	1.40 bp	16.4 bp −$16	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
Kraken Futures PF_SUSD	−0.1595%	1h	0.03919	+0.048%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.323%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0793%	4h	0.03918	+0.030%	$609K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0193% / S +0.0187%	1h	0.03923	+0.158%	$1K	—	100x	as long as short
01 Exchange SUSD	−0.0112%	1h	0.03920	+0.077%	$24K	$3K	5x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03918	+0.037%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03923	+0.164%	$605	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0005%	1h	0.03924	+0.179%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0021%	4h	0.03920	+0.077%	$100K	$349K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.672%	$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
Aster SUSDT	+0.0038%	4h	0.03922	+0.139%	$43K	$212K	10x	as long as short
Hyperliquid Sshort	+0.0076%	1h	0.03921	+0.094%	$984K	$787K	5x
Lighter S	+0.0096%	1h	0.03923	+0.153%	$164K	$222K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03920	+0.086%	$5.4M	$22.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03914	−0.077%	$5.6M	$6.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03919	+0.051%	$978K	$6.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03913	−0.102%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03922	+0.128%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03919	+0.051%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03921	+0.102%	$1.2M	$2.8M	50x	as long as short
BingX S-USDTlong	+0.0100%	4h	0.03917	long leg	—	$6.8M	—
ApeX Omni SUSDT	+0.0100%	1h	0.03920	+0.077%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03918	+0.016%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03918	+0.026%	$268K	$132K	75x	as long as short
Backpack S_USDC_PERP	+0.0363%	1h	0.03920	+0.077%	$114K	$298K	5x	as long as short