Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.068%

Price spread now: Orderly against Hyperliquid−0.127%7-day average −0.020% · 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−0.466%−$47 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.127%, 7d avg −0.020%

Together, before fees−0.360%+ Points / potential airdropHyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Orderly is 0.107% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.04417	0.0100	pay 0.0013% / 1h	0m 11s	$1.1M	$652K	5x
Short	Orderly PERP_S_USDC	0.04411	0.0087	get 0.0044% / 4h	0m 11s	$110K	$611K	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 −0.127%Rate

Funding earned: −$2.72
Price spread: −0.127% → −0.020%: −$10.67
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.39
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 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, 10 min ago	4.49 bp	28.9 bp −$29	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.

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	−0.8216%	1h	0.04500	+1.888%	$28K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1792%	1h	0.04410	−0.139%	$36K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1064%	1h	0.04342	−1.689%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04413	−0.075%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04405	−0.265%	$4	—	15x	as long as short
Variational Omni S	−0.0079%	4h	0.04433	+0.380%	$684K	$7K	—	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04413	−0.082%	$74K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04411	−0.127%	$682	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−7.168%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDCshort	+0.0087%	4h	0.04411	−0.127%	$110K	$611K	10x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.04422	+0.122%	$190K	$143K	5x	as long as short
Hyperliquid Slong	+0.0100%	1h	0.04417	long leg	$1.1M	$652K	5x
Aster SUSDT	+0.0100%	4h	0.04425	+0.182%	$48K	$172K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04417	+0.009%	$6.5M	$15.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04414	−0.059%	$6.4M	$4.6M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04416	−0.014%	$1.2M	$4.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04413	−0.082%	$355K	$214K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04418	+0.032%	$4.6M	$2.1M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04412	−0.104%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04418	+0.032%	$1.3M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04419	+0.054%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04390	−0.602%	$26K	$505K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04402	−0.320%	$245K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04433	+0.371%	$308K	$123K	75x	as long as short
Backpack S_USDC_PERP	+0.0880%	1h	0.04420	+0.077%	$105K	$467K	5x	as long as short