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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 +0.064%

Price spread now: Hyperliquid against Bitget−0.043%7-day average +0.127% · you buy dearer than you sell

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

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 7 days−0.045%−$4 · spread now −0.043%, 7d avg +0.127%

Together, before fees+0.116%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 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 0.171% cheaper against Bitget than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.127%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SPXUSDT	0.5065	0.0100	pay 0.0050% / 4h	30m 03s	$2.6M	$1.4M	50x
Short	Hyperliquid SPX	0.5063	0.0100	get 0.0013% / 1h	30m 03s	$9.9M	$7.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee HyperliquidbpOrdersPrice spread, now −0.043%Rate

Funding earned: $0
Price spread: −0.043% → +0.127%: −$17.06
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$38.06
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; Hyperliquid: live order book, 2 min ago. 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 Bitget live order book, 2 min ago	8.88 bp	16.7 bp −$17	61.3 bp −$613	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.08 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

SPX on 19 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_SPXUSD	−0.1176%	1h	0.5069	+0.077%	$241K	$559K	20x	as long as short
Variational Omni SPX	−0.0012%	4h	0.5046	−0.377%	$837K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.698%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5059	−0.115%	$116K	$319K	5x	as long as short
Hyperliquid SPXshort	+0.0100%	1h	0.5063	−0.043%	$9.9M	$7.7M	5x
Aster SPXUSDT	+0.0100%	4h	0.5057	−0.162%	$128K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5057	−0.158%	$5.0M	$21.0M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5051	−0.276%	$11.5M	$16.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5054	−0.217%	$962K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5058	−0.138%	$1.0M	$500K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5060	−0.099%	$11.2M	$4.7M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5058	−0.138%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDTlong	+0.0100%	4h	0.5065	long leg	$2.6M	$1.4M	50x
BingX SPX-USDT	+0.0100%	4h	0.5061	−0.079%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5050	−0.296%	$45K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5069	+0.079%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5052	−0.257%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5059	−0.117%	$34K	$228K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5057	−0.158%	$249K	$985K	75x	as long as short