Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: Hyperliquid against BingX−0.016%7-day average −0.052% · you buy dearer than you sell

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

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.395%−$39 on $10k

Price spread, last 4 days (all we have)−0.090%−$9 · spread now −0.016%, 7d avg −0.052%

Together, before fees−0.485%+ Points / potential airdropHyperliquid: Season 2 · farm board−$48 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 0.035% dearer against BingX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX STABLE-USDT	0.02473	0.0100	pay 0.0050% / 4h	2h 52m	—	$6.5M	—
Short	Hyperliquid STABLE	0.02473	0.0100	get 0.0013% / 1h	52m 44s	$872K	$234K	3x

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

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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 BingXbpFee HyperliquidbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.052%: $3.54
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.46
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 14 min ago; Hyperliquid: live order book, 32 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 BingX live order book, 14 min ago	8.07 bp	29.7 bp −$30	87.6 bp −$876	680.5 bp −$68.0K	1163.1 bp −$581.6K
Sell Hyperliquid live order book, 32 min ago	6.87 bp	23.0 bp −$23	doesn't fit	doesn't fit	doesn't fit

STABLE on 15 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 STABLEUSDT	−0.0188%	4h	0.02471	−0.076%	$19K	$7K	20x	as long as short
BloFin STABLE-USDT	+0.0063%	4h	0.02476	+0.121%	$115K	$8K	75x	as long as short
Lighter STABLE	+0.0096%	1h	0.02489	+0.663%	$114K	$3K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02473	−0.016%	$872K	$234K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02472	−0.047%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02477	+0.162%	$1.5M	$820K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02474	+0.040%	$204K	$417K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02473	0.000%	$171K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02472	−0.040%	$659K	$156K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02478	+0.202%	$174K	$27K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDT	+0.0100%	4h	0.02476	+0.121%	$291K	$117K	25x	as long as short
BingX STABLE-USDTlong	+0.0100%	4h	0.02473	long leg	—	$6.5M	—
Variational Omni STABLE	+0.0100%	4h	0.02475	+0.101%	$145K	$51K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02474	+0.020%	$2K	$642K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02471	−0.067%	$12K	$175K	10x	as long as short