Funding arb · Price arb /

STABLE

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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: Binance against Hyperliquid−0.031%7-day average −0.008% · you buy dearer than you sell

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

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.284%+$28 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.031%, 7d avg −0.008%

Together, before fees+0.264%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 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: Binance is 0.023% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STABLE	0.02471	0.0100	pay 0.0013% / 1h	49m 50s	$872K	$234K	3x
Short	Binance STABLEUSDT	0.02471	0.0100	get 0.0050% / 4h	2h 49m	$2.4M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.031%Rate

Funding earned: $0
Price spread: −0.031% → −0.008%: −$2.28
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$21.28
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 35 min ago; Binance: live order book, 16 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 Hyperliquid live order book, 35 min ago	6.87 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	4.04 bp	16.7 bp −$17	82.9 bp −$829	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	−0.0210%	4h	0.02470	−0.033%	$19K	$7K	20x	as long as short
Lighter STABLE	+0.0096%	1h	0.02488	+0.692%	$114K	$3K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02471	long leg	$872K	$234K	3x
Binance STABLEUSDTshort	+0.0100%	4h	0.02471	−0.031%	$2.4M	$2.7M	75x
Bybit STABLEUSDT	+0.0100%	4h	0.02475	+0.146%	$1.5M	$820K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02474	+0.109%	$204K	$417K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02473	+0.069%	$171K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02471	−0.012%	$659K	$156K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02479	+0.312%	$175K	$27K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02474	+0.109%	$291K	$117K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02475	+0.150%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02473	+0.069%	$145K	$51K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02472	+0.016%	$1K	$642K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02470	−0.037%	$12K	$175K	10x	as long as short
BloFin STABLE-USDT	+0.0148%	4h	0.02473	+0.069%	$114K	$8K	75x	as long as short