Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: BingX against Hyperliquid+0.020%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1151.152% of the position

Long on Hyperliquid Short on BingX

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)+0.091%+$9 · spread now +0.020%, 7d avg +0.047%

Together, before fees+0.486%+ Points / potential airdropHyperliquid: Season 2 · farm board+$49 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: BingX is 0.027% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STABLE	0.02440	0.0100	pay 0.0013% / 1h	31m 57s	$857K	$183K	3x
Short	BingX STABLE-USDT	0.02441	0.0100	get 0.0050% / 4h	3h 31m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.020%Rate

Funding earned: $0
Price spread: +0.020% → +0.047%: −$2.68
Slippage, 4 orders: −$96.23
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$117.91
Costs to cover: 1.152%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 58 min ago; BingX: live order book, 5 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 Hyperliquid live order book, 58 min ago	1.82 bp	31.5 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	6.15 bp	37.0 bp −$37	90.8 bp −$908	693.2 bp −$69.3K	1209.0 bp −$604.5K

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
BloFin STABLE-USDT	+0.0090%	4h	0.02439	−0.061%	$115K	$7K	75x	as long as short
Lighter STABLE	+0.0096%	1h	0.02455	+0.598%	$113K	$6K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02440	long leg	$857K	$183K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02440	−0.020%	$18K	$10K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02441	+0.004%	$2.5M	$2.8M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02444	+0.143%	$1.5M	$816K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02441	+0.020%	$201K	$419K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02441	+0.020%	$174K	$60K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02441	+0.020%	$584K	$161K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02445	+0.184%	$177K	$29K	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	0.02442	+0.061%	$281K	$93K	25x	as long as short
BingX STABLE-USDTshort	+0.0100%	4h	0.02441	+0.020%	—	$6.5M	—
Variational Omni STABLE	+0.0100%	4h	0.02441	+0.023%	$143K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02442	+0.045%	$1K	$892K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02440	−0.035%	$12K	$134K	10x	as long as short