Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h 0.000%

Price spread now: BloFin against Hyperliquid−0.147%7-day average +0.001% · you buy dearer than you sell

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

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.279%+$28 on $10k

Price spread, last 4 days (all we have)+0.216%+$22 · spread now −0.147%, 7d avg +0.001%

Together, before fees+0.495%+ Points / potential airdropHyperliquid: Season 2 · farm board+$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.147% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.001%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.279%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STABLE	0.02454	0.0100	pay 0.0013% / 1h	48m 48s	$861K	$187K	3x
Short	BloFin STABLE-USDT	0.02450	0.0081	get 0.0041% / 4h	48m 48s	$118K	$7K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$3.98
Price spread: −0.147% → +0.001%: −$14.74
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$39.72
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 51 min ago; BloFin: live order book, 47 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, 51 min ago	2.01 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 47 min ago	2.02 bp	30.3 bp −$30	69.3 bp −$693	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
BloFin STABLE-USDTshort	+0.0081%	4h	0.02450	−0.147%	$118K	$7K	75x
Lighter STABLE	+0.0096%	1h	0.02468	+0.583%	$113K	$6K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02454	long leg	$861K	$187K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02453	−0.024%	$18K	$8K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02451	−0.106%	$2.5M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02456	+0.094%	$1.5M	$772K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02451	−0.106%	$202K	$381K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02454	+0.016%	$174K	$59K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02451	−0.106%	$586K	$161K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02460	+0.261%	$182K	$28K	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	0.02454	+0.016%	$281K	$90K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02454	+0.016%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02458	+0.162%	$144K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02451	−0.122%	$2K	$854K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02450	−0.134%	$12K	$138K	10x	as long as short