Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0007%/8h= −0.8% APRpaid last 24h −0.001%

Price spread now: BloFin against Hyperliquid−0.208%107s7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$780.785% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now −0.208%, 7d avg −0.034%

Together, before fees−0.070%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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: BloFin is 0.174% cheaper against Hyperliquid than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.034%. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRB	19.218	0.0100	pay 0.0013% / 1h	43m 32s	$487K	$253K	3x
Short	BloFin TRB-USDT	19.178	0.0093	get 0.0047% / 4h	43m 32s	$370K	$171K	50x

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

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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 BloFinbpOrdersPrice spread, now −0.208%Rate

Funding earned: −$1.45
Price spread: −0.208% → −0.034%: −$17.44
Slippage, 4 orders: −$57.46
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$97.34
Costs to cover: 0.785%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 56 min ago; BloFin: live order book, 53 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, 56 min ago	2.32 bp	22.3 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 53 min ago	1.03 bp	21.0 bp −$21	48.2 bp −$482	doesn't fit	doesn't fit

TRB on 13 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 TRB-USDTshort	+0.0093%	4h	19.178	−0.208%	$370K	$171K	50x
Hyperliquid TRBlong	+0.0100%	1h	19.218	long leg	$487K	$253K	3x
Aster TRBUSDT	+0.0100%	4h	19.244	+0.138%	$10K	$20K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.229	+0.058%	$5.2M	$10.8M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.245	+0.140%	$6.3M	$2.1M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.210	−0.042%	$4.5M	$5.0M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.223	+0.026%	$15.3M	$1.1M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.237	+0.099%	$1.2M	$308K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.241	+0.120%	$1.3M	$1.5M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.240	+0.114%	—	$16.2M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0100%	4h	19.192	−0.136%	$15K	$4K	—	as long as short
Gate TRB_USDT	+0.0272%	4h	19.240	+0.114%	$591K	$1.9M	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1100%	1h	19.258	+0.208%	$102K	$99K	10x	as long as short