Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.053%

Price spread now: Hyperliquid against BloFin+0.357%87s7-day average +0.107% · 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—prices read too far apart to compare

costs, in and out, $10k−$410.414% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.342%−$34 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.357%, 7d avg +0.107%

Together, before fees−0.503%+ Points / potential airdropHyperliquid: Season 2 · farm board−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.251% dearer against BloFin than usual: you sell high and buy low (spread +0.357% now, against its 7-day average of +0.107%): +$25 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 3.5 days. The two prices were read 87 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	BloFin VIRTUAL-USDT	0.7166	0.0340	pay 0.0170% / 4h	1m 54s	$800K	$898K	75x
Short	Hyperliquid VIRTUAL	0.7192	0.0100	get 0.0013% / 1h	1m 54s	$8.8M	$4.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.357%Rate

Funding earned: −$50.4
Price spread: +0.357% → +0.107%: $25.07
Slippage, 4 orders: −$20.41
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$66.74
Costs to cover: 0.414%
Break-even: never at this rate

Slippage from BloFin: live order book, 35 min ago; Hyperliquid: live order book, 10 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 BloFin live order book, 35 min ago	0.70 bp	11.9 bp −$12	23.6 bp −$236	63.4 bp −$6,343	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.35 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7173	+0.092%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7165	−0.014%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0040%	1h	0.7172	+0.084%	$326K	$415K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7155	−0.149%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7174	+0.113%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.684%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7175	+0.126%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7192	+0.357%	$8.8M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7176	+0.143%	$96K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7165	−0.015%	$71K	$43K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7182	+0.222%	$16.3M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7181	+0.209%	$16.5M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7185	+0.265%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7177	+0.154%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7174	+0.112%	$17.5M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7175	+0.126%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7188	+0.307%	$6.2M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7179	+0.181%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7179	+0.181%	$240K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7141	−0.352%	$534K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7139	−0.380%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7153	−0.181%	$639K	$913K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7143	−0.321%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	+0.137%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7174	+0.112%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7176	+0.140%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7174	+0.112%	$54K	$263K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7174	+0.117%	$18K	—	3x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0308%	1h	0.7178	+0.167%	$15K	$40K	10x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7175	+0.121%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7166	long leg	$800K	$898K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.251%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0799%	1h	0.7183	+0.236%	$592K	$664K	50x	as long as short