Funding arb · Price arb /

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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 0.000%

Price spread now: BingX against Hyperliquid−0.127%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$910.909% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.127%, 7d avg −0.085%

Together, before fees+0.156%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 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 0.042% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01183	0.0100	pay 0.0013% / 1h	55m 52s	$589K	$188K	5x
Short	BingX ZK-USDT	0.01182	0.0100	get 0.0050% / 4h	3h 55m	—	$6.7M	—

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 −0.127%Rate

Funding earned: $0
Price spread: −0.127% → −0.085%: −$4.22
Slippage, 4 orders: −$71.88
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$95.1
Costs to cover: 0.909%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 34 min ago; BingX: live order book, 6 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, 34 min ago	2.10 bp	23.4 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	4.23 bp	21.0 bp −$21	47.0 bp −$470	349.7 bp −$35.0K	706.9 bp −$353.5K

ZK on 17 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
OKX ZK-USDT-SWAP	−0.0001%	4h	0.01181	−0.203%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.116%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01185	+0.144%	$136K	$181K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01183	long leg	$589K	$188K	5x
Aster ZKUSDT	+0.0100%	4h	0.01184	+0.056%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01182	−0.093%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01183	−0.055%	$4.9M	$8.3M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01182	−0.144%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01183	−0.017%	$325K	$240K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01181	−0.186%	$977K	$1.4M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01183	−0.017%	$1.5M	$843K	75x	as long as short
BingX ZK-USDTshort	+0.0100%	4h	0.01182	−0.127%	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01182	−0.089%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01184	+0.068%	$161K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01184	+0.068%	$8K	$618K	50x	as long as short
BloFin ZK-USDT	+0.0152%	4h	0.01183	−0.059%	$217K	$21K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1315%	1h	0.01195	+0.973%	$196K	$38K	25x	as long as short