Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.014%

Price spread now: Hyperliquid against SunX−1.940%7-day average −2.023% · you buy dearer than you sell

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 4 days (all we have)−0.461%−$46 · spread now −1.940%, 7d avg −2.023%

Together, before fees−0.473%+ Points / potential airdropHyperliquid: Season 2 · farm board−$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.083% dearer against SunX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −2.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ZORA-USDT	0.008660	0.0100	pay 0.0050% / 4h	3h 55m	$2K	$1.3M	20x
Short	Hyperliquid ZORA	0.008492	0.0152	get 0.0019% / 1h	55m 58s	$1.6M	$314K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now −1.940%Rate

Funding earned: $10.94
Price spread: −1.940% → −2.023%: $8.34
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $2.29
Costs to cover: 0.170%
Break-even: 5.5 days

Slippage unknown: SunX: live order book, 8 min ago; Hyperliquid: live order book, 5 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 SunX live order book, 8 min ago	246.70 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	2.35 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

ZORA 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
dYdX ZORA-USD	0.0000%	1h	0.008487	−2.000%	$312	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008475	−2.136%	—	$6.5M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008471	−2.182%	$22K	$14K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008482	−2.060%	$26K	$12K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008476	−2.125%	$2.5M	$4.1M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008461	−2.298%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008470	−2.194%	$766K	$958K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008470	−2.194%	$157K	$78K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008477	−2.113%	$9.8M	$223K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008481	−2.067%	$750K	$1.4M	30x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZORAUSDT	+0.0100%	4h	0.008475	−2.136%	$729K	$224K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008473	−2.159%	$37K	$108K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008459	−2.327%	$126K	$25K	—	as long as short
SunX ZORA-USDTlong	+0.0100%	4h	0.008660	long leg	$2K	$1.3M	20x
Extended ZORA-USD	+0.0104%	1h	0.008472	−2.165%	$6K	$167K	5x	as long as short
Hyperliquid ZORAshort	+0.0152%	1h	0.008492	−1.940%	$1.6M	$314K	3x
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008471	−2.182%	$1K	—	100x	as long as short