# Hummingbird Arb (蜂鸟套利)

> Hummingbird Arb (humarb.com) is a live crypto funding-rate and cross-exchange spread arbitrage scanner. It collects perpetual funding rates from 21 exchanges and estimates two-leg (long/short, equal quantity) scenarios from native order books at a default USD 10,000 per leg, after trading fees, slippage and funding, with payback time. It is an analysis tool only: it places no orders and holds no funds, and results are simulated estimates, not advice or a profit guarantee.

蜂鸟套利（humarb.com）是加密货币资金费率与跨交易所价差套利测算工具：采集 21 家交易所的永续合约资金费率，按每边默认 $10,000 实测两家交易所的原生盘口，扣除四笔手续费与进出场穿越成本（滑点）后，测算两腿等量对冲方案的扣费后净额与回本时间。只做分析，不代下单、不托管资金；所有数字为模拟测算、仅供参考，不构成投资建议，不保证收益。

## What it does
- Funding-rate arbitrage: long the perpetual with the lower funding rate and short the one with the higher rate, in equal coin quantity, to collect the funding difference while the two legs largely offset price moves.
- Each leg is measured against the exchange's own (native) order book at the full per-leg amount (default USD 10,000; the amount is never silently reduced), giving four volume-weighted average fill prices (entry and exit on both legs).
- Net after costs = funding income for the chosen horizon (default 24 hours, estimated at current rates) − crossing cost of the four VWAPs against the mid price − four trading fees (open and close on both legs). Break-even time = total costs ÷ daily funding income.
- Routes whose books are missing, stale, partial or cannot fill the full amount are marked unverified and never shown as profitable. The market funding-rate table is a fee-only rate estimate, labelled as such.
- Hummingbird Picks: every 5 minutes an AI engine reviews measured routes against 7 days of settlement history and picks up to five, with written reasons. Earlier judgments keep their original time; a newer real loss or fill failure withdraws them.
- Refresh (typical, not guaranteed): funding snapshots and order-book measurements about every 1–2 minutes, ranking rows every minute, featured selections every 5 minutes. Every figure carries the time it was measured.
- Cross-exchange spread: compares prices of the same asset across venues.
- Exchanges covered for funding rates (21): Binance, OKX, Bybit, Gate, Bitget, MEXC, KuCoin, BingX, Deribit, Hyperliquid, Lighter, dYdX, Paradex, Aster, Extended, edgeX, GRVT, Pacifica, ApeX Omni, GMX, LBank.

## Access
- Browsing is free. Without an account you can see the ranking, the market funding-rate table, Hummingbird Picks, and the net after costs and payback time for the default scenario (USD 10,000 per leg). The full cost breakdown, custom amounts, settlement history and the 7-day backtest, and personal features (alerts, watchlists) need a free sign-in (Google, X or email). API access is a paid plan.

## Important limits
- Analysis only: no orders, no custody, no investment advice. Figures are simulated estimates for reference only (模拟测算 · 仅供参考).
- Funding rates, prices and order books change; any estimate can turn into a loss. Funding arbitrage is not risk-free. Past settlements do not predict future ones.

## Where things are
- [Product overview (中文)](https://humarb.com/): how it works, features, FAQ.
- [Product overview (English)](https://humarb.com/en): the same page in English.
- [Live workspace](https://app.humarb.com/): opportunities ranked by net after costs, market funding-rate table, charts and the scenario calculator (requires JavaScript; figures change every minute).
- [Plans](https://humarb.com/pricing): free web research; paid API plan.
- [API overview](https://humarb.com/developers), [API documentation](https://humarb.com/developers/docs), [AI Skill](https://humarb.com/developers/skill) (raw Markdown: https://humarb.com/skills/hummingbird-api/SKILL.md).
- [Terms of Service](https://humarb.com/terms), [Privacy Policy](https://humarb.com/privacy).
- [Full text for language models](https://humarb.com/llms-full.txt): methodology, FAQ and the no-advice terms in one file.