Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0447%/8h= +48.9% APRpaid last 24h +0.179%

Price spread now: Hyperliquid against Bybit+0.198%7-day average +0.221% · you sell dearer than you buy

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

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.644%+$64 on $10k

Price spread, last 7 days+0.062%+$6 · spread now +0.198%, 7d avg +0.221%

Together, before fees+0.707%+ Points / potential airdropHyperliquid: Season 2 · farm board+$71 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.023% cheaper against Bybit than usual: you would sell low and buy high (spread +0.198% now, against its 7-day average of +0.221%). If the spread goes back, that is −$2 on $10k: about 4 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 0GUSDT	0.2326	0.0100	pay 0.0050% / 4h	11m 38s	$2.3M	$2.3M	50x
Short	Hyperliquid 0G	0.2331	0.0547	get 0.0068% / 1h	11m 38s	$2.5M	$502K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.198%Rate

Funding earned: $93.87
Price spread: +0.198% → +0.221%: −$2.3
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $71.58
Costs to cover: 0.200%
Break-even: 1.7 days

Slippage unknown: Bybit: live order book, 5 min ago; Hyperliquid: live order book, 9 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 Bybit live order book, 5 min ago	4.30 bp	28.9 bp −$29	205.8 bp −$2,058	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	2.15 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

0G on 16 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
BingX 0G-USDT	−0.0708%	4h	0.2326	0.000%	—	$6.5M	—	as long as short
GMX 0G/USD [WBTC.b-USDC]	L −0.0235% / S +0.0198%	1h	0.2328	+0.076%	$2K	—	100x	as long as short
BloFin 0G-USDT	+0.0046%	4h	0.2328	+0.086%	$327K	$9K	50x	as long as short
Aster 0GUSDT	+0.0100%	4h	0.2327	+0.043%	$23K	$22K	5x	as long as short
Binance 0GUSDT	+0.0100%	4h	0.2327	+0.043%	$6.8M	$9.1M	50x	as long as short
Bybit 0GUSDTlong	+0.0100%	4h	0.2326	long leg	$2.3M	$2.3M	50x
OKX 0G-USDT-SWAP	+0.0100%	4h	0.2328	+0.086%	$887K	$2.4M	20x	as long as short
Gate 0G_USDT	+0.0100%	8h	0.2326	0.000%	$600K	$172K	50x	as long as short
MEXC 0G_USDT	+0.0100%	4h	0.2326	0.000%	$2.1M	$204K	50x	as long as short
Bitget 0GUSDT	+0.0100%	4h	0.2326	0.000%	$1.9M	$717K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack 0G_USDC_PERP	+0.0100%	1h	0.2329	+0.129%	$36K	$48K	5x	as long as short
Variational Omni 0G	+0.0100%	4h	0.2324	−0.100%	$13K	$10K	—	as long as short
ApeX Omni 0GUSDT	+0.0100%	1h	0.2327	+0.043%	$18K	$630K	50x	as long as short
KuCoin 0GUSDTM	+0.0134%	4h	0.2329	+0.150%	$2.4M	$2.6M	50x	as long as short
Hyperliquid 0Gshort	+0.0547%	1h	0.2331	+0.198%	$2.5M	$502K	3x
Lighter 0G	+0.0624%	1h	0.2330	+0.172%	$45K	$100K	3x	as long as short