Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit−0.102%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$840.843% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.102%, 7d avg −0.060%

Together, before fees+0.110%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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: Hyperliquid is 0.042% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 2ZUSDT	0.05292	0.0100	pay 0.0050% / 4h	3h 05m	$750K	$1.0M	50x
Short	Hyperliquid 2Z	0.05287	0.0100	get 0.0013% / 1h	5m 17s	$665K	$344K	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 −0.102%Rate

Funding earned: $0
Price spread: −0.102% → −0.060%: −$4.2
Slippage, 4 orders: −$64.31
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$88.51
Costs to cover: 0.843%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 45 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 Bybit live order book, 5 min ago	3.78 bp	22.2 bp −$22	570.3 bp −$5,703	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 45 min ago	1.25 bp	19.3 bp −$19	doesn't fit	doesn't fit	doesn't fit

2Z 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
Kraken Futures PF_2ZUSD	−0.3864%	1h	0.05246	−0.866%	$5K	$3K	10x	as long as short
Backpack 2Z_USDC_PERP	−0.0072%	1h	0.05287	−0.094%	$47K	$21K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−5.896%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05296	+0.076%	$17K	$5K	3x	as long as short
Hyperliquid 2Zshort	+0.0100%	1h	0.05287	−0.102%	$665K	$344K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05289	−0.064%	$12K	$55K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05290	−0.038%	$76K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05283	−0.170%	$2.1M	$2.1M	50x	as long as short
Bybit 2ZUSDTlong	+0.0100%	4h	0.05292	long leg	$750K	$1.0M	50x
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05289	−0.057%	$439K	$753K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate 2Z_USDT	+0.0100%	4h	0.05285	−0.132%	$95K	$77K	50x	as long as short
MEXC 2Z_USDT	+0.0100%	4h	0.05292	0.000%	$340K	$142K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05286	−0.117%	$174K	$64K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05283	−0.170%	$173K	$720K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05285	−0.132%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05290	−0.045%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05287	−0.094%	$2K	$1.1M	20x	as long as short