Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h −0.003%

Price spread now: Bybit against Hyperliquid−0.060%7-day average +0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$880.880% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.117%−$12 on $10k

Price spread, last 4 days (all we have)+0.159%+$16 · spread now −0.060%, 7d avg +0.065%

Together, before fees+0.042%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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: Bybit is 0.125% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid 2Z	0.05198	0.0100	pay 0.0013% / 1h	44m 46s	$653K	$410K	3x
Short	Bybit 2ZUSDT	0.05195	0.0097	get 0.0049% / 4h	3h 44m	$686K	$974K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$0.55
Price spread: −0.060% → +0.065%: −$12.51
Slippage, 4 orders: −$67.96
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$101.02
Costs to cover: 0.880%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 15 min ago; Bybit: live order book, 11 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, 15 min ago	2.02 bp	26.4 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 11 min ago	5.77 bp	21.8 bp −$22	426.1 bp −$4,261	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
Backpack 2Z_USDC_PERP	−0.0633%	1h	0.05192	−0.117%	$45K	$32K	5x	as long as short
Kraken Futures PF_2ZUSD	−0.0053%	1h	0.05204	+0.113%	$6K	$3K	10x	as long as short
MEXC 2Z_USDT	+0.0008%	4h	0.05196	−0.040%	$303K	$119K	50x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.196%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05204	+0.114%	$17K	$8K	3x	as long as short
Bybit 2ZUSDTshort	+0.0097%	4h	0.05195	−0.060%	$686K	$974K	50x
Hyperliquid 2Zlong	+0.0100%	1h	0.05198	long leg	$653K	$410K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05198	−0.008%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05191	−0.133%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05194	−0.087%	$2.1M	$2.4M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05196	−0.040%	$454K	$712K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05202	+0.075%	$92K	$70K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05194	−0.077%	$196K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05197	−0.021%	$155K	$570K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05196	−0.040%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05194	−0.085%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05193	−0.098%	$1K	$1.3M	20x	as long as short