Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0256%/8h= +28.1% APRpaid last 24h +0.005%

Price spread now: Hyperliquid against Bybit−0.025%7-day average +0.230% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$930.935% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.206%+$21 on $10k

Price spread, last 7 days+0.139%+$14 · spread now −0.025%, 7d avg +0.230%

Together, before fees+0.346%+ Points / potential airdropHyperliquid: Season 2 · farm board+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.255% cheaper against Bybit than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.230%). If the spread goes back, that is −$25 on $10k: about 3.3 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.206% in total) that is about 8.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ARUSDT	4.3819	0.0100	pay 0.0100% / 8h	3h 33m	$4.5M	$8.5M	75x
Short	Hyperliquid AR	4.3808	0.0356	get 0.0045% / 1h	33m 56s	$3.7M	$4.4M	5x

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

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 BybitbpFee HyperliquidbpOrdersPrice spread, now −0.025%Rate

Funding earned: $53.85
Price spread: −0.025% → +0.230%: −$25.47
Slippage, 4 orders: −$73.46
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$65.08
Costs to cover: 0.935%
Break-even: 15.5 days

Slippage from Bybit: live order book, 4 min ago; Hyperliquid: live order book, 8 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, 4 min ago	2.29 bp	39.2 bp −$39	157.9 bp −$1,579	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	4.41 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit

AR 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_ARUSD	−0.1234%	1h	4.3731	−0.201%	$59K	$143K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0141% / S +0.0551%	1h	4.3783	−0.083%	$563K	—	50x	as long as short
Aster ARUSDT	+0.0100%	8h	4.3770	−0.112%	$31K	$467K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.3764	−0.126%	$8.5M	$50.4M	75x	as long as short
Bybit ARUSDTlong	+0.0100%	8h	4.3819	long leg	$4.5M	$8.5M	75x
OKX AR-USDT-SWAP	+0.0100%	8h	4.3820	+0.002%	$2.2M	$17.5M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.3730	−0.203%	$2.4M	$1.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.3760	−0.135%	$6.0M	$4.2M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.3790	−0.066%	$1.1M	$1.3M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.3790	−0.066%	$3.8M	$5.2M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX AR-USDT	+0.0100%	8h	4.3750	−0.157%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.3302	−1.179%	$152K	$335K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.3450	−0.842%	$19K	$715K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.3801	−0.042%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.3690	−0.294%	$419K	$465K	20x	as long as short
Hyperliquid ARshort	+0.0356%	1h	4.3808	−0.025%	$3.7M	$4.4M	5x
Injective AR/USDC PERP	+0.0433%	1h	4.4240	+0.961%	$2K	$5K	5.5x	as long as short