Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Hyperliquid−0.173%7-day average −0.228% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as in the Funding arb table

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

costs, in and out, $10k−$1061.056% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.205%−$20 on $10k

Price spread, last 7 days+0.048%+$5 · spread now −0.173%, 7d avg −0.228%

Together, before fees−0.157%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 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 0.054% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.228%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.5026	0.0100	pay 0.0013% / 1h	52m 12s	$4.1M	$4.7M	5x
Short	Bybit ARUSDT	4.4948	0.0100	get 0.0100% / 8h	6h 52m	$4.5M	$8.5M	75x

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

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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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.173%Rate

Funding earned: $0
Price spread: −0.173% → −0.228%: $5.43
Slippage, 4 orders: −$85.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$100.13
Costs to cover: 1.056%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Bybit: live order book, 1 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, 10 min ago	4.60 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.11 bp	36.7 bp −$37	162.5 bp −$1,625	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	−0.1700%	1h	4.5057	+0.069%	$55K	$149K	20x	as long as short
Injective AR/USDC PERP	−0.0353%	1h	4.6110	+2.407%	$2K	$2K	5.5x	as long as short
OKX AR-USDT-SWAP	−0.0147%	8h	4.4940	−0.191%	$2.3M	$19.5M	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0141% / S +0.0551%	1h	4.4933	−0.207%	$578K	—	50x	as long as short
MEXC AR_USDT	+0.0007%	8h	4.4970	−0.124%	$6.4M	$4.2M	100x	as long as short
Binance ARUSDT	+0.0008%	8h	4.4952	−0.164%	$8.9M	$53.5M	75x	as long as short
Extended AR-USD	+0.0008%	1h	4.4944	−0.181%	$37K	$243K	10x	as long as short
BloFin AR-USDT	+0.0031%	8h	4.5040	+0.031%	$433K	$527K	20x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.5026	long leg	$4.1M	$4.7M	5x
Aster ARUSDT	+0.0100%	8h	4.4900	−0.280%	$26K	$500K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARUSDTshort	+0.0100%	8h	4.4948	−0.173%	$4.5M	$8.5M	75x
Gate AR_USDT	+0.0100%	8h	4.4950	−0.169%	$2.5M	$2.1M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.4970	−0.124%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4920	−0.235%	$3.9M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4950	−0.169%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.5018	−0.018%	$140K	$165K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.5300	+0.609%	$23K	$743K	50x	as long as short