Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.076%

Price spread now: Hyperliquid against Bybit+0.117%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$720.716% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.146%−$15 · spread now +0.117%, 7d avg +0.064%

Together, before fees−0.087%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 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 0.052% dearer against Bybit than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BIOUSDT	0.02914	0.0100	pay 0.0050% / 4h	1h 22m	$2.2M	$2.6M	50x
Short	Hyperliquid BIO	0.02917	0.0100	get 0.0013% / 1h	22m 18s	$760K	$220K	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

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 +0.117%Rate

Funding earned: $0
Price spread: +0.117% → +0.064%: $5.24
Slippage, 4 orders: −$51.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$66.31
Costs to cover: 0.716%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 18 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	3.44 bp	20.8 bp −$21	118.8 bp −$1,188	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 18 min ago	0.86 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit

BIO on 15 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_BIOUSD	−0.0628%	1h	0.02915	+0.023%	$11K	$6K	20x	as long as short
Aster BIOUSDT	+0.0021%	4h	0.02914	−0.014%	$22K	$103K	5x	as long as short
Orderly PERP_BIO_USDC	+0.0093%	4h	0.02913	−0.034%	$13K	—	10x	as long as short
Lighter BIO	+0.0096%	1h	0.02916	+0.055%	$15K	$7K	3x	as long as short
Hyperliquid BIOshort	+0.0100%	1h	0.02917	+0.117%	$760K	$220K	3x
Binance BIOUSDT	+0.0100%	4h	0.02913	−0.049%	$6.2M	$7.2M	50x	as long as short
Bybit BIOUSDTlong	+0.0100%	4h	0.02914	long leg	$2.2M	$2.6M	50x
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02908	−0.206%	$1.2M	$2.2M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02914	0.000%	$1.5M	$288K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02913	−0.034%	$410K	$132K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BIOUSDTM	+0.0100%	4h	0.02914	0.000%	$571K	$119K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02914	0.000%	$1.3M	$545K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02914	0.000%	—	$1.3M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02903	−0.364%	$33K	$66K	—	as long as short
BloFin BIO-USDT	+0.0128%	4h	0.02910	−0.137%	$265K	$7K	50x	as long as short