Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0562%/8h= −61.6% APRpaid last 24h −0.063%

Price spread now: Bybit against Hyperliquid−0.167%7-day average −0.059% · 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−$80as in the Price arb table

costs, in and out, $10k−$690.688% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.167%, 7d avg −0.059%

Together, before fees+0.084%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Bybit is 0.108% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.059%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.044% in total (about -2.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BIO	0.02877	0.0662	pay 0.0083% / 1h	57m 11s	$753K	$217K	3x
Short	Bybit BIOUSDT	0.02872	0.0100	get 0.0050% / 4h	1h 57m	$2.2M	$2.6M	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 −0.167%Rate

Funding earned: −$118.11
Price spread: −0.167% → −0.059%: −$10.8
Slippage, 4 orders: −$48.85
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$197.76
Costs to cover: 0.688%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 23 min ago; Bybit: live order book, 5 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, 23 min ago	1.21 bp	16.0 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.75 bp	18.4 bp −$18	111.0 bp −$1,110	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
BloFin BIO-USDT	+0.0093%	4h	0.02868	−0.306%	$262K	$9K	50x	as long as short
Lighter BIO	+0.0096%	1h	0.02872	−0.160%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0097%	4h	0.02870	−0.236%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02869	−0.258%	$19K	$93K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02869	−0.254%	$6.1M	$6.8M	50x	as long as short
Bybit BIOUSDTshort	+0.0100%	4h	0.02872	−0.167%	$2.2M	$2.6M	50x
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02873	−0.132%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02868	−0.306%	$1.4M	$264K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02869	−0.271%	$384K	$124K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02872	−0.167%	$555K	$123K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BIOUSDT	+0.0100%	4h	0.02871	−0.202%	$1.3M	$534K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02869	−0.271%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02865	−0.396%	$33K	$71K	—	as long as short
Kraken Futures PF_BIOUSD	+0.0169%	1h	0.02872	−0.162%	$11K	$6K	20x	as long as short
Hyperliquid BIOlong	+0.0662%	1h	0.02877	long leg	$753K	$217K	3x