Funding arb · Price arb /

BLUR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0012%/8h= −1.4% APRpaid last 24h +0.006%

Price spread now: Hyperliquid against Bybit−0.115%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$190as in the Price arb table

costs, in and out, $10k−$1841.842% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.115%, 7d avg −0.061%

Together, before fees+0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Hyperliquid is 0.054% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BLURUSDT	0.02004	0.0100	pay 0.0100% / 8h	12m 07s	$1.3M	$969K	25x
Short	Hyperliquid BLUR	0.02001	0.0088	get 0.0011% / 1h	12m 07s	$1.4M	$429K	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 −0.115%Rate

Funding earned: −$2.62
Price spread: −0.115% → −0.061%: −$5.35
Slippage, 4 orders: −$164.24
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$192.22
Costs to cover: 1.842%
Break-even: never at this rate

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	5.49 bp	96.7 bp −$97	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.25 bp	26.2 bp −$26	doesn't fit	doesn't fit	doesn't fit

BLUR 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_BLURUSD	−0.0628%	1h	0.02005	+0.050%	$12K	$5K	10x	as long as short
Injective BLUR/USDC PERP	+0.0033%	1h	0.01998	−0.275%	$1K	$212	5.5x	as long as short
Hyperliquid BLURshort	+0.0088%	1h	0.02001	−0.115%	$1.4M	$429K	3x
Aster BLURUSDT	+0.0100%	4h	0.02002	−0.056%	$4K	$3K	5x	as long as short
Binance BLURUSDT	+0.0100%	4h	0.02002	−0.099%	$2.0M	$3.4M	50x	as long as short
Bybit BLURUSDTlong	+0.0100%	8h	0.02004	long leg	$1.3M	$969K	25x
OKX BLUR-USDT-SWAP	+0.0100%	4h	0.02002	−0.075%	$974K	$1.6M	20x	as long as short
Gate BLUR_USDT	+0.0100%	4h	0.02005	+0.075%	$797K	$252K	50x	as long as short
MEXC BLUR_USDT	+0.0100%	4h	0.02001	−0.125%	$1.1M	$118K	20x	as long as short
KuCoin BLURUSDTM	+0.0100%	4h	0.02005	+0.075%	$585K	$97K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BLURUSDT	+0.0100%	4h	0.02005	+0.075%	$828K	$439K	50x	as long as short
BingX BLUR-USDT	+0.0100%	4h	0.02003	−0.025%	—	$13.2M	—	as long as short
Variational Omni BLUR	+0.0100%	8h	0.02006	+0.103%	$1K	$849	—	as long as short
BloFin BLUR-USDT	+0.0106%	4h	0.02004	+0.025%	$354K	$2K	50x	as long as short
dYdX BLUR-USD	+0.1533%	1h	0.02004	+0.025%	$26K	$328	5x	as long as short