Funding arb · Price arb /

BRETT

all BRETT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0220%/8h= +24.0% APRpaid last 24h +0.030%

Price spread now: Hyperliquid against Bybit+0.321%7-day average +0.190% · you sell dearer than you buy

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

costs, in and out, $10k−$1481.480% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now +0.321%, 7d avg +0.190%

Together, before fees−0.086%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.132% dearer against Bybit than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.190%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.030% in total (about 1.6% 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	Bybit BRETTUSDT	0.005912	0.0100	pay 0.0050% / 4h	3h 20m	$2.1M	$1.8M	25x
Short	Hyperliquid BRETT	0.005931	0.0320	get 0.0040% / 1h	20m 54s	$321K	$253K	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 +0.321%Rate

Funding earned: $46.1
Price spread: +0.321% → +0.190%: $13.15
Slippage, 4 orders: −$127.95
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$88.7
Costs to cover: 1.480%
Break-even: 20.5 days

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 29 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, 1 min ago	5.93 bp	35.6 bp −$36	148.3 bp −$1,483	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 29 min ago	0.85 bp	30.6 bp −$31	doesn't fit	doesn't fit	doesn't fit

BRETT on 14 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
GMX BRETT/USD [ETH-USDC]	L 0.0000% / S 0.0000%	1h	0.005904	−0.135%	—	—	100x	as long as short
Injective BRETT/USDC PERP	+0.0033%	1h	0.005839	−1.235%	$61	$854	5.5x	as long as short
BloFin BRETT-USDT	+0.0098%	4h	0.005917	+0.085%	$58K	$188K	50x	as long as short
Binance BRETTUSDT	+0.0100%	4h	0.005922	+0.166%	$1.2M	$2.5M	50x	as long as short
Bybit BRETTUSDTlong	+0.0100%	4h	0.005912	long leg	$2.1M	$1.8M	25x
OKX BRETT-USDT-SWAP	+0.0100%	4h	0.005922	+0.169%	$134K	$262K	10x	as long as short
Gate BRETT_USDT	+0.0100%	4h	0.005912	0.000%	$439K	$109K	25x	as long as short
MEXC BRETT_USDT	+0.0100%	4h	0.005920	+0.135%	$12.7M	$212K	200x	as long as short
KuCoin BRETTUSDTM	+0.0100%	4h	0.005903	−0.152%	$313K	$82K	30x	as long as short
Bitget BRETTUSDT	+0.0100%	4h	0.005909	−0.051%	$1.4M	$642K	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BRETT-USDT	+0.0100%	4h	0.005924	+0.203%	—	$1.4M	—	as long as short
Variational Omni BRETT	+0.0100%	4h	0.005906	−0.101%	$44K	$114K	—	as long as short
Hyperliquid BRETTshort	+0.0320%	1h	0.005931	+0.321%	$321K	$253K	3x
Kraken Futures PF_BRETTUSD	+0.1039%	1h	0.005917	+0.077%	$48K	$72K	10x	as long as short