Funding arb · Price arb /

BRETT

all BRETT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.020%

Price spread now: Bybit against Hyperliquid−0.204%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs−$154as in the Price arb table

costs, in and out, $10k−$1521.518% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.204%, 7d avg −0.186%

Together, before fees+0.006%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.186%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.0% 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 BRETT	0.005883	0.0312	pay 0.0039% / 1h	30m 02s	$338K	$209K	3x
Short	Bybit BRETTUSDT	0.005871	0.0100	get 0.0050% / 4h	3h 30m	$2.1M	$1.9M	25x

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 −0.204%Rate

Funding earned: −$44.45
Price spread: −0.204% → −0.186%: −$1.77
Slippage, 4 orders: −$131.82
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$198.04
Costs to cover: 1.518%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 14 min ago; Bybit: live order book, 2 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, 14 min ago	2.57 bp	35.3 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	4.26 bp	38.0 bp −$38	176.9 bp −$1,769	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	0.005866	−0.289%	—	—	100x	as long as short
BloFin BRETT-USDT	+0.0084%	4h	0.005886	+0.051%	$58K	$168K	50x	as long as short
Binance BRETTUSDT	+0.0100%	4h	0.005875	−0.132%	$1.2M	$2.5M	50x	as long as short
Bybit BRETTUSDTshort	+0.0100%	4h	0.005871	−0.204%	$2.1M	$1.9M	25x
OKX BRETT-USDT-SWAP	+0.0100%	4h	0.005884	+0.017%	$134K	$269K	10x	as long as short
Gate BRETT_USDT	+0.0100%	4h	0.005867	−0.272%	$439K	$110K	25x	as long as short
MEXC BRETT_USDT	+0.0100%	4h	0.005873	−0.170%	$12.6M	$207K	200x	as long as short
KuCoin BRETTUSDTM	+0.0100%	4h	0.005874	−0.153%	$333K	$76K	30x	as long as short
Bitget BRETTUSDT	+0.0100%	4h	0.005864	−0.323%	$1.4M	$670K	50x	as long as short
BingX BRETT-USDT	+0.0100%	4h	0.005877	−0.102%	—	$1.4M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BRETT	+0.0100%	4h	0.005874	−0.146%	$53K	$127K	—	as long as short
Hyperliquid BRETTlong	+0.0312%	1h	0.005883	long leg	$338K	$209K	3x
Kraken Futures PF_BRETTUSD	+0.0410%	1h	0.005878	−0.088%	$42K	$72K	10x	as long as short
Injective BRETT/USDC PERP	+0.1245%	1h	0.005839	−0.748%	$61	$854	5.5x	as long as short