Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.022%

Price spread now: Bybit against Hyperliquid−0.077%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.077%, 7d avg −0.040%

Together, before fees−0.008%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 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: Bybit is 0.037% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	86,404	0.0100	pay 0.0013% / 1h	49m 25s	$3.79B	$5.04B	40x
Short	Bybit BTCUSDT	86,337.2	0.0100	get 0.0100% / 8h	7h 49m	$5.26B	$9.76B	150x

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 −0.077%Rate

Funding earned: $0
Price spread: −0.077% → −0.040%: −$3.72
Slippage, 4 orders: −$0.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.25
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 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, 5 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.9 bp −$493	doesn't fit
Sell Bybit live order book, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.6 bp −$559	7.3 bp −$3,642

BTC on 56 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
Phoenix BTC	−0.0129%	1h	86,441	+0.043%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,309	−0.110%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,338.3	−0.076%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,342.4	−0.071%	$481K	$22.0M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,345	−0.068%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0007%	1h	86,302.2	−0.118%	$16.9M	$20.6M	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,330.8	−0.085%	$500.7M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.245%	$333K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0026%	1h	86,317.7	−0.100%	$903.1M	$1.51B	50x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	86,329	−0.087%	$829.9M	$723.8M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0041%	1h	86,329.9	−0.086%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0047%	8h	86,323.1	−0.094%	—	$15.4M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,334.4	−0.081%	$8.3M	$42.9M	25x	as long as short
SoDEX BTC-USD	+0.0059%	1h	86,284	−0.139%	$60.4M	$338.2M	40x	as long as short
Bitget BTCUSDT	+0.0060%	8h	86,330.6	−0.085%	$2.97B	$5.09B	150x	as long as short
Bluefin BTC-PERP	+0.0072%	1h	86,300.2	−0.120%	$140K	$663K	40x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,459.2	+0.064%	$2.5M	$1.5M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,332.9	−0.082%	$5.12B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,331.9	−0.083%	$9.41B	$24.51B	150x	as long as short
ApeX Omni BTCUSDT	+0.0088%	1h	86,304.8	−0.115%	$141.4M	$323.2M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,317.3	−0.100%	$170.0M	$981.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,315.7	−0.102%	$23.7M	$148.8M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,431.6	+0.032%	$216.9M	$167.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,333	−0.082%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,296	−0.125%	$205K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,358	−0.053%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,296.4	−0.125%	$22.0M	$232.2M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	86,404	long leg	$3.79B	$5.04B	40x
Pacifica BTC	+0.0100%	1h	86,346.9	−0.066%	$40.7M	$546.1M	50x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	86,337.2	−0.077%	$5.26B	$9.76B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,350	−0.062%	$2.56B	$12.64B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,330	−0.086%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,345.3	−0.068%	$7.3M	$95.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.138%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,339.8	−0.074%	$5.82B	$10.49B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,279	−0.145%	$37.5M	$155.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,309.8	−0.109%	$157.9M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,419.2	+0.018%	$279.1M	$949.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,317.3	−0.100%	$30.6M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,363.7	−0.047%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,324	−0.093%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,332.5	−0.083%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,278.6	−0.145%	$2.5M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,301.8	−0.118%	$30.4M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,304.4	−0.115%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,280.3	−0.143%	$2.29B	$967.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,294.8	−0.126%	$153.0M	$478.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,303.6	−0.116%	$45.9M	$224.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,330.9	−0.085%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,332.4	−0.083%	$132.5M	$5.57B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,317.9	−0.100%	$192.3M	$951.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,366.2	−0.044%	$711K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,405.3	+0.001%	$77K	$221K	20x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,301	−0.119%	$414.7M	$654.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0215%	1h	86,343.6	−0.070%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,342	−0.072%	$9.5M	$760.5M	6.4x	as long as short