Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0214%/8h= +23.4% APRpaid last 24h +0.046%

Price spread now: Hyperliquid against Bybit+0.215%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$880.879% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.247%+$25 on $10k

Price spread, last 7 days−0.126%−$13 · spread now +0.215%, 7d avg +0.125%

Together, before fees+0.121%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.090% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.125%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CCUSDT	0.1163	0.0100	pay 0.0050% / 4h	1h 03m	$10.5M	$3.7M	25x
Short	Hyperliquid CC	0.1166	0.0314	get 0.0039% / 1h	3m 07s	$5.4M	$1.3M	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 +0.215%Rate

Funding earned: $44.89
Price spread: +0.215% → +0.125%: $8.99
Slippage, 4 orders: −$67.88
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$34
Costs to cover: 0.879%
Break-even: 12.3 days

Slippage from Bybit: live order book, 10 min ago; Hyperliquid: live order book, 9 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, 10 min ago	3.45 bp	34.2 bp −$34	385.9 bp −$3,859	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.29 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit

CC on 19 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
Injective CC/USDC PERP	−0.3951%	1h	0.1150	−1.152%	$6K	$100	5.5x	as long as short
Paradex CC-USD-PERP	+0.0095%	8h	0.1164	+0.046%	$1K	—	5x	as long as short
Aster CCUSDT	+0.0100%	4h	0.1163	−0.006%	$34K	$39K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1163	−0.017%	$11.0M	$11.1M	75x	as long as short
Bybit CCUSDTlong	+0.0100%	4h	0.1163	long leg	$10.5M	$3.7M	25x
OKX CC-USDT-SWAP	+0.0100%	4h	0.1165	+0.112%	$2.5M	$3.4M	20x	as long as short
Gate CC_USDT	+0.0100%	4h	0.1162	−0.146%	$360K	$213K	50x	as long as short
MEXC CC_USDT	+0.0100%	4h	0.1163	−0.034%	$1.6M	$317K	100x	as long as short
KuCoin CCUSDTM	+0.0100%	4h	0.1164	+0.034%	$493K	$115K	50x	as long as short
Bitget CCUSDT	+0.0100%	4h	0.1164	+0.052%	$928K	$788K	20x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CC-USDT	+0.0100%	4h	0.1163	−0.009%	—	$6.6M	—	as long as short
Backpack CC_USDC_PERP	+0.0100%	1h	0.1163	0.000%	$15K	$22K	10x	as long as short
Variational Omni CC	+0.0100%	4h	0.1161	−0.220%	$578K	$43K	—	as long as short
GRVT CC_USDT_Perp	+0.0100%	4h	0.1162	−0.124%	$78K	$2.3M	10x	as long as short
Derive CC-PERP	+0.0100%	1h	0.1162	−0.084%	$5K	$35K	6.7x	as long as short
Hyperliquid CCshort	+0.0314%	1h	0.1166	+0.215%	$5.4M	$1.3M	3x
BloFin CC-USDT	+0.0340%	4h	0.1163	−0.060%	$584K	$105K	75x	as long as short
GMX CC/USD [WBTC.b-USDC]	L +0.0442% / S −0.0239%	1h	0.1164	+0.037%	$43K	—	50x	as long as short
Lighter CC	+0.1232%	1h	0.1168	+0.387%	$234K	$152K	5x	as long as short