Funding arb · Price arb /

FOGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%

Price spread now: Hyperliquid against Bybit0.000%7-day average −0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$207as in the Funding arb table

Net, price: spread back to 7d avg − costs−$194as in the Price arb table

costs, in and out, $10k−$2022.015% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now 0.000%, 7d avg −0.072%

Together, before fees−0.132%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 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: Hyperliquid is 0.072% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit FOGOUSDT	0.006831	0.0100	pay 0.0050% / 4h	10m 37s	$754K	$182K	50x
Short	Hyperliquid FOGO	0.006831	0.0100	get 0.0013% / 1h	10m 37s	$711K	$309K	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 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.072%: $7.16
Slippage, 4 orders: −$181.53
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$194.38
Costs to cover: 2.015%
Break-even: never at this rate

Slippage from Bybit: live order book, 64 min ago; Hyperliquid: live order book, 59 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, 64 min ago	6.65 bp	75.5 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 59 min ago	2.22 bp	23.3 bp −$23	doesn't fit	doesn't fit	doesn't fit

FOGO on 13 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
Lighter FOGO	+0.0096%	1h	0.006851	+0.293%	$11K	$11K	3x	as long as short
Hyperliquid FOGOshort	+0.0100%	1h	0.006831	0.000%	$711K	$309K	3x
Aster FOGOUSDT	+0.0100%	4h	0.006839	+0.113%	$12K	$13K	5x	as long as short
Binance FOGOUSDT	+0.0100%	4h	0.006841	+0.148%	$1.8M	$2.1M	50x	as long as short
Bybit FOGOUSDTlong	+0.0100%	4h	0.006831	long leg	$754K	$182K	50x
OKX FOGO-USDT-SWAP	+0.0100%	4h	0.006828	−0.044%	$514K	$807K	10x	as long as short
Gate FOGO_USDT	+0.0100%	4h	0.006830	−0.015%	$109K	$47K	50x	as long as short
MEXC FOGO_USDT	+0.0100%	4h	0.006840	+0.132%	$326K	$125K	50x	as long as short
KuCoin FOGOUSDTM	+0.0100%	4h	0.006840	+0.132%	$283K	$93K	50x	as long as short
Bitget FOGOUSDT	+0.0100%	4h	0.006830	−0.015%	$127K	$100K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX FOGO-USDT	+0.0100%	4h	0.006835	+0.059%	—	$1.3M	—	as long as short
Variational Omni FOGO	+0.0100%	4h	0.006826	−0.080%	$96K	$2K	—	as long as short
SunX FOGO-USDT	+0.0100%	4h	0.006830	−0.015%	$1K	$1.2M	20x	as long as short