Funding arb · Price arb /

FOGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.006%

Price spread now: Bybit against Hyperliquid+0.268%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$204as in the Funding arb table

Net, price: spread back to 7d avg − costs−$190as in the Price arb table

costs, in and out, $10k−$2092.093% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.170%−$17 · spread now +0.268%, 7d avg +0.072%

Together, before fees−0.119%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 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 0.196% dearer against Hyperliquid than usual: you sell high and buy low, +$20 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	Hyperliquid FOGO	0.006718	0.0100	pay 0.0013% / 1h	50m 00s	$735K	$290K	3x
Short	Bybit FOGOUSDT	0.006736	0.0100	get 0.0050% / 4h	1h 50m	$749K	$176K	50x

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 +0.268%Rate

Funding earned: $0
Price spread: +0.268% → +0.072%: $19.59
Slippage, 4 orders: −$189.26
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$189.67
Costs to cover: 2.093%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 30 min ago; Bybit: live order book, 30 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, 30 min ago	1.49 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 30 min ago	10.38 bp	87.6 bp −$88	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
OKX FOGO-USDT-SWAP	+0.0045%	4h	0.006718	0.000%	$505K	$772K	10x	as long as short
Lighter FOGO	+0.0096%	1h	0.006732	+0.208%	$11K	$11K	3x	as long as short
Hyperliquid FOGOlong	+0.0100%	1h	0.006718	long leg	$735K	$290K	3x
Aster FOGOUSDT	+0.0100%	4h	0.006734	+0.242%	$12K	$15K	5x	as long as short
Binance FOGOUSDT	+0.0100%	4h	0.006728	+0.148%	$1.8M	$2.0M	50x	as long as short
Bybit FOGOUSDTshort	+0.0100%	4h	0.006736	+0.268%	$749K	$176K	50x
Gate FOGO_USDT	+0.0100%	4h	0.006720	+0.030%	$107K	$47K	50x	as long as short
MEXC FOGO_USDT	+0.0100%	4h	0.006726	+0.119%	$325K	$121K	50x	as long as short
KuCoin FOGOUSDTM	+0.0100%	4h	0.006730	+0.179%	$266K	$24K	50x	as long as short
Bitget FOGOUSDT	+0.0100%	4h	0.006740	+0.327%	$126K	$105K	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	0.006731	+0.194%	—	$1.3M	—	as long as short
Variational Omni FOGO	+0.0100%	4h	0.006740	+0.334%	$95K	$2K	—	as long as short
SunX FOGO-USDT	+0.0100%	4h	0.006720	+0.030%	$1K	$1.1M	20x	as long as short