Funding arb · Price arb /

GRIFFAIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0461%/8h= −50.5% APRpaid last 24h −0.024%

Price spread now: Bybit against Hyperliquid−0.032%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$240as in the Funding arb table

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$2322.321% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 7 days+0.008%+$1 · spread now −0.032%, 7d avg −0.071%

Together, before fees−0.068%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.039% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.032% now, against its 7-day average of −0.071%): +$4 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.076% in total) that is about 3.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.076% in total (about -4.0% 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 GRIFFAIN	0.01576	0.0561	pay 0.0070% / 1h	21m 07s	$1.2M	$100K	3x
Short	Bybit GRIFFAINUSDT	0.01575	0.0100	get 0.0050% / 4h	1h 21m	$781K	$440K	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 −0.032%Rate

Funding earned: −$96.91
Price spread: −0.032% → −0.071%: $3.91
Slippage, 4 orders: −$212.15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$325.15
Costs to cover: 2.321%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Bybit: live order book, 39 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, 9 min ago	8.57 bp	40.6 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 39 min ago	11.53 bp	59.8 bp −$60	436.9 bp −$4,369	doesn't fit	doesn't fit

GRIFFAIN on 12 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
Reya GRIFFAINRUSDPERP	0.0000%	1h	0.01177	−25.296%	—	—	—	as long as short
Bybit GRIFFAINUSDTshort	+0.0100%	4h	0.01575	−0.032%	$781K	$440K	25x
Gate GRIFFAIN_USDT	+0.0100%	4h	0.01576	−0.013%	$434K	$86K	10x	as long as short
KuCoin GRIFFAINUSDTM	+0.0100%	4h	0.01569	−0.425%	$495K	$49K	20x	as long as short
Hyperliquid GRIFFAINlong	+0.0561%	1h	0.01576	long leg	$1.2M	$100K	3x
Bitget GRIFFAINUSDT	+0.0636%	4h	0.01576	+0.019%	$381K	$286K	10x	as long as short
BingX GRIFFAIN-USDT	+0.1004%	4h	0.01576	+0.013%	—	$6.6M	—	as long as short
MEXC GRIFFAIN_USDT	+0.1038%	4h	0.01574	−0.108%	$304K	$115K	100x	as long as short
Binance GRIFFAINUSDT	+0.1039%	4h	0.01573	−0.146%	$4.2M	$1.8M	20x	as long as short
BloFin GRIFFAIN-USDT	+0.1080%	4h	0.01574	−0.121%	$275K	$12K	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster GRIFFAINUSDT	+0.1193%	4h	0.01572	−0.211%	$15K	$31K	5x	as long as short
Kraken Futures PF_GRIFFAINUSD	+3.9294%	1h	0.01581	+0.338%	$18K	$23K	10x	as long as short