Funding arb · Price arb /

HEMI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1129%/8h= −123.6% APRpaid last 24h −0.144%

Price spread now: Bybit against Hyperliquid−0.212%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs−$199as in the Price arb table

costs, in and out, $10k−$1841.836% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.588%−$59 on $10k

Price spread, last 7 days+0.070%+$7 · spread now −0.212%, 7d avg −0.058%

Together, before fees−0.518%+ Points / potential airdropHyperliquid: Season 2 · farm board−$52 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and Bybit is 0.154% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.588% in total (about -30.7% 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 HEMI	0.006610	0.1229	pay 0.0154% / 1h	9m 00s	$1.1M	$373K	3x
Short	Bybit HEMIUSDT	0.006596	0.0100	get 0.0050% / 4h	1h 09m	$1.7M	$1.5M	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 −0.212%Rate

Funding earned: −$237.13
Price spread: −0.212% → −0.058%: −$15.41
Slippage, 4 orders: −$163.61
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$436.15
Costs to cover: 1.836%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 1 min ago; Bybit: live order book, 2 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, 1 min ago	2.27 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.28 bp	76.0 bp −$76	402.0 bp −$4,020	doesn't fit	doesn't fit

HEMI 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
Aster HEMIUSDT	+0.0100%	4h	0.006599	−0.165%	$75K	$48K	5x	as long as short
Bybit HEMIUSDTshort	+0.0100%	4h	0.006596	−0.212%	$1.7M	$1.5M	25x
KuCoin HEMIUSDTM	+0.0100%	4h	0.006615	+0.076%	$841K	$1.7M	20x	as long as short
Variational Omni HEMI	+0.0100%	4h	0.006590	−0.298%	$23K	$3K	—	as long as short
SunX HEMI-USDT	+0.0100%	4h	0.006750	+2.118%	$2K	$1.3M	20x	as long as short
MEXC HEMI_USDT	+0.0172%	4h	0.006605	−0.076%	$1.8M	$280K	50x	as long as short
Binance HEMIUSDT	+0.0174%	4h	0.006603	−0.106%	$6.6M	$11.2M	20x	as long as short
Extended HEMI-USD	+0.0176%	1h	0.006602	−0.120%	$17K	—	5x	as long as short
BingX HEMI-USDT	+0.0176%	4h	0.006601	−0.136%	—	$1.4M	—	as long as short
BloFin HEMI-USDT	+0.0197%	4h	0.006602	−0.121%	$369K	$53K	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HEMI_USDT	+0.0326%	4h	0.006600	−0.151%	$515K	$305K	20x	as long as short
Hyperliquid HEMIlong	+0.1229%	1h	0.006610	long leg	$1.1M	$373K	3x