Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0981%/8h= +107.4% APRpaid last 24h +0.468%

Price spread now: Hyperliquid against Bybit+0.449%7-day average +0.426% · you sell dearer than you buy

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$210as in the Price arb table

costs, in and out, $10k−$2122.125% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.852%+$85 on $10k

Price spread, last 7 days+0.103%+$10 · spread now +0.449%, 7d avg +0.426%

Together, before fees+0.955%+ Points / potential airdropHyperliquid: Season 2 · farm board+$95 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$29 a day on $10k at the current rate, and Hyperliquid is 0.023% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.426%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HMSTRUSDT	0.0001782	0.0100	pay 0.0050% / 4h	43m 38s	$1.5M	$594K	25x
Short	Hyperliquid HMSTR	0.0001790	0.1081	get 0.0135% / 1h	43m 38s	$2.0M	$109K	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 +0.449%Rate

Funding earned: $205.96
Price spread: +0.449% → +0.426%: $2.3
Slippage, 4 orders: −$192.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$4.24
Costs to cover: 2.125%
Break-even: 7.1 days

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 7 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, 2 min ago	5.62 bp	59.7 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	28.01 bp	32.5 bp −$33	doesn't fit	doesn't fit	doesn't fit

HMSTR 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
BingX HMSTR-USDT	+0.0070%	4h	0.0001782	0.000%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001782	+0.022%	$33K	$6K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001783	+0.051%	$2.2M	$1.9M	10x	as long as short
Bybit HMSTRUSDTlong	+0.0100%	4h	0.0001782	long leg	$1.5M	$594K	25x
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001783	+0.056%	$628K	$728K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001781	−0.056%	$415K	$242K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001781	−0.056%	$390K	$116K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001782	0.000%	$253K	$57K	10x	as long as short
Variational Omni HMSTR	+0.0100%	4h	0.0001781	−0.048%	$2K	$919	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001781	−0.056%	$13K	$604K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001782	+0.012%	$927	—	5x	as long as short
Hyperliquid HMSTRshort	+0.1081%	1h	0.0001790	+0.449%	$2.0M	$109K	3x
Kraken Futures PF_HMSTRUSD	+0.2143%	1h	0.0001770	−0.671%	$10K	$6K	10x	as long as short