Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2370%/8h= −259.6% APRpaid last 24h −0.413%

Price spread now: Bybit against Hyperliquid−0.281%7-day average −0.419% · 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−$154as in the Price arb table

costs, in and out, $10k−$1681.675% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.726%−$73 on $10k

Price spread, last 7 days−0.041%−$4 · spread now −0.281%, 7d avg −0.419%

Together, before fees−0.767%+ Points / potential airdropHyperliquid: Season 2 · farm board−$77 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.138% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.281% now, against its 7-day average of −0.419%): +$14 on $10k if it goes back. Holding the pair costs −$71 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.726% in total) that is about 32 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.726% in total (about -37.9% 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 HMSTR	0.0001780	0.2470	pay 0.0309% / 1h	51m 43s	$2.0M	$117K	3x
Short	Bybit HMSTRUSDT	0.0001775	0.0100	get 0.0050% / 4h	2h 51m	$1.5M	$603K	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

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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 −0.281%Rate

Funding earned: −$497.8
Price spread: −0.281% → −0.419%: $13.84
Slippage, 4 orders: −$147.52
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$651.48
Costs to cover: 1.675%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Bybit: live order book, 4 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	28.01 bp	66.9 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.82 bp	34.2 bp −$34	885.4 bp −$8,854	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	0.0001775	−0.281%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001776	−0.242%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001775	−0.281%	$2.2M	$2.1M	10x	as long as short
Bybit HMSTRUSDTshort	+0.0100%	4h	0.0001775	−0.281%	$1.5M	$603K	25x
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001776	−0.225%	$594K	$852K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001773	−0.393%	$395K	$146K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001775	−0.281%	$387K	$115K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001774	−0.337%	$249K	$47K	10x	as long as short
Variational Omni HMSTR	+0.0100%	4h	0.0001769	−0.605%	$2K	$920	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001772	−0.449%	$13K	$616K	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	0.0001775	−0.256%	$924	—	5x	as long as short
Kraken Futures PF_HMSTRUSD	+0.1032%	1h	0.0001779	−0.077%	$10K	$7K	10x	as long as short
Hyperliquid HMSTRlong	+0.2470%	1h	0.0001780	long leg	$2.0M	$117K	3x