Funding arb · Price arb /

HYPER

all HYPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit+0.058%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$950.952% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now +0.058%, 7d avg −0.005%

Together, before fees−0.035%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 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: Hyperliquid is 0.063% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPERUSDT	0.07532	0.0100	pay 0.0050% / 4h	8m 45s	$1.2M	$802K	25x
Short	Hyperliquid HYPER	0.07536	0.0100	get 0.0013% / 1h	8m 45s	$71K	$129K	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

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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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.058%Rate

Funding earned: $0
Price spread: +0.058% → −0.005%: $6.32
Slippage, 4 orders: −$75.22
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$88.9
Costs to cover: 0.952%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 10 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	2.65 bp	25.5 bp −$25	399.9 bp −$3,999	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.60 bp	19.6 bp −$20	doesn't fit	doesn't fit	doesn't fit

HYPER on 10 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
BloFin HYPER-USDT	+0.0067%	4h	0.07532	0.000%	$193K	$21K	50x	as long as short
KuCoin HYPERUSDTM	+0.0092%	4h	0.07534	+0.027%	$105K	$85K	30x	as long as short
Hyperliquid HYPERshort	+0.0100%	1h	0.07536	+0.058%	$71K	$129K	3x
Aster HYPERUSDT	+0.0100%	4h	0.07543	+0.143%	$21K	$4K	5x	as long as short
Binance HYPERUSDT	+0.0100%	4h	0.07534	+0.027%	$2.0M	$2.2M	50x	as long as short
Bybit HYPERUSDTlong	+0.0100%	4h	0.07532	long leg	$1.2M	$802K	25x
Gate HYPER_USDT	+0.0100%	4h	0.07530	−0.027%	$87K	$42K	50x	as long as short
MEXC HYPER_USDT	+0.0100%	4h	0.07530	−0.027%	$237K	$132K	20x	as long as short
Bitget HYPERUSDT	+0.0100%	4h	0.07531	−0.013%	$314K	$279K	50x	as long as short
Variational Omni HYPER	+0.0100%	4h	0.07534	+0.028%	$6K	$1K	—	as long as short