Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Hyperliquid against Bybit+0.437%7-day average +0.333% · you sell dearer than you buy

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$1071.072% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 7 days−0.088%−$9 · spread now +0.437%, 7d avg +0.333%

Together, before fees−0.087%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 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 0.104% dearer against Bybit than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.333%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IMXUSDT	0.1512	0.0100	pay 0.0050% / 4h	2h 11m	$3.8M	$2.2M	75x
Short	Hyperliquid IMX	0.1518	0.0100	get 0.0013% / 1h	11m 35s	$3.5M	$283K	5x

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 +0.437%Rate

Funding earned: $0
Price spread: +0.437% → +0.333%: $10.4
Slippage, 4 orders: −$87.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$96.8
Costs to cover: 1.072%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 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, 1 min ago	3.31 bp	33.1 bp −$33	86.3 bp −$863	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.31 bp	25.9 bp −$26	doesn't fit	doesn't fit	doesn't fit

IMX on 14 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
Variational Omni IMX	−0.0289%	4h	0.1510	−0.085%	$95K	$131K	—	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1516	+0.304%	$2K	—	150x	as long as short
dYdX IMX-USD	+0.0012%	1h	0.1515	+0.212%	$27K	$2K	5x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.232%	$559	$28K	5.5x	as long as short
Hyperliquid IMXshort	+0.0100%	1h	0.1518	+0.437%	$3.5M	$283K	5x
Binance IMXUSDT	+0.0100%	4h	0.1514	+0.142%	$3.6M	$5.8M	75x	as long as short
Bybit IMXUSDTlong	+0.0100%	4h	0.1512	long leg	$3.8M	$2.2M	75x
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1512	+0.040%	$948K	$1.7M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1511	−0.033%	$648K	$83K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1514	+0.165%	$2.6M	$588K	125x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IMXUSDTM	+0.0100%	4h	0.1510	−0.099%	$375K	$159K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1514	+0.165%	$1.3M	$398K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1513	+0.099%	—	$2.9M	—	as long as short
Kraken Futures PF_IMXUSD	+0.1289%	1h	0.1520	+0.573%	$115K	$11K	20x	as long as short