Funding arb · Price arb /

IMX

all IMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h −0.001%

Price spread now: Bybit against Hyperliquid−0.465%7-day average −0.333% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1101.096% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 7 days+0.140%+$14 · spread now −0.465%, 7d avg −0.333%

Together, before fees+0.138%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.131% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.333%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.002% in total (about -0.1% 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 IMX	0.1507	0.0415	pay 0.0052% / 1h	57m 32s	$3.5M	$288K	5x
Short	Bybit IMXUSDT	0.1499	0.0100	get 0.0050% / 4h	57m 32s	$3.8M	$2.2M	75x

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 −0.465%Rate

Funding earned: −$66.08
Price spread: −0.465% → −0.333%: −$13.12
Slippage, 4 orders: −$89.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$188.76
Costs to cover: 1.096%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bybit: live order book, 5 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, 4 min ago	0.99 bp	12.9 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.32 bp	33.2 bp −$33	93.4 bp −$934	doesn't fit	doesn't fit

IMX on 15 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	−0.0681%	4h	0.1506	−0.054%	$94K	$131K	—	as long as short
dYdX IMX-USD	0.0000%	1h	0.1506	−0.053%	$26K	$2K	5x	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1508	+0.079%	$2K	—	150x	as long as short
OKX IMX-USDT-SWAP	+0.0011%	4h	0.1504	−0.159%	$943K	$1.6M	20x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.564%	$559	$28K	5.5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1503	−0.232%	$3.6M	$5.7M	75x	as long as short
Bybit IMXUSDTshort	+0.0100%	4h	0.1499	−0.465%	$3.8M	$2.2M	75x
Gate IMX_USDT	+0.0100%	4h	0.1503	−0.232%	$644K	$81K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1504	−0.166%	$2.6M	$570K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1507	+0.033%	$375K	$161K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1502	−0.299%	$1.3M	$400K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1505	−0.100%	—	$2.9M	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1509	+0.166%	$191K	$124K	75x	as long as short
Hyperliquid IMXlong	+0.0415%	1h	0.1507	long leg	$3.5M	$288K	5x
Kraken Futures PF_IMXUSD	+0.1077%	1h	0.1512	+0.335%	$115K	$10K	20x	as long as short