Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit+0.254%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$217as in the Funding arb table

Net, price: spread back to 7d avg − costs−$187as in the Price arb table

costs, in and out, $10k−$2092.095% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 7 days−0.236%−$24 · spread now +0.254%, 7d avg +0.028%

Together, before fees−0.312%+ Points / potential airdropHyperliquid: Season 2 · farm board−$31 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 0.226% dearer against Bybit than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IOUSDT	0.1494	0.0100	pay 0.0050% / 4h	3h 09m	$1.1M	$898K	25x
Short	Hyperliquid IO	0.1498	0.0100	get 0.0013% / 1h	9m 15s	$1.0M	$363K	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 +0.254%Rate

Funding earned: $0
Price spread: +0.254% → +0.028%: $22.59
Slippage, 4 orders: −$189.48
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$186.89
Costs to cover: 2.095%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 11 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	6.68 bp	88.2 bp −$88	531.7 bp −$5,317	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.66 bp	22.9 bp −$23	doesn't fit	doesn't fit	doesn't fit

IO 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
Hyperliquid IOshort	+0.0100%	1h	0.1498	+0.254%	$1.0M	$363K	3x
Aster IOUSDT	+0.0100%	4h	0.1497	+0.186%	$23K	$48K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1497	+0.181%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1494	long leg	$1.1M	$898K	25x
Gate IO_USDT	+0.0100%	4h	0.1497	+0.167%	$228K	$556K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1495	+0.047%	$1.2M	$231K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1497	+0.181%	$357K	$625K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1498	+0.248%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1497	+0.181%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1498	+0.229%	$32K	$14K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1497	+0.153%	$3K	$163K	5x	as long as short
BloFin IO-USDT	+0.0127%	4h	0.1500	+0.381%	$192K	$39K	50x	as long as short
Injective IO/USDC PERP	+0.0193%	1h	0.1502	+0.515%	$2K	$201	5.5x	as long as short
Kraken Futures PF_IOUSD	+1.6771%	1h	0.1498	+0.220%	$39K	$10K	10x	as long as short