Funding arb · Price arb /

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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 0.000%

Price spread now: Bybit against Hyperliquid−0.013%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$187as in the Funding arb table

Net, price: spread back to 7d avg − costs−$192as in the Price arb table

costs, in and out, $10k−$1951.948% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.072%+$7 · spread now −0.013%, 7d avg −0.037%

Together, before fees+0.147%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 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: Bybit is 0.024% dearer against Hyperliquid than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IO	0.1506	0.0100	pay 0.0013% / 1h	51m 44s	$1.0M	$385K	3x
Short	Bybit IOUSDT	0.1505	0.0100	get 0.0050% / 4h	2h 51m	$1.1M	$915K	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 −0.013%Rate

Funding earned: $0
Price spread: −0.013% → −0.037%: $2.39
Slippage, 4 orders: −$174.82
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$192.43
Costs to cover: 1.948%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 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, 8 min ago	1.66 bp	18.6 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	6.68 bp	73.8 bp −$74	335.7 bp −$3,357	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
BloFin IO-USDT	+0.0092%	4h	0.1504	−0.106%	$193K	$33K	50x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1506	long leg	$1.0M	$385K	3x
Aster IOUSDT	+0.0100%	4h	0.1507	+0.125%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1507	+0.100%	$3.0M	$6.7M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1505	−0.013%	$1.1M	$915K	25x
Gate IO_USDT	+0.0100%	4h	0.1506	+0.007%	$235K	$540K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1506	+0.027%	$1.1M	$227K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1506	+0.027%	$360K	$682K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1506	+0.027%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1505	−0.040%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1495	−0.719%	$30K	$11K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1507	+0.116%	$2K	$131K	5x	as long as short
Injective IO/USDC PERP	+0.1587%	1h	0.1509	+0.226%	$2K	$199	5.5x	as long as short
Kraken Futures PF_IOUSD	+2.1737%	1h	0.1506	+0.057%	$39K	$18K	10x	as long as short