Funding arb · Price arb /

KAS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0388%/8h= +42.5% APRpaid last 24h +0.036%

Price spread now: Hyperliquid against Bybit+0.287%7-day average +0.198% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$780.782% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 7 days−0.158%−$16 · spread now +0.287%, 7d avg +0.198%

Together, before fees−0.095%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Hyperliquid is 0.089% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.198%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.063% in total (about 3.3% 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	Bybit KASUSDT	0.04394	0.0100	pay 0.0050% / 4h	2h 10m	$10.9M	$7.4M	50x
Short	Hyperliquid KAS	0.04407	0.0488	get 0.0061% / 1h	10m 56s	$2.8M	$1.0M	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

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 +0.287%Rate

Funding earned: $81.45
Price spread: +0.287% → +0.198%: $8.88
Slippage, 4 orders: −$58.16
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $12.17
Costs to cover: 0.782%
Break-even: 6.0 days

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	1.13 bp	18.1 bp −$18	63.3 bp −$633	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.60 bp	15.9 bp −$16	doesn't fit	doesn't fit	doesn't fit

KAS 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
gTrade (Gains Network) KAS/USD	L +0.0010% / S 0.0000%	1h	0.04396	+0.042%	$3K	—	150x	as long as short
Injective KAS/USDC PERP	+0.0033%	1h	0.04361	−0.751%	$45	$154K	5.5x	as long as short
Aster KASUSDT	+0.0100%	4h	0.04406	+0.267%	$259K	$168K	20x	as long as short
Binance KASUSDT	+0.0100%	4h	0.04398	+0.088%	$4.2M	$12.2M	75x	as long as short
Bybit KASUSDTlong	+0.0100%	4h	0.04394	long leg	$10.9M	$7.4M	50x
Gate KAS_USDT	+0.0100%	8h	0.04393	−0.023%	$2.2M	$1.7M	75x	as long as short
MEXC KAS_USDT	+0.0100%	4h	0.04398	+0.091%	$29.0M	$4.7M	200x	as long as short
KuCoin KASUSDTM	+0.0100%	4h	0.04400	+0.130%	$4.3M	$7.0M	50x	as long as short
Bitget KASUSDT	+0.0100%	4h	0.04397	+0.068%	$12.1M	$3.0M	50x	as long as short
BingX KAS-USDT	+0.0100%	4h	0.04395	+0.023%	—	$67.9M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni KAS	+0.0100%	4h	0.04395	+0.017%	$26K	$20K	—	as long as short
GMX KAS/USD [WBTC.b-USDC]	L +0.0292% / S −0.5848%	1h	0.04397	+0.061%	$12K	—	100x	as long as short
Hyperliquid KASshort	+0.0488%	1h	0.04407	+0.287%	$2.8M	$1.0M	3x
Kraken Futures PF_KASUSD	+0.0725%	1h	0.04402	+0.183%	$311K	$479K	20x	as long as short