Funding arb · Price arb /

KAS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.008%

Price spread now: Bybit against Hyperliquid−0.314%7-day average −0.196% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$900.898% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 7 days+0.138%+$14 · spread now −0.314%, 7d avg −0.196%

Together, before fees+0.102%+ Points / potential airdropHyperliquid: Season 2 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.118% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.196%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid KAS	0.04370	0.0152	pay 0.0019% / 1h	18m 12s	$2.9M	$930K	3x
Short	Bybit KASUSDT	0.04356	0.0100	get 0.0050% / 4h	2h 18m	$10.8M	$7.2M	50x

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 −0.314%Rate

Funding earned: −$10.87
Price spread: −0.314% → −0.196%: −$11.78
Slippage, 4 orders: −$69.78
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$112.42
Costs to cover: 0.898%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 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, 3 min ago	3.18 bp	32.3 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	5.69 bp	20.0 bp −$20	63.6 bp −$636	doesn't fit	doesn't fit

KAS 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
Kraken Futures PF_KASUSD	−0.0191%	1h	0.04366	−0.078%	$292K	$436K	20x	as long as short
Injective KAS/USDC PERP	−0.0009%	1h	0.04361	−0.199%	$45	$154K	5.5x	as long as short
gTrade (Gains Network) KAS/USD	L +0.0010% / S −0.0017%	1h	0.04361	−0.207%	$11K	—	150x	as long as short
GMX KAS/USD [WBTC.b-USDC]	L +0.0038% / S +0.0011%	1h	0.04358	−0.263%	$4K	—	100x	as long as short
Aster KASUSDT	+0.0100%	4h	0.04361	−0.194%	$255K	$199K	20x	as long as short
Binance KASUSDT	+0.0100%	4h	0.04362	−0.178%	$4.0M	$11.2M	75x	as long as short
Bybit KASUSDTshort	+0.0100%	4h	0.04356	−0.314%	$10.8M	$7.2M	50x
Gate KAS_USDT	+0.0100%	8h	0.04356	−0.314%	$2.2M	$1.6M	75x	as long as short
MEXC KAS_USDT	+0.0100%	4h	0.04362	−0.176%	$27.9M	$4.6M	200x	as long as short
KuCoin KASUSDTM	+0.0100%	4h	0.04360	−0.224%	$4.2M	$6.8M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget KASUSDT	+0.0100%	4h	0.04357	−0.291%	$12.0M	$3.0M	50x	as long as short
BingX KAS-USDT	+0.0100%	4h	0.04359	−0.245%	—	$69.3M	—	as long as short
Variational Omni KAS	+0.0100%	4h	0.04409	+0.894%	$26K	$20K	—	as long as short
Hyperliquid KASlong	+0.0152%	1h	0.04370	long leg	$2.9M	$930K	3x
BloFin KAS-USDT	+0.0340%	4h	0.04360	−0.222%	$378K	$202K	75x	as long as short