Funding arb · Price arb /

MELANIA

all MELANIA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0298%/8h= +32.7% APRpaid last 24h 0.000%

Price spread now: Bybit against Hyperliquid+0.028%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$960.958% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 7 days−0.054%−$5 · spread now +0.028%, 7d avg +0.056%

Together, before fees−0.054%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.028% cheaper against Hyperliquid than usual: you would sell low and buy high (spread +0.028% now, against its 7-day average of +0.056%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (0.000% in total) that is about years.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.000% in total (about 0.0% 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 MELANIA	0.1080	0.0100	pay 0.0013% / 1h	13m 39s	$1.7M	$199K	3x
Short	Bybit MELANIAUSDT	0.1081	0.0398	get 0.0199% / 4h	2h 13m	$1.5M	$644K	20x

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 +0.028%Rate

Funding earned: $62.68
Price spread: +0.028% → +0.056%: −$2.81
Slippage, 4 orders: −$75.75
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$35.88
Costs to cover: 0.958%
Break-even: 11.0 days

Slippage from Hyperliquid: live order book, 7 min ago; Bybit: live order book, 2 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, 7 min ago	1.40 bp	18.6 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	7.87 bp	27.9 bp −$28	159.4 bp −$1,594	doesn't fit	doesn't fit

MELANIA on 13 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_MELANIAUSD	−0.0947%	1h	0.1082	+0.120%	$25K	$3K	10x	as long as short
BloFin MELANIA-USDT	+0.0072%	4h	0.1082	+0.120%	$196K	$6K	75x	as long as short
Hyperliquid MELANIAlong	+0.0100%	1h	0.1080	long leg	$1.7M	$199K	3x
Binance MELANIAUSDT	+0.0100%	4h	0.1081	+0.028%	$2.9M	$3.0M	75x	as long as short
Gate MELANIA_USDT	+0.0100%	4h	0.1079	−0.102%	$420K	$67K	50x	as long as short
MEXC MELANIA_USDT	+0.0100%	4h	0.1080	+0.009%	$1.2M	$137K	100x	as long as short
KuCoin MELANIAUSDTM	+0.0100%	4h	0.1079	−0.120%	$393K	$846K	30x	as long as short
Bitget MELANIAUSDT	+0.0100%	4h	0.1081	+0.046%	$965K	$207K	50x	as long as short
Aevo MELANIA-PERP	+0.0104%	1h	0.1082	+0.122%	$247K	—	3x	as long as short
Variational Omni MELANIA	+0.0142%	4h	0.1082	+0.199%	$112K	$1K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MELANIAUSDTshort	+0.0398%	4h	0.1081	+0.028%	$1.5M	$644K	20x
BingX MELANIA-USDT	+0.0478%	4h	0.1080	+0.009%	—	$1.5M	—	as long as short
Aster MELANIAUSDT	+0.0779%	4h	0.1081	+0.111%	$20K	$16K	5x	as long as short