Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Hyperliquid+0.017%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1181.178% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 7 days−0.027%−$3 · spread now +0.017%, 7d avg −0.010%

Together, before fees−0.071%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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 0.027% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MET	0.2847	0.0100	pay 0.0013% / 1h	49m 34s	$4.2M	$1.4M	3x
Short	Bybit METUSDT	0.2847	0.0100	get 0.0050% / 4h	3h 49m	$5.0M	$3.1M	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

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 +0.017%Rate

Funding earned: $0
Price spread: +0.017% → −0.010%: $2.67
Slippage, 4 orders: −$97.8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$115.14
Costs to cover: 1.178%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Bybit: live order book, 3 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, 2 min ago	0.88 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.51 bp	39.1 bp −$39	183.6 bp −$1,836	doesn't fit	doesn't fit

MET on 16 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
GMX MET/USD [WBTC.b-USDC]	L −0.1723% / S +0.0247%	1h	0.2848	+0.052%	$10K	—	50x	as long as short
BloFin MET-USDT	+0.0072%	4h	0.2848	+0.052%	$293K	$83K	50x	as long as short
Hyperliquid METlong	+0.0100%	1h	0.2847	long leg	$4.2M	$1.4M	3x
Aster METUSDT	+0.0100%	4h	0.2846	−0.019%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2848	+0.069%	$5.0M	$11.8M	50x	as long as short
Bybit METUSDTshort	+0.0100%	4h	0.2847	+0.017%	$5.0M	$3.1M	25x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2849	+0.087%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2847	+0.017%	$193K	$185K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2848	+0.052%	$1.0M	$276K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2847	+0.017%	$1.3M	$2.6M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METUSDT	+0.0100%	4h	0.2852	+0.193%	$684K	$880K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2842	−0.159%	$36K	$116K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2844	−0.089%	$2K	$1.6M	20x	as long as short
Phoenix MET	+0.0197%	1h	0.2848	+0.070%	$15K	$15K	5x	as long as short
Lighter MET	+0.0264%	1h	0.2854	+0.249%	$256K	$278K	5x	as long as short
Backpack MET_USDC_PERP	+0.0555%	1h	0.2848	+0.038%	$332K	$264K	5x	as long as short