Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.044%

Price spread now: Hyperliquid against Bybit+0.252%7-day average +0.153% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$700.701% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.317%+$32 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.252%, 7d avg +0.153%

Together, before fees+0.287%+ Points / potential airdropHyperliquid: Season 2 · farm board+$29 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: Hyperliquid is 0.098% dearer against Bybit than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.153%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MNTUSDT	0.6520	0.0100	pay 0.0100% / 8h	3h 29m	$43.1M	$13.4M	25x
Short	Hyperliquid MNT	0.6536	0.0100	get 0.0013% / 1h	29m 21s	$6.6M	$878K	5x

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

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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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.252%Rate

Funding earned: $0
Price spread: +0.252% → +0.153%: $9.81
Slippage, 4 orders: −$50.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$60.24
Costs to cover: 0.701%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: 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 Bybit live order book, 5 min ago	0.77 bp	21.3 bp −$21	44.6 bp −$446	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	1.38 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit

MNT 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6523	+0.055%	$19	—	100x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6524	+0.067%	$784	—	150x	as long as short
Injective MNT/USDC PERP	+0.0049%	1h	0.6415	−1.606%	$3K	$121K	12x	as long as short
Variational Omni MNT	+0.0091%	8h	0.6530	+0.164%	$296K	$116K	—	as long as short
Hyperliquid MNTshort	+0.0100%	1h	0.6536	+0.252%	$6.6M	$878K	5x
Bybit MNTUSDTlong	+0.0100%	8h	0.6520	long leg	$43.1M	$13.4M	25x
Gate MNT_USDT	+0.0100%	4h	0.6504	−0.241%	$410K	$121K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6524	+0.066%	$2.5M	$564K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6520	+0.005%	—	$2.5M	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6521	+0.020%	$11K	$635K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6521	+0.020%	$1K	—	10x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6529	+0.143%	$89K	$215K	25x	as long as short
Kraken Futures PF_MNTUSD	+0.0503%	1h	0.6528	+0.124%	$17K	$12K	20x	as long as short
Lighter MNT	+0.0504%	1h	0.6544	+0.377%	$136K	$65K	5x	as long as short
Backpack MNT_USDC_PERP	+0.0724%	1h	0.6526	+0.097%	$41K	$38K	10x	as long as short