Funding arb · Price arb /

MON

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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 +0.126%

Price spread now: Hyperliquid against Bybit+0.172%7-day average +0.201% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.280%+$28 on $10k

Price spread, last 7 days−0.126%−$13 · spread now +0.172%, 7d avg +0.201%

Together, before fees+0.154%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 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 0.029% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.201%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MONUSDT	0.02552	0.0100	pay 0.0100% / 8h	7h 49m	$21.1M	$12.1M	50x
Short	Hyperliquid MON	0.02556	0.0100	get 0.0013% / 1h	49m 23s	$34.6M	$7.6M	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

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 +0.172%Rate

Funding earned: $0.03
Price spread: +0.172% → +0.201%: −$2.9
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$22.88
Costs to cover: 0.200%
Break-even: 6361.4 days

Slippage unknown: Bybit: live order book, 4 min ago; Hyperliquid: live order book, 4 min ago. Net counts fees only.

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, 4 min ago	1.96 bp	18.2 bp −$18	60.0 bp −$600	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.98 bp	12.6 bp −$13	doesn't fit	doesn't fit	doesn't fit

MON on 33 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
Injective MON/USDC PERP	−0.0444%	1h	0.02556	+0.157%	$6K	$105	5.5x	as long as short
Backpack MON_USDC_PERP	−0.0130%	1h	0.02554	+0.086%	$127K	$142K	10x	as long as short
Phoenix MON	0.0000%	1h	0.02555	+0.125%	$13K	$351K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02555	+0.110%	$69K	$119K	25x	as long as short
01 Exchange MONUSD	+0.0032%	1h	0.02553	+0.047%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02553	+0.039%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02554	+0.078%	$848K	$744K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02552	−0.019%	$8K	$42	5x	as long as short
Bybit MONUSDTlong	+0.0100%	8h	0.02552	long leg	$21.1M	$12.1M	50x
Nado MON-PERP	+0.0100%	1h	0.02555	+0.117%	$389K	$539K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MONshort	+0.0100%	1h	0.02556	+0.172%	$34.6M	$7.6M	5x
Aster MONUSDT	+0.0100%	4h	0.02554	+0.070%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02555	+0.104%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02554	+0.071%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02553	+0.036%	$24.4M	$25.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02552	0.000%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02560	+0.313%	$107K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02552	0.000%	$974K	$891K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02555	+0.118%	$2.7M	$1.9M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02550	−0.074%	$771K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02555	+0.112%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02557	+0.196%	$579K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02552	0.000%	$68K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02553	+0.039%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02557	+0.190%	$49K	$422K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02553	+0.043%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0125%	1h	0.02555	+0.136%	$3K	$75K	10x	as long as short
KuCoin MONUSDTM	+0.0202%	4h	0.02556	+0.157%	$3.0M	$720K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02554	+0.063%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02552	0.000%	$1.3M	$306K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02554	+0.082%	$122K	$1.8M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0468%	1h	0.02555	+0.105%	$268K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02609	+2.230%	$115K	$50K	50x	as long as short