Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0577%/8h= +63.2% APRpaid last 24h +0.182%

Price spread now: Hyperliquid against Bybit+0.082%7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$320.325% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.403%+$40 on $10k

Price spread, last 7 days−0.052%−$5 · spread now +0.082%, 7d avg +0.121%

Together, before fees+0.350%+ Points / potential airdropHyperliquid: Season 2 · farm board+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.039% cheaper against Bybit than usual: you would sell low and buy high (spread +0.082% now, against its 7-day average of +0.121%). If the spread goes back, that is −$4 on $10k: about 5 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.403% in total) that is about 16 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.403% in total (about 21.0% 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	Bybit NEARUSDT	4.2740	0.0044	pay 0.0044% / 8h	7m 12s	$217.6M	$421.9M	75x
Short	Hyperliquid NEAR	4.2775	0.0621	get 0.0078% / 1h	7m 12s	$364.8M	$300.9M	10x

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 +0.082%Rate

Funding earned: $121.13
Price spread: +0.082% → +0.121%: −$3.86
Slippage, 4 orders: −$12.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $84.78
Costs to cover: 0.325%
Break-even: 2.1 days

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 7 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, 2 min ago	1.17 bp	6.7 bp −$7	12.7 bp −$127	34.7 bp −$3,467	138.8 bp −$69.4K
Sell Hyperliquid live order book, 7 min ago	0.12 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit

NEAR on 45 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
Reya NEARRUSDPERP	−0.0171%	1h	4.2700	−0.095%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2779	+0.091%	$2.2M	$13.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2761	+0.049%	$111K	$62K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2708	−0.075%	$367K	$18.7M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2732	−0.018%	$203K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.112%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0037%	8h	4.2689	−0.120%	$7.9M	$18.5M	—	as long as short
Bybit NEARUSDTlong	+0.0044%	8h	4.2740	long leg	$217.6M	$421.9M	75x
01 Exchange NEARUSD	+0.0064%	1h	4.2738	−0.005%	$13K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2720	−0.047%	$110K	$497K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2731	−0.021%	$57K	$194K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2722	−0.041%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2774	+0.079%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2776	+0.083%	$400K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2750	+0.023%	$253.1M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2730	−0.023%	$60.6M	$286.1M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2750	+0.023%	$196K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2757	+0.040%	$244K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2697	−0.101%	$30.9M	$60.7M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2760	+0.047%	$78.5M	$142.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2750	+0.023%	$55.8M	$43.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2737	−0.007%	$70.9M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2710	−0.070%	—	$140.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2757	+0.040%	$244K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2740	0.000%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2750	+0.023%	$179K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2733	−0.016%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2780	+0.094%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2750	+0.023%	$4K	$54K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2760	+0.047%	$3.8M	$8.5M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2728	−0.028%	$3.8M	$16.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2755	+0.035%	$202K	$66K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0119%	1h	4.2775	+0.082%	$7.6M	$37.5M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2760	+0.047%	$13.0M	$29.3M	75x	as long as short
Lighter RH NEAR	+0.0328%	1h	4.2820	+0.187%	$1.6M	$7.1M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0335%	1h	4.2772	+0.075%	$1.9M	$2.7M	25x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0316%	1h	4.2730	−0.023%	$275K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2756	+0.038%	$420K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0449%	1h	4.2853	+0.264%	$1.4M	$5.6M	20x	as long as short
Phoenix NEAR	+0.0463%	1h	4.2832	+0.215%	$1.8M	$2.7M	10x	as long as short
Hyperliquid NEARshort	+0.0621%	1h	4.2775	+0.082%	$364.8M	$300.9M	10x
Nado NEAR-PERP	+0.0659%	1h	4.2725	−0.035%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0755%	8h	4.2830	+0.211%	$457K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1151%	1h	4.2787	+0.110%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1776%	1h	4.2889	+0.349%	$16.9M	$24.6M	15x	as long as short