Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2475%/8h= −271.1% APRpaid last 24h −0.374%

Price spread now: Bybit against Hyperliquid−0.261%7-day average −0.168% · you buy dearer than you sell

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1131.132% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.539%−$54 on $10k

Price spread, last 4 days (all we have)+0.217%+$22 · spread now −0.261%, 7d avg −0.168%

Together, before fees−0.322%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$74 a day on $10k at the current rate, and Bybit is 0.093% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.168%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.539% in total (about -28.1% 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 NIL	0.06907	0.2826	pay 0.0353% / 1h	52m 32s	$4.3M	$4.5M	3x
Short	Bybit NILUSDT	0.06889	0.0351	get 0.0175% / 4h	2h 52m	$3.8M	$13.6M	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

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 −0.261%Rate

Funding earned: −$519.85
Price spread: −0.261% → −0.168%: −$9.26
Slippage, 4 orders: −$93.15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$642.26
Costs to cover: 1.132%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Bybit: live order book, 6 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, 9 min ago	1.89 bp	29.0 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	4.36 bp	33.3 bp −$33	143.3 bp −$1,433	doesn't fit	doesn't fit

NIL on 12 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
Aster NILUSDT	+0.0100%	4h	0.06869	−0.549%	$22K	$343K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06884	−0.336%	$5.4M	$75.6M	50x	as long as short
Gate NIL_USDT	+0.0100%	4h	0.06878	−0.420%	$440K	$1.9M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06884	−0.333%	$2.3M	$4.5M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06878	−0.420%	$514K	$660K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06877	−0.434%	$1.8M	$8.3M	50x	as long as short
Extended NIL-USD	+0.0104%	1h	0.06879	−0.400%	$17K	$89K	5x	as long as short
BloFin NIL-USDT	+0.0133%	4h	0.06847	−0.869%	$351K	$122K	50x	as long as short
Bybit NILUSDTshort	+0.0351%	4h	0.06889	−0.261%	$3.8M	$13.6M	20x
Variational Omni NIL	+0.0369%	4h	0.06860	−0.674%	$178K	$267K	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX NIL-USDT	+0.0492%	4h	0.06882	−0.362%	—	$8.5M	—	as long as short
Hyperliquid NILlong	+0.2826%	1h	0.06907	long leg	$4.3M	$4.5M	3x