Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.013%

Price spread now: Hyperliquid against Bybit+0.355%7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$175as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1531.526% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.228%−$23 on $10k

Price spread, last 4 days (all we have)−0.287%−$29 · spread now +0.355%, 7d avg +0.115%

Together, before fees−0.516%+ Points / potential airdropHyperliquid: Season 2 · farm board−$52 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 0.240% dearer against Bybit than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of +0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NOTUSDT	0.0005072	0.0099	pay 0.0050% / 4h	2h 11m	$2.1M	$873K	25x
Short	Hyperliquid NOT	0.0005090	0.0100	get 0.0013% / 1h	11m 47s	$371K	$52K	3x

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 +0.355%Rate

Funding earned: $0.18
Price spread: +0.355% → +0.115%: $24.02
Slippage, 4 orders: −$132.63
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$128.44
Costs to cover: 1.526%
Break-even: 5103.8 days

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 28 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	5.91 bp	27.2 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 28 min ago	19.72 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit

NOT 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
Variational Omni NOT	−0.0257%	4h	0.0005069	−0.068%	$72K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0060%	4h	0.0005074	+0.039%	$465K	$134K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.904%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005092	+0.402%	$11K	$5K	3x	as long as short
Bybit NOTUSDTlong	+0.0099%	4h	0.0005072	long leg	$2.1M	$873K	25x
Hyperliquid NOTshort	+0.0100%	1h	0.0005090	+0.355%	$371K	$52K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005079	+0.132%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005083	+0.209%	$2.1M	$3.1M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005080	+0.158%	$636K	$660K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005071	−0.020%	$143K	$81K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005081	+0.177%	$1.3M	$474K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005083	+0.217%	$674K	$410K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005079	+0.138%	—	$723K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005081	+0.173%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.0202%	1h	0.0005085	+0.247%	$50K	$10K	10x	as long as short