Funding arb · Price arb /

PEOPLE

all PEOPLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h 0.000%

Price spread now: Bybit against Hyperliquid−0.195%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$940.937% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 4 days (all we have)+0.204%+$20 · spread now −0.195%, 7d avg +0.020%

Together, before fees+0.143%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bybit is 0.215% cheaper against Hyperliquid than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PEOPLE	0.009234	0.0100	pay 0.0013% / 1h	42m 29s	$437K	$331K	3x
Short	Bybit PEOPLEUSDT	0.009216	0.0084	get 0.0084% / 8h	2h 42m	$1.7M	$2.7M	50x

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 −0.195%Rate

Funding earned: −$3.46
Price spread: −0.195% → +0.020%: −$21.49
Slippage, 4 orders: −$73.72
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$118.67
Costs to cover: 0.937%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 28 min ago; Bybit: live order book, 5 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, 28 min ago	0.54 bp	17.5 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.79 bp	30.8 bp −$31	65.4 bp −$654	doesn't fit	doesn't fit

PEOPLE 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
Kraken Futures PF_PEOPLEUSD	−0.0596%	1h	0.009223	−0.114%	$36K	$48K	10x	as long as short
Gate PEOPLE_USDT	−0.0105%	8h	0.009232	−0.022%	$718K	$1.6M	50x	as long as short
Variational Omni PEOPLE	−0.0057%	8h	0.009229	−0.055%	$7K	$3K	—	as long as short
KuCoin PEOPLEUSDTM	+0.0031%	8h	0.009220	−0.152%	$658K	$160K	50x	as long as short
Bybit PEOPLEUSDTshort	+0.0084%	8h	0.009216	−0.195%	$1.7M	$2.7M	50x
Hyperliquid PEOPLElong	+0.0100%	1h	0.009234	long leg	$437K	$331K	3x
Aster PEOPLEUSDT	+0.0100%	8h	0.009239	+0.049%	$11K	$94K	5x	as long as short
Binance PEOPLEUSDT	+0.0100%	8h	0.009230	−0.043%	$5.7M	$17.9M	50x	as long as short
OKX PEOPLE-USDT-SWAP	+0.0100%	8h	0.009218	−0.173%	$3.4M	$9.4M	20x	as long as short
MEXC PEOPLE_USDT	+0.0100%	8h	0.009223	−0.119%	$688K	$315K	200x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PEOPLEUSDT	+0.0100%	8h	0.009225	−0.097%	$1.8M	$1.3M	50x	as long as short
BingX PEOPLE-USDT	+0.0100%	8h	0.009229	−0.054%	—	$7.5M	—	as long as short
HTX PEOPLE-USDT	+0.0100%	8h	0.009234	0.000%	$43K	$51K	50x	as long as short
Extended PEOPLE-USD	+0.0104%	1h	0.009225	−0.102%	$185	—	5x	as long as short
BloFin PEOPLE-USDT	+0.0129%	8h	0.009224	−0.108%	$359K	$104K	50x	as long as short