Funding you earn now, next payment 02:00 UTC+0.0708%/8h= +77.5% APRpaid last 24h +0.096%
Price spread now: Hyperliquid against Bybit+0.247%7-day average +0.174% · you sell dearer than you buy
Net, funding: paid 7d − costs−$89as in the Funding arb table
Net, price: spread back to 7d avg − costs−$94as in the Price arb table
costs, in and out, $10k−$1011.013% of the position
Funding, last 7 days+0.125%+$12 on $10k
+Price spread, last 7 days−0.104%−$10 · spread now +0.247%, 7d avg +0.174%
=Together, before fees+0.021%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Hyperliquid is 0.073% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.174%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.125% in total (about 6.5% 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 PNUTUSDT | 0.05657 | 0.0100 | pay 0.0050% / 4h | 2h 11m | $2.6M | $1.3M | 50x |
| Short | Hyperliquid PNUT | 0.05671 | 0.0808 | get 0.0101% / 1h | 11m 23s | $1.6M | $484K | 3x |
Bybit PNUTUSDT
Hyperliquid PNUTFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $148.7
- Price spread: +0.247% → +0.174%
- $7.31
- Slippage, 4 orders
- −$81.35
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $54.67
- Costs to cover
- 1.013%
- Break-even
- 4.4 days
Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 9 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, 1 min ago | 3.54 bp | 37.5 bp −$38 | 2616.5 bp −$26.2K | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 9 min ago | 0.88 bp | 17.6 bp −$18 | doesn't fit | doesn't fit | doesn't fit |
PNUT 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit PNUT_USDC-PERPETUAL | 0.0000% | 1h | 0.05664 | +0.124% | $4 | — | 10x | as long as short |
| OKX PNUT-USDT-SWAP | +0.0046% | 4h | 0.05657 | 0.000% | $1.7M | $5.8M | 20x | as long as short |
| Aster PNUTUSDT | +0.0100% | 4h | 0.05657 | −0.008% | $3K | $18K | 5x | as long as short |
| Binance PNUTUSDT | +0.0100% | 4h | 0.05652 | −0.084% | $5.3M | $10.0M | 50x | as long as short |
| Bybit PNUTUSDTlong | +0.0100% | 4h | 0.05657 | long leg | $2.6M | $1.3M | 50x | |
| Gate PNUT_USDT | +0.0100% | 4h | 0.05659 | +0.035% | $895K | $1.1M | 50x | as long as short |
| MEXC PNUT_USDT | +0.0100% | 4h | 0.05658 | +0.018% | $1.2M | $397K | 100x | as long as short |
| Bitget PNUTUSDT | +0.0100% | 4h | 0.05656 | −0.018% | $766K | $1.1M | 50x | as long as short |
| BingX PNUT-USDC | +0.0100% | 4h | 0.05655 | −0.035% | — | $6.5M | — | as long as short |
| Variational Omni PNUT | +0.0100% | 4h | 0.05644 | −0.231% | $32 | $3K | — | as long as short |
Deribit PNUT_USDC-PERPETUAL
OKX PNUT-USDT-SWAP
Aster PNUTUSDT
Binance PNUTUSDT
Gate PNUT_USDT
MEXC PNUT_USDT
Bitget PNUTUSDT
BingX PNUT-USDC
Variational Omni PNUTShow all 15 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended PNUT-USD | +0.0104% | 1h | 0.05654 | −0.046% | $8K | $143K | 5x | as long as short |
| KuCoin PNUTUSDTM | +0.0240% | 4h | 0.05662 | +0.088% | $1.1M | $131K | 30x | as long as short |
| Kraken Futures PF_PNUTUSD | +0.0736% | 1h | 0.05677 | +0.354% | $24K | $14K | 10x | as long as short |
| Hyperliquid PNUTshort | +0.0808% | 1h | 0.05671 | +0.247% | $1.6M | $484K | 3x | |
| Coinbase International PNUT-PERP-INTX | +0.1072% | 1h | 0.05682 | +0.442% | $360K | $55K | 50x | as long as short |
Extended PNUT-USD
KuCoin PNUTUSDTM
Kraken Futures PF_PNUTUSD
Coinbase International PNUT-PERP-INTX