Funding you earn now, next payment 01:00 UTC−0.0717%/8h= −78.5% APRpaid last 24h −0.088%
Price spread now: Bybit against Hyperliquid−0.318%7-day average −0.175% · you buy dearer than you sell
Net, funding: paid 7d − costs−$127as in the Funding arb table
Net, price: spread back to 7d avg − costs−$130as in the Price arb table
costs, in and out, $10k−$1151.155% of the position
Funding, last 7 days−0.117%−$12 on $10k
+Price spread, last 7 days+0.157%+$16 · spread now −0.318%, 7d avg −0.175%
=Together, before fees+0.041%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Bybit is 0.144% cheaper against Hyperliquid than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.175%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.117% in total (about -6.1% 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 PNUT | 0.05652 | 0.0817 | pay 0.0102% / 1h | 44m 54s | $1.6M | $479K | 3x |
| Short | Bybit PNUTUSDT | 0.05634 | 0.0100 | get 0.0050% / 4h | 3h 44m | $2.6M | $1.3M | 50x |
Hyperliquid PNUT
Bybit PNUTUSDTFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$150.6
- Price spread: −0.318% → −0.175%
- −$14.39
- Slippage, 4 orders
- −$95.47
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$280.46
- Costs to cover
- 1.155%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 6 min ago; Bybit: live order book, 2 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, 6 min ago | 0.89 bp | 21.9 bp −$22 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 2 min ago | 2.66 bp | 40.4 bp −$40 | 433.8 bp −$4,338 | doesn't fit | doesn't fit |
PNUT on 16 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_PNUTUSD | −0.0202% | 1h | 0.05640 | −0.215% | $24K | $13K | 10x | as long as short |
| Deribit PNUT_USDC-PERPETUAL | −0.0105% | 1h | 0.05636 | −0.283% | $4 | — | 10x | as long as short |
| BloFin PNUT-USDT | +0.0064% | 4h | 0.05622 | −0.531% | $287K | $26K | 50x | as long as short |
| Aster PNUTUSDT | +0.0100% | 4h | 0.05637 | −0.265% | $3K | $19K | 5x | as long as short |
| Binance PNUTUSDT | +0.0100% | 4h | 0.05640 | −0.212% | $5.4M | $9.7M | 50x | as long as short |
| Bybit PNUTUSDTshort | +0.0100% | 4h | 0.05634 | −0.318% | $2.6M | $1.3M | 50x | |
| OKX PNUT-USDT-SWAP | +0.0100% | 4h | 0.05635 | −0.301% | $1.7M | $5.6M | 20x | as long as short |
| Gate PNUT_USDT | +0.0100% | 4h | 0.05635 | −0.301% | $867K | $1.1M | 50x | as long as short |
| MEXC PNUT_USDT | +0.0100% | 4h | 0.05639 | −0.230% | $1.2M | $370K | 100x | as long as short |
| Bitget PNUTUSDT | +0.0100% | 4h | 0.05635 | −0.301% | $796K | $1.1M | 50x | as long as short |
Kraken Futures PF_PNUTUSD
Deribit PNUT_USDC-PERPETUAL
BloFin PNUT-USDT
Aster PNUTUSDT
Binance PNUTUSDT
OKX PNUT-USDT-SWAP
Gate PNUT_USDT
MEXC PNUT_USDT
Bitget PNUTUSDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX PNUT-USDC | +0.0100% | 4h | 0.05634 | −0.318% | — | $6.5M | — | as long as short |
| Variational Omni PNUT | +0.0100% | 4h | 0.05634 | −0.325% | $32 | $3K | — | as long as short |
| Extended PNUT-USD | +0.0104% | 1h | 0.05639 | −0.234% | $7K | $149K | 5x | as long as short |
| KuCoin PNUTUSDTM | +0.0250% | 4h | 0.05641 | −0.195% | $1.1M | $133K | 30x | as long as short |
| Hyperliquid PNUTlong | +0.0817% | 1h | 0.05652 | long leg | $1.6M | $479K | 3x | |
| Coinbase International PNUT-PERP-INTX | +0.1072% | 1h | 0.05677 | +0.442% | $360K | $56K | 50x | as long as short |
BingX PNUT-USDC
Variational Omni PNUT
Extended PNUT-USD
KuCoin PNUTUSDTM
Coinbase International PNUT-PERP-INTX