Funding arb · Price arb /

PROVE

all PROVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.3231%/8h= +353.8% APRpaid last 24h +0.418%

Price spread now: Hyperliquid against Bybit−0.243%7-day average −0.133% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.662%+$66 on $10k

Price spread, last 4 days (all we have)+0.145%+$14 · spread now −0.243%, 7d avg −0.133%

Together, before fees+0.807%+ Points / potential airdropHyperliquid: Season 2 · farm board+$81 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.109% cheaper against Bybit than usual: you would sell low and buy high (spread −0.243% now, against its 7-day average of −0.133%). If the spread goes back, that is −$11 on $10k: about 3 hours of funding at the current rate (+$97 a day). At the pace of the last 7 days (+0.662% in total) that is about 28 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.662% in total (about 34.5% 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 PROVEUSDT	0.2348	−0.4257	get 0.2128% / 4h	56m 11s	$2.2M	$11.5M	25x
Short	Hyperliquid PROVE	0.2342	−0.1025	pay 0.0128% / 1h	56m 11s	$339K	$951K	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 −0.243%Rate

Funding earned: $678.59
Price spread: −0.243% → −0.133%: −$10.93
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $647.66
Costs to cover: 0.200%
Break-even: 0.3 days

Slippage unknown: Bybit: live order book, 2 min ago; Hyperliquid: live order book, 44 min ago. Net counts fees only.

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, 2 min ago	4.27 bp	35.7 bp −$36	146.7 bp −$1,467	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 44 min ago	4.54 bp	23.7 bp −$24	doesn't fit	doesn't fit	doesn't fit

PROVE on 14 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
Bybit PROVEUSDTlong	−0.4257%	4h	0.2348	long leg	$2.2M	$11.5M	25x
OKX PROVE-USDT-SWAP	−0.4150%	4h	0.2340	−0.341%	$616K	$8.5M	20x	as long as short
ApeX Omni PROVEUSDT	−0.4106%	1h	0.2341	−0.298%	$49K	$334K	50x	as long as short
Aster PROVEUSDT	−0.4066%	4h	0.2340	−0.341%	$46K	$275K	5x	as long as short
MEXC PROVE_USDT	−0.3892%	4h	0.2341	−0.298%	$279K	$415K	20x	as long as short
Bitget PROVEUSDT	−0.3888%	4h	0.2343	−0.213%	$716K	$5.1M	50x	as long as short
Binance PROVEUSDT	−0.3852%	4h	0.2342	−0.256%	$3.5M	$37.9M	75x	as long as short
KuCoin PROVEUSDTM	−0.3642%	4h	0.2343	−0.230%	$2.8M	$1.2M	50x	as long as short
Variational Omni PROVE	−0.3436%	4h	0.2346	−0.106%	$28K	$47K	—	as long as short
Gate PROVE_USDT	−0.3268%	4h	0.2341	−0.298%	$202K	$1.1M	75x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PROVE_USDT_Perp	−0.3210%	4h	0.2338	−0.437%	$228K	$2.7M	10x	as long as short
BingX PROVE-USDT	−0.2750%	4h	0.2342	−0.256%	—	$2.5M	—	as long as short
Hyperliquid PROVEshort	−0.1025%	1h	0.2342	−0.243%	$339K	$951K	3x
Lighter PROVE	+0.0096%	1h	0.2347	−0.026%	$83K	$140K	3x	as long as short