Funding you earn now, next payment 23:00 UTC−0.0532%/8h= −58.3% APRpaid last 24h −0.183%
Price spread now: Bybit against Hyperliquid−0.227%7-day average −0.175% · you buy dearer than you sell
Net, funding: paid 7d − costs−$86as in the Funding arb table
Net, price: spread back to 7d avg − costs−$57as in the Price arb table
costs, in and out, $10k−$520.522% of the position
Funding, last 7 days−0.342%−$34 on $10k
+Price spread, last 7 days+0.164%+$16 · spread now −0.227%, 7d avg −0.175%
=Together, before fees−0.178%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Bybit is 0.051% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 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 -0.342% in total (about -17.8% 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 RENDER | 1.8530 | 0.0632 | pay 0.0079% / 1h | 25m 04s | $4.2M | $3.6M | 5x |
| Short | Bybit RENDERUSDT | 1.8488 | 0.0100 | get 0.0050% / 4h | 1h 25m | $12.0M | $13.9M | 50x |
Hyperliquid RENDER
Bybit RENDERUSDTFunding 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
- −$111.77
- Price spread: −0.227% → −0.175%
- −$5.14
- Slippage, 4 orders
- −$32.2
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$169.11
- Costs to cover
- 0.522%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 7 min ago; Bybit: live order book, 3 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, 7 min ago | 0.27 bp | 11.0 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 2.72 bp | 15.9 bp −$16 | 38.1 bp −$381 | 576.8 bp −$57.7K | doesn't fit |
RENDER on 22 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective RENDER/USDC PERP | −0.0576% | 1h | 1.8400 | −0.702% | $6K | $187K | 12x | as long as short |
| Variational Omni RENDER | −0.0284% | 4h | 1.8403 | −0.687% | $223K | $297K | — | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8407 | −0.664% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8512 | −0.097% | $11K | $30K | 25x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8518 | −0.067% | $264K | $176K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8511 | −0.100% | $12.2M | $48.1M | 75x | as long as short |
| Bybit RENDERUSDTshort | +0.0100% | 4h | 1.8488 | −0.227% | $12.0M | $13.9M | 50x | |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8510 | −0.108% | $3.1M | $8.5M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8502 | −0.151% | $536K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8510 | −0.108% | $11.9M | $10.5M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
dYdX RENDER-USD
Deribit RENDER_USDC-PERPETUAL
Aster RENDERUSDT
Binance RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8490 | −0.216% | $5.0M | $12.8M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8514 | −0.086% | $10.0M | $10.5M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8510 | −0.108% | — | $4.3M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8403 | −0.685% | $43K | $267K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8500 | −0.162% | $1.8M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8513 | −0.091% | $31K | $178K | 10x | as long as short |
| Phoenix RENDER | +0.0131% | 1h | 1.8428 | −0.550% | $40K | $325K | 5x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8480 | −0.270% | $593K | $1.3M | 90x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0352% | 1h | 1.8440 | −0.486% | $152K | $66K | 50x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0363% / S −0.0912% | 1h | 1.8512 | −0.098% | $15K | — | 100x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.0577% | 1h | 1.8539 | +0.048% | $485K | $1.1M | 50x | as long as short |
| Hyperliquid RENDERlong | +0.0632% | 1h | 1.8530 | long leg | $4.2M | $3.6M | 5x |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
Phoenix RENDER
BloFin RENDER-USDT
Coinbase International RENDER-PERP-INTX
GMX RENDER/USD [ETH-USDC]
Kraken Futures PF_RENDERUSD