Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Hyperliquid against Bybit+0.209%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$840.835% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$22 on $10k

Price spread, last 4 days (all we have)−0.147%−$15 · spread now +0.209%, 7d avg +0.086%

Together, before fees−0.362%+ Points / potential airdropHyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.123% dearer against Bybit than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.03930	0.0100	pay 0.0050% / 4h	1h 41m	$5.6M	$5.9M	50x
Short	Hyperliquid S	0.03938	0.0100	get 0.0013% / 1h	41m 30s	$988K	$788K	5x

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

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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.209%Rate

Funding earned: $0
Price spread: +0.209% → +0.086%: $12.26
Slippage, 4 orders: −$63.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$71.27
Costs to cover: 0.835%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 69 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	2.55 bp	21.4 bp −$21	93.7 bp −$937	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 69 min ago	1.40 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit

S on 25 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_SUSD	−0.1587%	1h	0.03937	+0.191%	$33K	$28K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.646%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0862%	4h	0.03922	−0.200%	$611K	$32K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0194% / S +0.0188%	1h	0.03942	+0.295%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03935	+0.126%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0016%	1h	0.03940	+0.254%	$24K	$2K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03940	+0.264%	$607	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03943	+0.331%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0024%	4h	0.03938	+0.204%	$100K	$348K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.326%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0058%	4h	0.03937	+0.174%	$43K	$212K	10x	as long as short
Lighter S	+0.0096%	1h	0.03941	+0.280%	$165K	$222K	5x	as long as short
Hyperliquid Sshort	+0.0100%	1h	0.03938	+0.209%	$988K	$788K	5x
Binance SUSDT	+0.0100%	4h	0.03937	+0.184%	$5.4M	$20.4M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.03930	long leg	$5.6M	$5.9M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03934	+0.102%	$982K	$6.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03931	+0.025%	$321K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03937	+0.178%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03932	+0.051%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03938	+0.204%	$1.2M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03936	+0.153%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	0.000%	$25K	$466K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03935	+0.134%	$221K	$881K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03935	+0.127%	$268K	$128K	75x	as long as short
Backpack S_USDC_PERP	+0.0390%	1h	0.03940	+0.254%	$115K	$300K	5x	as long as short