Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit−0.084%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$143as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1411.413% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 7 days−0.160%−$16 · spread now −0.084%, 7d avg −0.037%

Together, before fees−0.176%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 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 0.047% cheaper against Bybit than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SKRUSDT	0.02133	0.0100	pay 0.0050% / 4h	3h 18m	$4.6M	$5.0M	20x
Short	Hyperliquid SKR	0.02131	0.0100	get 0.0013% / 1h	18m 53s	$1.3M	$716K	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 −0.084%Rate

Funding earned: $0
Price spread: −0.084% → −0.037%: −$4.7
Slippage, 4 orders: −$121.26
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$145.95
Costs to cover: 1.413%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Hyperliquid: 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 Bybit live order book, 4 min ago	2.11 bp	48.3 bp −$48	146.8 bp −$1,468	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	2.11 bp	19.7 bp −$20	doesn't fit	doesn't fit	doesn't fit

SKR 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
BloFin SKR-USDT	−0.0140%	4h	0.02132	−0.056%	$238K	$158K	20x	as long as short
BingX SKR-USDT	+0.0070%	4h	0.02135	+0.070%	—	$2.4M	—	as long as short
Lighter SKR	+0.0096%	1h	0.02127	−0.291%	$9K	$22K	3x	as long as short
Hyperliquid SKRshort	+0.0100%	1h	0.02131	−0.084%	$1.3M	$716K	3x
Aster SKRUSDT	+0.0100%	4h	0.02130	−0.151%	$27K	$32K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02131	−0.082%	$3.6M	$12.5M	20x	as long as short
Bybit SKRUSDTlong	+0.0100%	4h	0.02133	long leg	$4.6M	$5.0M	20x
Gate SKR_USDT	+0.0100%	4h	0.02131	−0.084%	$1.0M	$531K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02130	−0.150%	$4.4M	$465K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02131	−0.117%	$688K	$690K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKRUSDT	+0.0100%	4h	0.02133	−0.033%	$1.5M	$1.2M	20x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02126	−0.314%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02133	−0.028%	$14K	$36K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0581%	1h	0.02130	−0.150%	$53K	$195K	5x	as long as short
Phoenix SKR	+0.1502%	1h	0.02140	+0.309%	$4K	$10K	3x	as long as short