Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Bybit against Hyperliquid−0.014%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1241.237% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 7 days+0.248%+$25 · spread now −0.014%, 7d avg +0.038%

Together, before fees+0.252%+ Points / potential airdropHyperliquid: Season 2 · farm board+$25 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: Bybit is 0.052% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SKR	0.02115	0.0100	pay 0.0013% / 1h	10m 40s	$1.3M	$743K	3x
Short	Bybit SKRUSDT	0.02115	0.0100	get 0.0050% / 4h	10m 40s	$4.5M	$5.0M	20x

Funding 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 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → +0.038%: −$5.22
Slippage, 4 orders: −$103.68
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$128.9
Costs to cover: 1.237%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 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, 10 min ago	1.18 bp	26.8 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	4.50 bp	44.8 bp −$45	126.5 bp −$1,265	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	0.02116	+0.043%	$234K	$155K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02111	−0.227%	$14K	$16K	3x	as long as short
Hyperliquid SKRlong	+0.0100%	1h	0.02115	long leg	$1.3M	$743K	3x
Aster SKRUSDT	+0.0100%	4h	0.02115	+0.002%	$26K	$32K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02115	+0.002%	$3.6M	$12.3M	20x	as long as short
Bybit SKRUSDTshort	+0.0100%	4h	0.02115	−0.014%	$4.5M	$5.0M	20x
Gate SKR_USDT	+0.0100%	4h	0.02114	−0.061%	$1.0M	$530K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02116	+0.009%	$4.4M	$464K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02115	−0.033%	$681K	$685K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02117	+0.080%	$1.5M	$1.1M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02116	+0.005%	—	$2.4M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02112	−0.180%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02109	−0.303%	$14K	$36K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0298%	1h	0.02116	+0.024%	$50K	$213K	5x	as long as short
Phoenix SKR	+0.0755%	1h	0.02111	−0.227%	$4K	$10K	3x	as long as short