Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0602%/8h= +65.9% APRpaid last 24h +0.243%

Price spread now: Hyperliquid against Bybit+0.310%7-day average +0.202% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$900.900% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.475%+$48 on $10k

Price spread, last 7 days−0.154%−$15 · spread now +0.310%, 7d avg +0.202%

Together, before fees+0.322%+ Points / potential airdropHyperliquid: Season 2 · farm board+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Hyperliquid is 0.108% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.202%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SKYUSDT	0.07203	−0.0094	get 0.0047% / 4h	1h 56m	$7.9M	$3.4M	25x
Short	Hyperliquid SKY	0.07225	0.0507	get 0.0063% / 1h	56m 04s	$3.0M	$906K	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

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 +0.310%Rate

Funding earned: $126.35
Price spread: +0.310% → +0.202%: $10.76
Slippage, 4 orders: −$69.99
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $47.11
Costs to cover: 0.900%
Break-even: 4.4 days

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 5 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, 2 min ago	2.09 bp	27.8 bp −$28	284.4 bp −$2,844	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	2.57 bp	18.9 bp −$19	doesn't fit	doesn't fit	doesn't fit

SKY on 18 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
Variational Omni SKY	−0.0524%	4h	0.07189	−0.191%	$207K	$94K	—	as long as short
Bybit SKYUSDTlong	−0.0094%	4h	0.07203	long leg	$7.9M	$3.4M	25x
Injective SKY/USDC PERP	+0.0014%	1h	0.07197	−0.083%	$393	$260K	12x	as long as short
Lighter SKY	+0.0096%	1h	0.07215	+0.167%	$189K	$163K	10x	as long as short
BloFin SKY-USDT	+0.0096%	4h	0.07196	−0.097%	$609K	$609K	75x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.07215	+0.170%	$71K	$25K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07214	+0.151%	$43K	$36K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07214	+0.153%	$16.6M	$9.5M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07212	+0.125%	$872K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07199	−0.056%	$618K	$252K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.07215	+0.167%	$1.1M	$278K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.07208	+0.069%	$443K	$279K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07214	+0.153%	$3.0M	$2.0M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07211	+0.111%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07198	−0.069%	$20K	$688K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07215	+0.172%	$700	$2K	10x	as long as short
Hyperliquid SKYshort	+0.0507%	1h	0.07225	+0.310%	$3.0M	$906K	3x
GMX SKY/USD [ETH-USDC]	L +0.0534% / S −0.0248%	1h	0.07215	+0.168%	$85K	—	50x	as long as short