Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.058%

Price spread now: Hyperliquid against Bybit+0.010%7-day average +0.244% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$720.722% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.219%+$22 on $10k

Price spread, last 7 days+0.221%+$22 · spread now +0.010%, 7d avg +0.244%

Together, before fees+0.441%+ Points / potential airdropHyperliquid: Season 2 · farm board+$44 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 0.234% cheaper against Bybit than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of +0.244%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SPXUSDT	0.5102	0.0100	pay 0.0050% / 4h	2h 11m	$11.6M	$16.1M	50x
Short	Hyperliquid SPX	0.5102	0.0100	get 0.0013% / 1h	11m 14s	$10.2M	$7.7M	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 +0.010%Rate

Funding earned: $0
Price spread: +0.010% → +0.244%: −$23.39
Slippage, 4 orders: −$52.19
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$95.58
Costs to cover: 0.722%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 11 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	2.95 bp	23.6 bp −$24	76.5 bp −$765	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	2.15 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit

SPX 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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.411%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5113	+0.212%	$138K	$358K	5x	as long as short
Hyperliquid SPXshort	+0.0100%	1h	0.5102	+0.010%	$10.2M	$7.7M	5x
Aster SPXUSDT	+0.0100%	4h	0.5103	+0.021%	$130K	$111K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5105	+0.053%	$5.2M	$21.2M	75x	as long as short
Bybit SPXUSDTlong	+0.0100%	4h	0.5102	long leg	$11.6M	$16.1M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5104	+0.039%	$955K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5095	−0.137%	$1.0M	$556K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5108	+0.118%	$11.5M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5099	−0.059%	$3.7M	$5.3M	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDT	+0.0100%	4h	0.5102	0.000%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5107	+0.098%	—	$6.8M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5098	−0.077%	$882K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5098	−0.078%	$46K	$244K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5102	0.000%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5105	+0.063%	$37K	$257K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0130%	4h	0.5110	+0.157%	$20K	$599	10x	as long as short
Kraken Futures PF_SPXUSD	+0.1168%	1h	0.5113	+0.209%	$253K	$545K	20x	as long as short