Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Hyperliquid against Bybit+0.098%7-day average −0.076% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.184%−$18 · spread now +0.098%, 7d avg −0.076%

Together, before fees−0.210%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 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 0.174% dearer against Bybit than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit STABLEUSDT	0.02460	0.0100	pay 0.0050% / 4h	57m 40s	$1.5M	$765K	25x
Short	Hyperliquid STABLE	0.02462	0.0100	get 0.0013% / 1h	57m 40s	$865K	$187K	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 +0.098%Rate

Funding earned: $0
Price spread: +0.098% → −0.076%: $17.4
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$2.6
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Hyperliquid: live order book, 42 min ago. Net counts fees only.

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	4.02 bp	28.5 bp −$28	325.2 bp −$3,252	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 42 min ago	2.01 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

STABLE 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
Lighter STABLE	+0.0096%	1h	0.02475	+0.638%	$114K	$6K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02462	+0.098%	$865K	$187K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02468	+0.334%	$18K	$8K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02456	−0.126%	$2.5M	$2.7M	75x	as long as short
Bybit STABLEUSDTlong	+0.0100%	4h	0.02460	long leg	$1.5M	$765K	25x
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02454	−0.228%	$196K	$370K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02464	+0.179%	$173K	$56K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02460	+0.016%	$609K	$158K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02473	+0.545%	$183K	$28K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02462	+0.098%	$282K	$91K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02463	+0.138%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02482	+0.911%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02468	+0.350%	$2K	$843K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02456	−0.145%	$14K	$136K	10x	as long as short
BloFin STABLE-USDT	+0.0110%	4h	0.02481	+0.870%	$119K	$7K	75x	as long as short