Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Bybit against Hyperliquid+0.052%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 Hyperliquid Short on Bybit

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)+0.034%+$3 · spread now +0.052%, 7d avg +0.076%

Together, before fees+0.060%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 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 0.024% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 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	Hyperliquid STABLE	0.02485	0.0100	pay 0.0013% / 1h	47m 09s	$875K	$186K	3x
Short	Bybit STABLEUSDT	0.02486	0.0100	get 0.0050% / 4h	1h 47m	$1.5M	$777K	25x

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

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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 HyperliquidbpFee BybitbpOrdersPrice spread, now +0.052%Rate

Funding earned: $0
Price spread: +0.052% → +0.076%: −$2.41
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$22.41
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 63 min ago; Bybit: live order book, 4 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 Hyperliquid live order book, 63 min ago	1.80 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	6.04 bp	19.3 bp −$19	176.8 bp −$1,768	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
BloFin STABLE-USDT	+0.0045%	4h	0.02484	−0.028%	—	$7K	75x	as long as short
Lighter STABLE	+0.0096%	1h	0.02496	+0.467%	$115K	$6K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02485	long leg	$875K	$186K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02483	−0.061%	$19K	$8K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02484	−0.039%	$2.6M	$2.9M	75x	as long as short
Bybit STABLEUSDTshort	+0.0100%	4h	0.02486	+0.052%	$1.5M	$777K	25x
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02484	−0.028%	$199K	$404K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02484	−0.028%	$173K	$56K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02484	−0.028%	$611K	$166K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02491	+0.254%	$184K	$30K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDT	+0.0100%	4h	0.02486	+0.052%	$286K	$101K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02486	+0.052%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02483	−0.088%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02485	+0.024%	$2K	$832K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02484	−0.014%	$14K	$149K	10x	as long as short