Funding arb · Price arb /

STBL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0292%/8h= −31.9% APRpaid last 24h −0.096%

Price spread now: Hyperliquid against Bybit−0.144%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$277as in the Funding arb table

Net, price: spread back to 7d avg − costs−$264as in the Price arb table

costs, in and out, $10k−$2612.606% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 7 days+0.044%+$4 · spread now −0.144%, 7d avg −0.109%

Together, before fees−0.123%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Hyperliquid is 0.035% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.109%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.168% in total (about -8.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit STBLUSDT	0.02636	0.0392	pay 0.0196% / 4h	1h 39m	$1.5M	$685K	20x
Short	Hyperliquid STBL	0.02632	0.0100	get 0.0013% / 1h	39m 15s	$1.9M	$282K	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 −0.144%Rate

Funding earned: −$61.21
Price spread: −0.144% → −0.109%: −$3.49
Slippage, 4 orders: −$240.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$325.35
Costs to cover: 2.606%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: 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 Bybit live order book, 2 min ago	3.79 bp	116.9 bp −$117	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.71 bp	33.8 bp −$34	doesn't fit	doesn't fit	doesn't fit

STBL on 12 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 STBL-USDT	+0.0081%	4h	0.02638	+0.076%	$126K	$22K	50x	as long as short
Lighter STBL	+0.0096%	1h	0.02629	−0.266%	$79K	$2K	3x	as long as short
Hyperliquid STBLshort	+0.0100%	1h	0.02632	−0.144%	$1.9M	$282K	3x
Binance STBLUSDT	+0.0100%	4h	0.02638	+0.076%	$1.9M	$2.2M	50x	as long as short
MEXC STBL_USDT	+0.0100%	4h	0.02638	+0.076%	$364K	$147K	100x	as long as short
KuCoin STBLUSDTM	+0.0100%	4h	0.02631	−0.190%	$1.1M	$228K	20x	as long as short
Variational Omni STBL	+0.0100%	4h	0.02637	+0.045%	$962	$282	—	as long as short
SunX STBL-USDT	+0.0100%	4h	0.02634	−0.076%	$1K	$1.1M	20x	as long as short
BingX STBL-USDT	+0.0336%	4h	0.02638	+0.076%	—	$6.6M	—	as long as short
Bybit STBLUSDTlong	+0.0392%	4h	0.02636	long leg	$1.5M	$685K	20x

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate STBL_USDT	+0.0472%	4h	0.02644	+0.303%	$1.2M	$117K	50x	as long as short
Aster STBLUSDT	+0.0624%	4h	0.02631	−0.197%	$88K	$6K	5x	as long as short