Funding arb · Price arb /

SUSHI

all SUSHI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Hyperliquid−0.004%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$950.952% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now −0.004%, 7d avg −0.082%

Together, before fees−0.119%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 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 0.078% dearer against Hyperliquid than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SUSHI	0.2555	0.0100	pay 0.0013% / 1h	44m 08s	$356K	$404K	3x
Short	Bybit SUSHIUSDT	0.2555	0.0100	get 0.0100% / 8h	7h 44m	$2.6M	$2.4M	75x

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 −0.004%Rate

Funding earned: $0
Price spread: −0.004% → −0.082%: $7.81
Slippage, 4 orders: −$75.23
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$87.42
Costs to cover: 0.952%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Bybit: live order book, 3 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 Hyperliquid live order book, 6 min ago	1.37 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	5.89 bp	29.8 bp −$30	112.8 bp −$1,128	doesn't fit	doesn't fit

SUSHI 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
Bitget SUSHIUSDT	+0.0024%	8h	0.2555	+0.008%	$1.0M	$681K	50x	as long as short
Injective SUSHI/USDC PERP	+0.0033%	1h	0.2545	−0.384%	$16	$18K	5.5x	as long as short
Variational Omni SUSHI	+0.0064%	8h	0.2549	−0.223%	$41K	$14K	—	as long as short
Kraken Futures PF_SUSHIUSD	+0.0089%	1h	0.2557	+0.088%	$768K	$67K	20x	as long as short
Hyperliquid SUSHIlong	+0.0100%	1h	0.2555	long leg	$356K	$404K	3x
Aster SUSHIUSDT	+0.0100%	8h	0.2556	+0.042%	$23K	$17K	5x	as long as short
Binance SUSHIUSDT	+0.0100%	8h	0.2554	−0.031%	$3.9M	$8.9M	75x	as long as short
Bybit SUSHIUSDTshort	+0.0100%	8h	0.2555	−0.004%	$2.6M	$2.4M	75x
OKX SUSHI-USDT-SWAP	+0.0100%	8h	0.2556	+0.047%	$1.7M	$3.1M	50x	as long as short
Gate SUSHI_USDT	+0.0100%	8h	0.2556	+0.047%	$565K	$290K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SUSHI_USDT	+0.0100%	8h	0.2553	−0.070%	$1.3M	$294K	75x	as long as short
KuCoin SUSHIUSDTM	+0.0100%	8h	0.2556	+0.047%	$1.2M	$231K	50x	as long as short
BingX SUSHI-USDT	+0.0100%	8h	0.2555	+0.008%	—	$2.5M	—	as long as short
HTX SUSHI-USDT	+0.0100%	8h	0.2560	+0.204%	$89K	$58K	75x	as long as short
BloFin SUSHI-USDT	+0.0100%	8h	0.2549	−0.227%	$217K	$62K	75x	as long as short