Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1302%/8h= +142.6% APRpaid last 24h +0.179%

Price spread now: Hyperliquid against Bybit+0.191%7-day average +0.115% · 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+0.430%+$43 on $10k

Price spread, last 7 days−0.199%−$20 · spread now +0.191%, 7d avg +0.115%

Together, before fees+0.231%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and Hyperliquid is 0.077% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.115%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.430% in total (about 22.4% 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 SYRUPUSDT	0.2303	0.0100	pay 0.0050% / 4h	2h 40m	$2.3M	$1.8M	25x
Short	Hyperliquid SYRUP	0.2308	0.1402	get 0.0175% / 1h	40m 57s	$5.7M	$1.3M	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 +0.191%Rate

Funding earned: $273.5
Price spread: +0.191% → +0.115%: $7.65
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: $261.15
Costs to cover: 0.200%
Break-even: 0.3 days

Slippage unknown: Bybit: live order book, 1 min ago; Hyperliquid: live order book, 11 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, 1 min ago	2.17 bp	46.6 bp −$47	176.4 bp −$1,764	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.65 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

SYRUP on 16 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 SYRUP	+0.0096%	1h	0.2307	+0.156%	$209K	$225K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2302	−0.049%	$11K	$59K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2302	−0.050%	$9.7M	$6.2M	25x	as long as short
Bybit SYRUPUSDTlong	+0.0100%	4h	0.2303	long leg	$2.3M	$1.8M	25x
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2303	−0.004%	$1.2M	$964K	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2302	−0.039%	$431K	$65K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2301	−0.091%	$3.1M	$566K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2307	+0.152%	$2.0M	$105K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2304	+0.039%	$672K	$409K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2302	−0.035%	—	$6.5M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SYRUP	+0.0100%	4h	0.2304	+0.046%	$165K	$48K	—	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2303	+0.010%	—	—	5x	as long as short
BloFin SYRUP-USDT	+0.0159%	4h	0.2302	−0.061%	$473K	$131K	50x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0331% / S −0.1447%	1h	0.2301	−0.094%	$3K	—	50x	as long as short
Kraken Futures PF_SYRUPUSD	+0.0979%	1h	0.2308	+0.216%	$42K	$24K	10x	as long as short
Hyperliquid SYRUPshort	+0.1402%	1h	0.2308	+0.191%	$5.7M	$1.3M	3x