Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0031%/8h= −3.3% APRpaid last 24h −0.202%

Price spread now: Bybit against Hyperliquid−0.003%7-day average −0.119% · you buy dearer than you sell

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−0.480%−$48 on $10k

Price spread, last 7 days−0.008%−$1 · spread now −0.003%, 7d avg −0.119%

Together, before fees−0.488%+ Points / potential airdropHyperliquid: Season 2 · farm board−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.116% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.119%): +$12 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 13 days. At the pace of the last 7 days (−0.480% in total) that is about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SYRUP	0.2244	0.0131	pay 0.0016% / 1h	22m 38s	$5.6M	$1.8M	3x
Short	Bybit SYRUPUSDT	0.2244	0.0100	get 0.0050% / 4h	1h 22m	$2.2M	$2.1M	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 −0.003%Rate

Funding earned: −$6.42
Price spread: −0.003% → −0.119%: $11.57
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: −$14.85
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 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, 9 min ago	2.23 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.24 bp	45.3 bp −$45	177.1 bp −$1,771	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
BloFin SYRUP-USDT	+0.0054%	4h	0.2240	−0.150%	$440K	$126K	50x	as long as short
Lighter SYRUP	+0.0096%	1h	0.2243	−0.030%	$207K	$218K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2237	−0.306%	$14K	$66K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2242	−0.056%	$9.2M	$7.0M	25x	as long as short
Bybit SYRUPUSDTshort	+0.0100%	4h	0.2244	−0.003%	$2.2M	$2.1M	25x
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2243	−0.030%	$1.1M	$1.1M	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2239	−0.195%	$415K	$71K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2243	−0.030%	$2.9M	$423K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2242	−0.074%	$1.9M	$151K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2244	+0.015%	$705K	$500K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SYRUP-USDT	+0.0100%	4h	0.2243	−0.043%	—	$6.5M	—	as long as short
Variational Omni SYRUP	+0.0100%	4h	0.2235	−0.371%	$160K	$32K	—	as long as short
Hyperliquid SYRUPlong	+0.0131%	1h	0.2244	long leg	$5.6M	$1.8M	3x
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2239	−0.186%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0330% / S −0.1447%	1h	0.2240	−0.156%	$3K	—	50x	as long as short
Kraken Futures PF_SYRUPUSD	+0.0828%	1h	0.2238	−0.262%	$41K	$25K	10x	as long as short