Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0154%/8h= −16.8% APRpaid last 24h −0.006%

Price spread now: Bybit against Hyperliquid−0.144%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 7 days+0.113%+$11 · spread now −0.144%, 7d avg −0.083%

Together, before fees+0.131%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.060% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.083%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TIA	0.4384	0.0100	pay 0.0013% / 1h	43m 56s	$4.5M	$1.5M	5x
Short	Bybit TIAUSDT	0.4378	−0.0054	pay 0.0027% / 4h	3h 43m	$9.6M	$13.0M	50x

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

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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.144%Rate

Funding earned: −$32.26
Price spread: −0.144% → −0.083%: −$6.04
Slippage, 4 orders: −$31.78
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$90.08
Costs to cover: 0.518%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bybit: live order book, 4 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, 8 min ago	0.46 bp	15.6 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.14 bp	12.3 bp −$12	35.3 bp −$353	177.6 bp −$17.8K	doesn't fit

TIA on 27 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
Deribit TIA_USDC-PERPETUAL	−0.0206%	1h	0.4380	−0.098%	$30K	$27K	25x	as long as short
OKX TIA-USDT-SWAP	−0.0189%	4h	0.4378	−0.144%	$2.8M	$6.0M	50x	as long as short
Kraken Futures PF_TIAUSD	−0.0153%	1h	0.4381	−0.067%	$360K	$247K	50x	as long as short
Bybit TIAUSDTshort	−0.0054%	4h	0.4378	−0.144%	$9.6M	$13.0M	50x
KuCoin TIAUSDTM	−0.0046%	4h	0.4375	−0.212%	$4.2M	$8.8M	50x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4382	−0.060%	$1K	—	150x	as long as short
ApeX Omni TIAUSDT	+0.0040%	1h	0.4373	−0.258%	$49K	$234K	50x	as long as short
Lighter TIA	+0.0096%	1h	0.4386	+0.032%	$140K	$359K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0098%	4h	0.4380	−0.098%	$5K	$363K	10x	as long as short
Hyperliquid TIAlong	+0.0100%	1h	0.4384	long leg	$4.5M	$1.5M	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TIAUSDT	+0.0100%	4h	0.4378	−0.134%	$34K	$262K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4383	−0.030%	$14.6M	$41.6M	75x	as long as short
Gate TIA_USDT	+0.0100%	4h	0.4384	−0.007%	$983K	$1.8M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4381	−0.075%	$13.3M	$6.7M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4379	−0.121%	$4.5M	$3.4M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4381	−0.075%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4380	−0.109%	$104K	$152K	10x	as long as short
Variational Omni TIA	+0.0100%	4h	0.4371	−0.307%	$102K	$84K	—	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4384	−0.007%	$58K	$68K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4377	−0.165%	$55K	$169K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4380	−0.109%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0117%	1h	0.4381	−0.075%	$27K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4376	−0.186%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0256%	1h	0.4389	+0.107%	$51K	$75K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4376	−0.189%	$1.2M	$578K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0460% / S −0.3505%	1h	0.4381	−0.064%	$36K	—	100x	as long as short
dYdX TIA-USD	+0.0717%	1h	0.4385	+0.016%	$52K	$59	10x	as long as short