Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.021%

Price spread now: Bybit against Hyperliquid−0.187%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 7 days+0.149%+$15 · spread now −0.187%, 7d avg −0.093%

Together, before fees+0.074%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bybit is 0.093% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.093%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7177	0.0114	pay 0.0014% / 1h	58m 39s	$8.8M	$4.1M	5x
Short	Bybit VIRTUALUSDT	0.7164	0.0100	get 0.0050% / 4h	58m 39s	$16.6M	$18.1M	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 −0.187%Rate

Funding earned: −$3
Price spread: −0.187% → −0.093%: −$9.32
Slippage, 4 orders: −$26.1
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58.42
Costs to cover: 0.461%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bybit: live order book, 5 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, 4 min ago	0.28 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.10 bp	13.4 bp −$13	23.9 bp −$239	138.3 bp −$13.8K	doesn't fit

VIRTUAL on 33 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 VIRTUAL	−0.0352%	1h	0.7165	−0.167%	$325K	$412K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0169%	1h	0.7158	−0.270%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7152	−0.361%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7152	−0.354%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7155	−0.319%	$11K	$34K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7158	−0.266%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.842%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7160	−0.242%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7167	−0.144%	$97K	$291K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7170	−0.102%	$71K	$43K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7167	−0.144%	$16.4M	$40.4M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7164	−0.187%	$16.6M	$18.1M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7162	−0.215%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7167	−0.145%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7165	−0.173%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7165	−0.173%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7164	−0.187%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7162	−0.215%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7164	−0.187%	$238K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7157	−0.284%	$533K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7155	−0.318%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	−0.186%	$639K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7159	−0.256%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	−0.286%	$51K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7153	−0.340%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7160	−0.235%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7158	−0.276%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7161	−0.230%	$18K	—	3x	as long as short
Hyperliquid VIRTUALlong	+0.0114%	1h	0.7177	long leg	$8.8M	$4.1M	5x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7156	−0.293%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7159	−0.256%	$816K	$894K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.022%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0800%	1h	0.7172	−0.082%	$597K	$665K	50x	as long as short