Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.028%

Price spread now: Hyperliquid against Bybit+0.148%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$540.539% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.154%+$15 on $10k

Price spread, last 7 days−0.067%−$7 · spread now +0.148%, 7d avg +0.084%

Together, before fees+0.087%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 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: Hyperliquid is 0.064% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WIFUSDT	0.2367	0.0100	pay 0.0050% / 4h	2h 13m	$16.6M	$34.6M	50x
Short	Hyperliquid WIF	0.2370	0.0100	get 0.0013% / 1h	13m 26s	$7.4M	$4.0M	5x

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 +0.148%Rate

Funding earned: $0
Price spread: +0.148% → +0.084%: $6.4
Slippage, 4 orders: −$33.9
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$47.51
Costs to cover: 0.539%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 9 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 Bybit live order book, 5 min ago	2.11 bp	16.5 bp −$16	36.1 bp −$361	291.1 bp −$29.1K	doesn't fit
Sell Hyperliquid live order book, 9 min ago	3.98 bp	14.6 bp −$15	doesn't fit	doesn't fit	doesn't fit

WIF on 32 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
Backpack WIF_USDC_PERP	−0.0637%	1h	0.2372	+0.224%	$73K	$235K	10x	as long as short
Injective WIF/USDC PERP	−0.0321%	1h	0.2395	+1.200%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	−0.0194%	4h	0.2368	+0.059%	$4.2M	$11.2M	75x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0171%	1h	0.2375	+0.355%	$47K	$289K	25x	as long as short
Kraken Futures PF_WIFUSD	−0.0077%	1h	0.2376	+0.394%	$629K	$2.1M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2373	+0.263%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2375	+0.355%	$14K	—	150x	as long as short
Variational Omni WIF	+0.0006%	4h	0.2370	+0.160%	$76K	$56K	—	as long as short
Gate WIF_USDT	+0.0038%	4h	0.2369	+0.101%	$1.2M	$6.9M	50x	as long as short
Aster WIFUSDT	+0.0049%	4h	0.2369	+0.109%	$23K	$254K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT WIF_USDT_Perp	+0.0052%	4h	0.2370	+0.145%	$272K	$1.8M	10x	as long as short
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2374	+0.313%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2369	+0.093%	$131K	$540K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2367	+0.017%	$52K	$482K	20x	as long as short
Hyperliquid WIFshort	+0.0100%	1h	0.2370	+0.148%	$7.4M	$4.0M	5x
Pacifica WIF	+0.0100%	1h	0.2368	+0.059%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2367	+0.017%	$17.5M	$99.3M	75x	as long as short
Bybit WIFUSDTlong	+0.0100%	4h	0.2367	long leg	$16.6M	$34.6M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2367	+0.017%	$6.0M	$30.1M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2367	+0.017%	$21.2M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2367	+0.017%	$7.2M	$11.5M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2371	+0.186%	—	$65.0M	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2374	+0.313%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2373	+0.270%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2373	+0.275%	$541	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2374	+0.313%	$164K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2367	+0.004%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2374	+0.315%	$79K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0156% / S −0.0792%	1h	0.2375	+0.351%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0272%	1h	0.2380	+0.566%	$312K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2374	+0.313%	$968K	$686K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2366	−0.008%	$0	—	15x	as long as short