Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.029%

Price spread now: Bybit against Hyperliquid+0.016%7-day average −0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$510.509% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days−0.071%−$7 · spread now +0.016%, 7d avg −0.085%

Together, before fees−0.203%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.102% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.085%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid WIF	0.2474	0.0211	pay 0.0026% / 1h	11m 11s	$8.0M	$4.7M	5x
Short	Bybit WIFUSDT	0.2474	0.0100	get 0.0050% / 4h	2h 11m	$17.0M	$38.4M	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 +0.016%Rate

Funding earned: −$23.38
Price spread: +0.016% → −0.085%: $10.15
Slippage, 4 orders: −$30.92
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$64.14
Costs to cover: 0.509%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Bybit: live order book, 3 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, 11 min ago	2.42 bp	14.9 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.03 bp	13.4 bp −$13	26.1 bp −$261	179.8 bp −$18.0K	doesn't fit

WIF on 31 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
Injective WIF/USDC PERP	−0.0783%	1h	0.2470	−0.146%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2478	+0.158%	$642K	$2.3M	50x	as long as short
Gate WIF_USDT	−0.0026%	4h	0.2471	−0.105%	$1.2M	$7.5M	50x	as long as short
Backpack WIF_USDC_PERP	−0.0021%	1h	0.2472	−0.073%	$81K	$273K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2471	−0.123%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2472	−0.051%	$799	—	150x	as long as short
KuCoin WIFUSDTM	+0.0074%	4h	0.2476	+0.097%	$4.5M	$13.2M	75x	as long as short
Lighter WIF	+0.0096%	1h	0.2478	+0.166%	$139K	$626K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2471	−0.105%	$57K	$496K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2477	+0.137%	$5K	$1.3M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2472	−0.058%	$35K	$278K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2471	−0.106%	$77K	$54K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2475	+0.075%	$18.9M	$113.2M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2474	+0.016%	$17.0M	$38.4M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2475	+0.057%	$5.9M	$34.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2475	+0.057%	$22.1M	$11.2M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2475	+0.057%	$7.5M	$12.5M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2474	+0.016%	—	$65.9M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2463	−0.427%	$75K	$70K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2467	−0.256%	$279K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2464	−0.388%	$42K	$629K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2469	−0.186%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2476	+0.101%	$569	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2472	−0.065%	$167K	$734K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2474	+0.031%	$8K	$152K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2477	+0.121%	$83K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0154%	1h	0.2476	+0.097%	$49K	$266K	25x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0168% / S −0.0035%	1h	0.2474	+0.012%	$8K	—	100x	as long as short
Hyperliquid WIFlong	+0.0211%	1h	0.2474	long leg	$8.0M	$4.7M	5x
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2473	−0.024%	$329K	$2.6M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2469	−0.183%	$0	—	15x	as long as short