Funding arb · Price arb /

WLD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0626%/8h= +68.6% APRpaid last 24h +0.055%

Price spread now: Hyperliquid against Bybit+0.239%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.116%+$12 on $10k

Price spread, last 7 days−0.245%−$24 · spread now +0.239%, 7d avg +0.090%

Together, before fees−0.128%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Hyperliquid is 0.149% dearer against Bybit than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.090%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.116% in total (about 6.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WLDUSDT	0.4598	0.0100	pay 0.0100% / 8h	7h 44m	$65.9M	$82.6M	50x
Short	Hyperliquid WLD	0.4609	0.0726	get 0.0091% / 1h	44m 34s	$51.3M	$43.5M	10x

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 +0.239%Rate

Funding earned: $131.52
Price spread: +0.239% → +0.090%: $14.92
Slippage, 4 orders: −$13.94
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $112.5
Costs to cover: 0.339%
Break-even: 1.0 days

Slippage from Bybit: live order book, 4 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, 4 min ago	1.09 bp	10.5 bp −$11	17.4 bp −$174	130.9 bp −$13.1K	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.11 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit

WLD on 38 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
Kalshi KXWLDPERP	−0.0196%	8h	0.4591	−0.152%	$63K	$3.9M	1.7x	as long as short
Nado WLD-PERP	−0.0022%	1h	0.4589	−0.185%	$276K	$169K	5x	as long as short
KuCoin WLDUSDTM	−0.0011%	8h	0.4595	−0.065%	$7.0M	$11.1M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4601	+0.071%	$164K	$13K	10x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4589	−0.192%	$56K	—	150x	as long as short
Injective WLD/USDC PERP	+0.0038%	1h	0.4597	−0.022%	$6K	$185K	5.5x	as long as short
Orderly PERP_WLD_USDC	+0.0041%	8h	0.4592	−0.130%	$28K	$903K	10x	as long as short
Gate WLD_USDT	+0.0052%	8h	0.4596	−0.043%	$7.5M	$35.1M	75x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4600	+0.054%	$192K	$984K	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4600	+0.051%	$54K	$483K	5x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WLDUSDT	+0.0100%	8h	0.4599	+0.029%	$86.8M	$303.8M	75x	as long as short
Bybit WLDUSDTlong	+0.0100%	8h	0.4598	long leg	$65.9M	$82.6M	50x
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4598	0.000%	$34.4M	$143.8M	50x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4599	+0.022%	$46.9M	$53.3M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4598	0.000%	$30.4M	$26.1M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4598	0.000%	—	$67.1M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4600	+0.037%	$137K	$280K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4584	−0.309%	$2.0M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4581	−0.360%	$27K	$317K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4589	−0.196%	$609K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4585	−0.283%	$54K	$229K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4590	−0.165%	$49K	$1.6M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4594	−0.087%	$23K	$1.5M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4593	−0.109%	$213	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4586	−0.261%	$854K	$1.8M	50x	as long as short
Phemex WLDUSDT	+0.0100%	8h	0.4593	−0.109%	$1.8M	$3.7M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4596	−0.043%	$232K	$847K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4593	−0.115%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4588	−0.222%	—	—	20x	as long as short
Phoenix WLD	+0.0157%	1h	0.4585	−0.276%	$5K	$53K	10x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4588	−0.217%	$4.9M	$821K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0229% / S −0.1268%	1h	0.4588	−0.217%	$5K	—	100x	as long as short
01 Exchange WLDUSD	+0.0248%	1h	0.4601	+0.072%	$329	$77	5x	as long as short
Kraken Futures PF_WLDUSD	+0.0328%	1h	0.4596	−0.037%	$905K	$2.7M	50x	as long as short
Deribit WLD_USDC-PERPETUAL	+0.0403%	1h	0.4596	−0.043%	$123K	$861K	25x	as long as short
Coinbase International WLD-PERP-INTX	+0.0448%	1h	0.4597	−0.022%	$273K	$1.7M	50x	as long as short
Hyperliquid WLDshort	+0.0726%	1h	0.4609	+0.239%	$51.3M	$43.5M	10x
Lighter WLD	+0.0944%	1h	0.4610	+0.261%	$5.2M	$2.0M	10x	as long as short