Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0661%/8h= +72.4% APRpaid last 24h +0.232%

Price spread now: Hyperliquid against Bybit−0.045%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs+$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.449%+$45 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.045%, 7d avg −0.022%

Together, before fees+0.468%+ Points / potential airdropHyperliquid: Season 2 · farm board+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.023% cheaper against Bybit than usual: you would sell low and buy high (spread −0.045% now, against its 7-day average of −0.022%). If the spread goes back, that is −$2 on $10k: about 3 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.449% in total) that is about 9 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.449% in total (about 23.4% 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 XMRUSDT	573.87	0.0594	pay 0.0594% / 8h	3h 32m	$46.7M	$64.4M	75x
Short	Hyperliquid XMR	573.61	0.1255	get 0.0157% / 1h	32m 58s	$86.4M	$71.3M	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 −0.045%Rate

Funding earned: $138.81
Price spread: −0.045% → −0.022%: −$2.35
Slippage, 4 orders: −$14.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $102.44
Costs to cover: 0.340%
Break-even: 1.8 days

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 11 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, 1 min ago	0.70 bp	9.7 bp −$10	18.1 bp −$181	77.3 bp −$7,731	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.87 bp	5.4 bp −$5	doesn't fit	doesn't fit	doesn't fit

XMR 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
gTrade (Gains Network) XMR/USD	L +0.0010% / S −0.0008%	1h	572.32	−0.270%	$50K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	582.55	+1.513%	$3K	$3K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	573.92	+0.009%	$1.0M	$645K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	572.95	−0.160%	$2K	$1.9M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	572.00	−0.326%	$1.1M	$1.6M	20x	as long as short
Aevo XMR-PERP	+0.0216%	1h	573.92	+0.009%	$12K	—	3x	as long as short
Kraken Futures PF_XMRUSD	+0.0226%	1h	572.42	−0.253%	$5.4M	$19.4M	50x	as long as short
KuCoin XMRUSDTM	+0.0343%	8h	573.17	−0.122%	$44.9M	$26.3M	50x	as long as short
Gate XMR_USDT	+0.0478%	8h	573.60	−0.047%	$1.6M	$4.5M	50x	as long as short
Backpack XMR_USDC_PERP	+0.0485%	1h	573.52	−0.061%	$169K	$533K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XMR	+0.0520%	1h	573.66	−0.036%	$3.1M	$7.5M	10x	as long as short
Bitget XMRUSDT	+0.0522%	8h	573.34	−0.092%	$9.4M	$13.5M	50x	as long as short
BingX XMR-USDT	+0.0535%	8h	573.89	+0.003%	—	$5.6M	—	as long as short
MEXC XMR_USDT	+0.0543%	8h	573.90	+0.005%	$19.8M	$14.7M	100x	as long as short
Binance XMRUSDT	+0.0546%	8h	573.86	−0.002%	$52.4M	$163.6M	75x	as long as short
Bybit XMRUSDTlong	+0.0594%	8h	573.87	long leg	$46.7M	$64.4M	75x
Extended XMR-USD	+0.0656%	1h	573.82	−0.008%	$3.1M	$8.3M	25x	as long as short
Pacifica XMR	+0.0682%	1h	572.93	−0.165%	$264K	$1.0M	10x	as long as short
Aster XMRUSDT	+0.0695%	8h	573.59	−0.049%	$636K	$2.3M	75x	as long as short
Polymarket Perps XMR-USD	+0.0760%	1h	573.26	−0.106%	$27K	$2.2M	5x	as long as short
BloFin XMR-USDT	+0.0894%	8h	573.65	−0.038%	$2.7M	$11.2M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0936%	8h	574.38	+0.090%	$338K	$726K	10x	as long as short
dYdX XMR-USD	+0.0957%	1h	571.67	−0.384%	$104K	$44K	5x	as long as short
Paradex XMR-USD-PERP	+0.0980%	8h	573.17	−0.123%	$8K	$4K	20x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0988% / S −0.1254%	1h	572.15	−0.300%	$589K	—	100x	as long as short
Nado XMR-PERP	+0.1088%	1h	573.84	−0.004%	$1.3M	$458K	10x	as long as short
Variational Omni XMR	+0.1103%	8h	573.42	−0.078%	$6.3M	$2.4M	—	as long as short
Orderly PERP_XMR_USDC	+0.1126%	8h	573.56	−0.054%	$40K	$735K	10x	as long as short
Hyperliquid XMRshort	+0.1255%	1h	573.61	−0.045%	$86.4M	$71.3M	5x
SoDEX XMR-USD	+0.1406%	1h	573.76	−0.019%	$436K	$3K	5x	as long as short
Aftermath Perps XMRUSD	+0.1931%	1h	573.44	−0.075%	$1K	$44K	10x	as long as short