Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1497%/8h= −164.0% APRpaid last 24h −0.135%

Price spread now: Bybit against Hyperliquid−0.215%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.334%−$33 on $10k

Price spread, last 7 days+0.223%+$22 · spread now −0.215%, 7d avg +0.023%

Together, before fees−0.111%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and Bybit is 0.239% cheaper against Hyperliquid than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +0.023%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.334% in total (about -17.4% 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	Hyperliquid XMR	598.85	0.1597	pay 0.0200% / 1h	17m 57s	$87.6M	$66.3M	5x
Short	Bybit XMRUSDT	597.56	0.0100	get 0.0100% / 8h	2h 17m	$48.0M	$61.0M	75x

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 −0.215%Rate

Funding earned: −$314.46
Price spread: −0.215% → +0.023%: −$23.86
Slippage, 4 orders: −$24.19
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$382.51
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Bybit: live order book, 1 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, 6 min ago	0.84 bp	7.7 bp −$8	11.2 bp −$112	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.08 bp	12.2 bp −$12	27.8 bp −$278	107.2 bp −$10.7K	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 −0.0009%	1h	597.52	−0.221%	$45K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	591.89	−1.162%	$3K	$6K	12x	as long as short
Bybit XMRUSDTshort	+0.0100%	8h	597.56	−0.215%	$48.0M	$61.0M	75x
edgeX XMRUSDC	+0.0100%	4h	596.57	−0.380%	$1.1M	$673K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	596.60	−0.376%	$2K	$1.9M	20x	as long as short
Aevo XMR-PERP	+0.0168%	1h	598.17	−0.113%	$12K	—	3x	as long as short
Variational Omni XMR	+0.0272%	8h	595.94	−0.486%	$6.9M	$2.8M	—	as long as short
Polymarket Perps XMR-USD	+0.0291%	1h	598.44	−0.068%	$24K	$1.8M	5x	as long as short
Lighter XMR	+0.0296%	1h	597.78	−0.179%	$3.5M	$6.7M	10x	as long as short
Backpack XMR_USDC_PERP	+0.0326%	1h	597.51	−0.224%	$204K	$576K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance XMRUSDT	+0.0354%	8h	597.81	−0.174%	$54.8M	$162.3M	75x	as long as short
MEXC XMR_USDT	+0.0355%	8h	597.94	−0.152%	$22.8M	$15.3M	100x	as long as short
BingX XMR-USDT	+0.0371%	8h	597.78	−0.179%	—	$5.8M	—	as long as short
Bitget XMRUSDT	+0.0385%	8h	598.28	−0.095%	$10.0M	$14.2M	50x	as long as short
Gate XMR_USDT	+0.0409%	8h	597.72	−0.189%	$1.6M	$4.5M	50x	as long as short
SoDEX XMR-USD	+0.0425%	1h	598.19	−0.110%	$455K	$3K	5x	as long as short
BloFin XMR-USDT	+0.0501%	8h	597.59	−0.210%	$2.8M	$11.4M	75x	as long as short
Aster XMRUSDT	+0.0543%	8h	597.75	−0.183%	$676K	$2.3M	75x	as long as short
KuCoin XMRUSDTM	+0.0592%	8h	597.53	−0.220%	$49.4M	$25.5M	50x	as long as short
Kraken Futures PF_XMRUSD	+0.0609%	1h	597.14	−0.285%	$5.7M	$20.4M	50x	as long as short
Pacifica XMR	+0.0619%	1h	597.04	−0.302%	$272K	$1.0M	10x	as long as short
GRVT XMR_USDT_Perp	+0.0623%	8h	597.26	−0.265%	$350K	$782K	10x	as long as short
dYdX XMR-USD	+0.0684%	1h	596.37	−0.414%	$108K	$50K	5x	as long as short
Paradex XMR-USD-PERP	+0.0772%	8h	597.16	−0.281%	$8K	$4K	20x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0865% / S −0.1487%	1h	597.13	−0.288%	$370K	—	100x	as long as short
Orderly PERP_XMR_USDC	+0.0900%	8h	597.91	−0.157%	$49K	$718K	10x	as long as short
Nado XMR-PERP	+0.0948%	1h	598.21	−0.106%	$1.3M	$478K	10x	as long as short
Extended XMR-USD	+0.1248%	1h	597.75	−0.184%	$3.1M	$6.8M	25x	as long as short
Hyperliquid XMRlong	+0.1597%	1h	598.85	long leg	$87.6M	$66.3M	5x
HTX XMR-USDT	+0.2261%	8h	596.87	−0.331%	$1.1M	$1.4M	20x	as long as short
Aftermath Perps XMRUSD	+0.2309%	1h	596.44	−0.403%	$2K	$47K	10x	as long as short