Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Hyperliquid−0.292%7-day average −0.227% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1001.005% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$21 on $10k

Price spread, last 7 days+0.170%+$17 · spread now −0.292%, 7d avg −0.227%

Together, before fees−0.044%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 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: Bybit is 0.066% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.227%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.6496	0.0100	pay 0.0013% / 1h	3m 25s	$4.3M	$4.9M	5x
Short	Bybit ARUSDT	4.6360	0.0100	get 0.0100% / 8h	3m 25s	$4.6M	$8.8M	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

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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 −0.292%Rate

Funding earned: $0
Price spread: −0.292% → −0.227%: −$6.57
Slippage, 4 orders: −$80.47
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$107.04
Costs to cover: 1.005%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bybit: live order book, 5 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, 8 min ago	4.22 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.25 bp	33.8 bp −$34	138.0 bp −$1,380	doesn't fit	doesn't fit

AR on 17 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
Kraken Futures PF_ARUSD	−0.1944%	1h	4.6289	−0.445%	$53K	$163K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.6350	−0.315%	$596K	—	50x	as long as short
OKX AR-USDT-SWAP	−0.0088%	8h	4.6340	−0.336%	$2.4M	$21.1M	20x	as long as short
MEXC AR_USDT	+0.0005%	8h	4.6360	−0.292%	$6.8M	$4.5M	100x	as long as short
Binance ARUSDT	+0.0006%	8h	4.6390	−0.228%	$9.3M	$55.5M	75x	as long as short
Extended AR-USD	+0.0008%	1h	4.6348	−0.319%	$38K	$237K	10x	as long as short
BloFin AR-USDT	+0.0020%	8h	4.6230	−0.572%	$440K	$681K	20x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	−1.669%	$3K	$339	5.5x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.6496	long leg	$4.3M	$4.9M	5x
Aster ARUSDT	+0.0100%	8h	4.6340	−0.336%	$20K	$606K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARUSDTshort	+0.0100%	8h	4.6360	−0.292%	$4.6M	$8.8M	75x
Gate AR_USDT	+0.0100%	8h	4.6360	−0.292%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.6310	−0.400%	$1.5M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.6340	−0.336%	$4.0M	$5.7M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.6330	−0.357%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.6124	−0.801%	$143K	$173K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.6290	−0.443%	$23K	$764K	50x	as long as short