Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.074%

Price spread now: Hyperliquid against Bybit+0.131%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$680.681% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.131%, 7d avg +0.062%

Together, before fees−0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.069% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BIOUSDT	0.02903	0.0100	pay 0.0050% / 4h	50m 25s	$2.2M	$2.6M	50x
Short	Hyperliquid BIO	0.02907	0.0154	get 0.0019% / 1h	50m 25s	$759K	$220K	3x

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

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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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.131%Rate

Funding earned: $11.36
Price spread: +0.131% → +0.062%: $6.92
Slippage, 4 orders: −$48.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$49.86
Costs to cover: 0.681%
Break-even: 37.7 days

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 20 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, 2 min ago	1.72 bp	16.1 bp −$16	103.8 bp −$1,038	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 20 min ago	1.56 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit

BIO on 15 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_BIOUSD	+0.0060%	1h	0.02901	−0.062%	$11K	$6K	20x	as long as short
Lighter BIO	+0.0096%	1h	0.02905	+0.076%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0097%	4h	0.02901	−0.069%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02904	+0.026%	$19K	$95K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02901	−0.068%	$6.2M	$6.8M	50x	as long as short
Bybit BIOUSDTlong	+0.0100%	4h	0.02903	long leg	$2.2M	$2.6M	50x
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02901	−0.069%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02904	+0.034%	$1.5M	$265K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02902	−0.034%	$389K	$125K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02906	+0.103%	$562K	$120K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BIOUSDT	+0.0100%	4h	0.02902	−0.034%	$1.3M	$520K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02903	0.000%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02905	+0.074%	$34K	$71K	—	as long as short
BloFin BIO-USDT	+0.0146%	4h	0.02902	−0.034%	$263K	$10K	50x	as long as short
Hyperliquid BIOshort	+0.0154%	1h	0.02907	+0.131%	$759K	$220K	3x