Funding arb · Price arb /

BRETT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0536%/8h= −58.7% APRpaid last 24h −0.024%

Price spread now: Bybit against Hyperliquid−0.342%7-day average −0.187% · you buy dearer than you sell

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs−$185as in the Price arb table

costs, in and out, $10k−$1691.693% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.165%+$16 · spread now −0.342%, 7d avg −0.187%

Together, before fees+0.141%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Bybit is 0.156% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.187%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.024% in total (about -1.3% 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 BRETT	0.005841	0.0636	pay 0.0080% / 1h	29m 05s	$339K	$209K	3x
Short	Bybit BRETTUSDT	0.005821	0.0100	get 0.0050% / 4h	2h 29m	$2.1M	$1.8M	25x

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 −0.342%Rate

Funding earned: −$112.66
Price spread: −0.342% → −0.187%: −$15.57
Slippage, 4 orders: −$149.34
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$297.57
Costs to cover: 1.693%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 55 min ago; Bybit: live order book, 3 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, 55 min ago	1.71 bp	36.5 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	6.87 bp	43.8 bp −$44	152.5 bp −$1,525	doesn't fit	doesn't fit

BRETT on 14 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
GMX BRETT/USD [ETH-USDC]	L 0.0000% / S 0.0000%	1h	0.005822	−0.325%	—	—	100x	as long as short
BloFin BRETT-USDT	+0.0076%	4h	0.005841	0.000%	$59K	$172K	50x	as long as short
Binance BRETTUSDT	+0.0100%	4h	0.005835	−0.110%	$1.2M	$2.4M	50x	as long as short
Bybit BRETTUSDTshort	+0.0100%	4h	0.005821	−0.342%	$2.1M	$1.8M	25x
OKX BRETT-USDT-SWAP	+0.0100%	4h	0.005824	−0.291%	$133K	$255K	10x	as long as short
Gate BRETT_USDT	+0.0100%	4h	0.005823	−0.308%	$436K	$109K	25x	as long as short
MEXC BRETT_USDT	+0.0100%	4h	0.005833	−0.137%	$12.5M	$210K	200x	as long as short
KuCoin BRETTUSDTM	+0.0100%	4h	0.005829	−0.205%	$326K	$72K	30x	as long as short
Bitget BRETTUSDT	+0.0100%	4h	0.005819	−0.377%	$1.4M	$623K	50x	as long as short
BingX BRETT-USDT	+0.0100%	4h	0.005826	−0.257%	—	$1.4M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BRETT	+0.0100%	4h	0.005824	−0.296%	$53K	$102K	—	as long as short
Hyperliquid BRETTlong	+0.0636%	1h	0.005841	long leg	$339K	$209K	3x
Injective BRETT/USDC PERP	+0.0825%	1h	0.005839	−0.034%	$61	$854	5.5x	as long as short
Kraken Futures PF_BRETTUSD	+0.1056%	1h	0.005834	−0.125%	$44K	$70K	10x	as long as short