Funding arb · Price arb /

GMT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0560%/8h= −61.3% APRpaid last 24h −0.007%

Price spread now: Bybit against Hyperliquid−0.047%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1351.352% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now −0.047%, 7d avg −0.032%

Together, before fees+0.007%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, so right now this pair is about funding alone: −$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.006% in total (about 0.3% 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 GMT	0.008448	0.0100	pay 0.0013% / 1h	21m 14s	$113K	$152K	3x
Short	Bybit GMTUSDT	0.008444	−0.0460	pay 0.0460% / 8h	2h 21m	$1.0M	$2.1M	50x

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 −0.047%Rate

Funding earned: −$117.65
Price spread: −0.047% → −0.032%: −$1.51
Slippage, 4 orders: −$115.18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$254.34
Costs to cover: 1.352%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 48 min ago; Bybit: live order book, just now.

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, 48 min ago	1.18 bp	31.0 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, just now	3.55 bp	37.2 bp −$37	193.3 bp −$1,933	doesn't fit	doesn't fit

GMT on 12 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_GMTUSD	−0.1182%	1h	0.008439	−0.107%	$43K	$13K	20x	as long as short
Bybit GMTUSDTshort	−0.0460%	8h	0.008444	−0.047%	$1.0M	$2.1M	50x
OKX GMT-USDT-SWAP	−0.0384%	4h	0.008441	−0.083%	$389K	$1.2M	20x	as long as short
Variational Omni GMT	−0.0360%	8h	0.008391	−0.679%	$4K	$5K	—	as long as short
KuCoin GMTUSDTM	−0.0316%	4h	0.008430	−0.213%	$254K	$184K	50x	as long as short
Bitget GMTUSDT	+0.0038%	4h	0.008444	−0.047%	$667K	$632K	50x	as long as short
BingX GMT-USDT	+0.0050%	4h	0.008443	−0.059%	—	$1.3M	—	as long as short
Aster GMTUSDT	+0.0083%	4h	0.008446	−0.020%	$7K	$23K	10x	as long as short
Hyperliquid GMTlong	+0.0100%	1h	0.008448	long leg	$113K	$152K	3x
Binance GMTUSDT	+0.0100%	4h	0.008447	−0.015%	$2.9M	$5.4M	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate GMT_USDT	+0.0100%	8h	0.008430	−0.213%	$144K	$176K	50x	as long as short
MEXC GMT_USDT	+0.0100%	4h	0.008449	+0.012%	$418K	$213K	20x	as long as short