Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1841%/8h= −201.5% APRpaid last 24h −0.396%

Price spread now: Bybit against Hyperliquid−0.618%7-day average −0.422% · you buy dearer than you sell

Net, funding: paid 7d − costs−$285as in the Funding arb table

Net, price: spread back to 7d avg − costs−$237as in the Price arb table

costs, in and out, $10k−$2182.176% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.672%−$67 on $10k

Price spread, last 7 days+0.194%+$19 · spread now −0.618%, 7d avg −0.422%

Together, before fees−0.477%+ Points / potential airdropHyperliquid: Season 2 · farm board−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$55 a day on $10k at the current rate, and Bybit is 0.196% cheaper against Hyperliquid than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.422%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.672% in total (about -35.0% 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 HMSTR	0.0001780	0.1941	pay 0.0243% / 1h	3m 52s	$2.0M	$116K	3x
Short	Bybit HMSTRUSDT	0.0001769	0.0100	get 0.0050% / 4h	3m 52s	$1.4M	$598K	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 −0.618%Rate

Funding earned: −$386.53
Price spread: −0.618% → −0.422%: −$19.65
Slippage, 4 orders: −$197.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$623.73
Costs to cover: 2.176%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Bybit: live order book, 2 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, 7 min ago	28.01 bp	44.9 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.83 bp	42.6 bp −$43	970.0 bp −$9,700	doesn't fit	doesn't fit

HMSTR on 13 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
BingX HMSTR-USDT	+0.0070%	4h	0.0001769	−0.618%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001769	−0.590%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001770	−0.562%	$2.2M	$2.1M	10x	as long as short
Bybit HMSTRUSDTshort	+0.0100%	4h	0.0001769	−0.618%	$1.4M	$598K	25x
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001770	−0.562%	$590K	$877K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001768	−0.674%	$392K	$133K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001769	−0.618%	$388K	$119K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001768	−0.674%	$245K	$49K	10x	as long as short
Variational Omni HMSTR	+0.0100%	4h	0.0001768	−0.659%	$2K	$920	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001768	−0.674%	$13K	$614K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001770	−0.582%	$924	—	5x	as long as short
Kraken Futures PF_HMSTRUSD	+0.0383%	1h	0.0001773	−0.412%	$10K	$9K	10x	as long as short
Hyperliquid HMSTRlong	+0.1941%	1h	0.0001780	long leg	$2.0M	$116K	3x