Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit+0.113%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$244as in the Funding arb table

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$2362.364% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)−0.205%−$21 · spread now +0.113%, 7d avg +0.033%

Together, before fees−0.282%+ Points / potential airdropHyperliquid: Season 2 · farm board−$28 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: Hyperliquid is 0.080% dearer against Bybit than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IOUSDT	0.1507	0.0100	pay 0.0050% / 4h	2h 28m	$1.1M	$864K	25x
Short	Hyperliquid IO	0.1509	0.0100	get 0.0013% / 1h	28m 56s	$1.0M	$393K	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 +0.113%Rate

Funding earned: $0
Price spread: +0.113% → +0.033%: $7.97
Slippage, 4 orders: −$216.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$228.43
Costs to cover: 2.364%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 1 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	6.64 bp	103.6 bp −$104	367.5 bp −$3,675	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	2.32 bp	24.8 bp −$25	doesn't fit	doesn't fit	doesn't fit

IO 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
Injective IO/USDC PERP	−0.0157%	1h	0.1506	−0.073%	$2K	$102	5.5x	as long as short
Hyperliquid IOshort	+0.0100%	1h	0.1509	+0.113%	$1.0M	$393K	3x
Aster IOUSDT	+0.0100%	4h	0.1510	+0.166%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1509	+0.126%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1507	long leg	$1.1M	$864K	25x
Gate IO_USDT	+0.0100%	4h	0.1510	+0.179%	$231K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1508	+0.060%	$1.1M	$238K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1508	+0.060%	$402K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1509	+0.126%	$1.4M	$1.1M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1509	+0.126%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1506	−0.044%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1509	+0.114%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0117%	4h	0.1510	+0.192%	$192K	$30K	50x	as long as short
Kraken Futures PF_IOUSD	+0.5446%	1h	0.1510	+0.172%	$39K	$21K	10x	as long as short