Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Hyperliquid−0.172%7-day average −0.028% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

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

Price spread, last 7 days+0.171%+$17 · spread now −0.172%, 7d avg −0.028%

Together, before fees+0.247%+ Points / potential airdropHyperliquid: Season 2 · farm board+$25 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: Bybit is 0.145% cheaper against Hyperliquid than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IO	0.1508	0.0100	pay 0.0013% / 1h	0m 03s	$1.0M	$369K	3x
Short	Bybit IOUSDT	0.1505	0.0100	get 0.0050% / 4h	0m 03s	$1.1M	$906K	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 −0.172%Rate

Funding earned: $0
Price spread: −0.172% → −0.028%: −$14.49
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.49
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Bybit: live order book, just now. Net counts fees only.

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, 10 min ago	1.65 bp	18.8 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, just now	6.64 bp	73.2 bp −$73	359.2 bp −$3,592	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
BloFin IO-USDT	+0.0056%	4h	0.1513	+0.345%	$193K	$39K	50x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1508	long leg	$1.0M	$369K	3x
Aster IOUSDT	+0.0100%	4h	0.1508	+0.028%	$23K	$49K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1507	−0.035%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1505	−0.172%	$1.1M	$906K	25x
Gate IO_USDT	+0.0100%	4h	0.1507	−0.073%	$230K	$566K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1506	−0.119%	$1.2M	$231K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1507	−0.053%	$364K	$645K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1508	+0.013%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1506	−0.119%	—	$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	0.1513	+0.327%	$33K	$13K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1507	−0.063%	$241	$137K	5x	as long as short
Injective IO/USDC PERP	+0.0583%	1h	0.1514	+0.411%	$2K	$202	5.5x	as long as short
Kraken Futures PF_IOUSD	+3.7177%	1h	0.1512	+0.289%	$39K	$10K	10x	as long as short