Funding arb · Price arb /

MELANIA

all MELANIA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit−0.175%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

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

costs, in and out, $10k−$1251.252% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 7 days+0.209%+$21 · spread now −0.175%, 7d avg −0.061%

Together, before fees+0.209%+ Points / potential airdropHyperliquid: Season 2 · farm board+$21 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 0.114% cheaper against Bybit than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MELANIAUSDT	0.1089	0.0100	pay 0.0050% / 4h	3h 01m	$1.5M	$849K	20x
Short	Hyperliquid MELANIA	0.1087	0.0100	get 0.0013% / 1h	1m 54s	$1.6M	$225K	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 −0.175%Rate

Funding earned: $0
Price spread: −0.175% → −0.061%: −$11.37
Slippage, 4 orders: −$105.25
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$136.62
Costs to cover: 1.252%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Hyperliquid: live order book, 9 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, 4 min ago	6.90 bp	44.6 bp −$45	193.9 bp −$1,939	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.38 bp	15.5 bp −$16	doesn't fit	doesn't fit	doesn't fit

MELANIA 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
Hyperliquid MELANIAshort	+0.0100%	1h	0.1087	−0.175%	$1.6M	$225K	3x
Binance MELANIAUSDT	+0.0100%	4h	0.1087	−0.156%	$3.0M	$3.3M	75x	as long as short
Bybit MELANIAUSDTlong	+0.0100%	4h	0.1089	long leg	$1.5M	$849K	20x
Gate MELANIA_USDT	+0.0100%	4h	0.1084	−0.450%	$415K	$124K	50x	as long as short
MEXC MELANIA_USDT	+0.0100%	4h	0.1087	−0.129%	$1.2M	$142K	100x	as long as short
KuCoin MELANIAUSDTM	+0.0100%	4h	0.1086	−0.257%	$418K	$2.2M	30x	as long as short
Bitget MELANIAUSDT	+0.0100%	4h	0.1089	0.000%	$936K	$249K	50x	as long as short
BingX MELANIA-USDT	+0.0100%	4h	0.1088	−0.073%	—	$1.5M	—	as long as short
Variational Omni MELANIA	+0.0100%	4h	0.1088	−0.076%	$112K	$672	—	as long as short
Aevo MELANIA-PERP	+0.0104%	1h	0.1085	−0.349%	$248K	—	3x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MELANIA-USDT	+0.0119%	4h	0.1087	−0.119%	$190K	$4K	75x	as long as short
Aster MELANIAUSDT	+0.0689%	4h	0.1087	−0.200%	$21K	$17K	5x	as long as short
Kraken Futures PF_MELANIAUSD	+0.2807%	1h	0.1087	−0.200%	$25K	$3K	10x	as long as short