Funding you earn now, next payment 06:00 UTC+0.0026%/8h= +2.9% APRpaid last 24h +0.008%
Price spread now: Hyperliquid against Bybit+0.088%7-day average +0.051% · you sell dearer than you buy
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs−$39as in the Price arb table
costs, in and out, $10k−$430.425% of the position
Funding, last 7 days−0.080%−$8 on $10k
+Price spread, last 7 days−0.011%−$1 · spread now +0.088%, 7d avg +0.051%
=Together, before fees−0.091%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.037% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.051%. Mind the row above: over the last 7 days funding on this pair cost −0.080%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit OPUSDT | 0.1253 | 0.0074 | pay 0.0074% / 8h | 2h 17m | $18.4M | $25.6M | 75x |
| Short | Hyperliquid OP | 0.1254 | 0.0100 | get 0.0013% / 1h | 17m 24s | $3.4M | $3.0M | 5x |
Bybit OPUSDT
Hyperliquid OPFunding 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
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $5.53
- Price spread: +0.088% → +0.051%
- $3.67
- Slippage, 4 orders
- −$22.51
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$33.32
- Costs to cover
- 0.425%
- Break-even
- 49.2 days
Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 4 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, 1 min ago | 0.80 bp | 12.5 bp −$12 | 31.3 bp −$313 | 87.5 bp −$8,747 | doesn't fit |
| Sell Hyperliquid live order book, 4 min ago | 0.40 bp | 11.6 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
OP on 30 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 OP/USDC PERP | −0.1583% | 1h | 0.1248 | −0.407% | $34K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1254 | +0.061% | $13K | — | 100x | as long as short |
| Deribit OP_USDC-PERPETUAL | −0.0547% | 1h | 0.1253 | −0.008% | $30K | $151K | 25x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1255 | +0.135% | $39K | $532 | 10x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1254 | +0.080% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0006% | 8h | 0.1253 | −0.008% | $59K | $142K | 10x | as long as short |
| Variational Omni OP | +0.0015% | 8h | 0.1247 | −0.468% | $221K | $45K | — | as long as short |
| Bybit OPUSDTlong | +0.0074% | 8h | 0.1253 | long leg | $18.4M | $25.6M | 75x | |
| Kraken Futures PF_OPUSD | +0.0074% | 1h | 0.1255 | +0.190% | $755K | $629K | 20x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1254 | +0.088% | $287K | $1.0M | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Deribit OP_USDC-PERPETUAL
dYdX OP-USD
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Variational Omni OP
Kraken Futures PF_OPUSD
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OPshort | +0.0100% | 1h | 0.1254 | +0.088% | $3.4M | $3.0M | 5x | |
| Aster OPUSDT | +0.0100% | 8h | 0.1255 | +0.147% | $205K | $210K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1253 | +0.003% | $19.7M | $64.1M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1253 | +0.008% | $6.2M | $28.9M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1254 | +0.096% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1254 | +0.048% | $22.9M | $7.7M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1253 | −0.008% | $2.9M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1253 | −0.008% | $5.8M | $6.6M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1254 | +0.080% | — | $6.6M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1253 | +0.016% | $105K | $215K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1249 | −0.345% | $378K | $768K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1254 | +0.072% | $309K | $5.4M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1253 | −0.008% | $43K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1254 | +0.104% | $202 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1255 | +0.144% | $174K | $244K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1252 | −0.050% | $101K | $506K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1253 | −0.008% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0160% | 1h | 0.1243 | −0.806% | $26K | $59K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1253 | +0.008% | $989K | $276K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0443% | 1h | 0.1253 | −0.009% | $697 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP