Funding arb · Price arb /

POL

all POL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.039%

Price spread now: Hyperliquid against Bybit+0.146%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$550.554% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 7 days−0.131%−$13 · spread now +0.146%, 7d avg +0.099%

Together, before fees−0.001%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 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 0.047% dearer against Bybit than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit POLUSDT	0.1093	0.0100	pay 0.0050% / 4h	2h 18m	$15.7M	$10.4M	75x
Short	Hyperliquid POL	0.1095	0.0100	get 0.0013% / 1h	18m 14s	$7.4M	$3.7M	5x

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

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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.146%Rate

Funding earned: $0
Price spread: +0.146% → +0.099%: $4.72
Slippage, 4 orders: −$35.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$50.7
Costs to cover: 0.554%
Break-even: never at this rate

Slippage from Bybit: live order book, just now; 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, just now	1.37 bp	13.1 bp −$13	32.5 bp −$325	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.46 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit

POL on 25 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
Coinbase International POL-PERP-INTX	−0.0480%	1h	0.1081	−1.116%	$199K	$200K	50x	as long as short
Gate POL_USDT	−0.0196%	4h	0.1092	−0.091%	$1.8M	$1.3M	75x	as long as short
Kraken Futures PF_POLUSD	−0.0139%	1h	0.1093	+0.027%	$1.2M	$1.0M	50x	as long as short
Reya POLRUSDPERP	−0.0006%	1h	0.1093	−0.020%	$2K	—	—	as long as short
dYdX POL-USD	0.0000%	1h	0.1093	−0.036%	$19K	$4K	5x	as long as short
gTrade (Gains Network) POL/USD	L +0.0003% / S −0.0001%	1h	0.1094	+0.052%	$12K	—	150x	as long as short
Injective POL/USDC PERP	+0.0033%	1h	0.1111	+1.628%	$3K	$124K	12x	as long as short
Orderly PERP_POL_USDC	+0.0036%	4h	0.1093	−0.027%	$11K	$988K	20x	as long as short
ApeX Omni POLUSDT	+0.0096%	1h	0.1084	−0.842%	$192K	$629K	50x	as long as short
Lighter POL	+0.0096%	1h	0.1093	−0.008%	$278K	$543K	8x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid POLshort	+0.0100%	1h	0.1095	+0.146%	$7.4M	$3.7M	5x
Aster POLUSDT	+0.0100%	4h	0.1094	+0.052%	$362K	$240K	20x	as long as short
Binance POLUSDT	+0.0100%	4h	0.1093	+0.009%	$16.7M	$38.1M	75x	as long as short
Bybit POLUSDTlong	+0.0100%	4h	0.1093	long leg	$15.7M	$10.4M	75x
OKX POL-USDT-SWAP	+0.0100%	4h	0.1093	−0.009%	$5.6M	$9.6M	50x	as long as short
MEXC POL_USDT	+0.0100%	4h	0.1094	+0.046%	$24.6M	$3.2M	125x	as long as short
KuCoin POLUSDTM	+0.0100%	4h	0.1093	+0.009%	$2.9M	$939K	50x	as long as short
Bitget POLUSDT	+0.0100%	4h	0.1093	+0.009%	$4.0M	$4.2M	50x	as long as short
BingX POL-USDT	+0.0100%	4h	0.1093	−0.018%	—	$7.2M	—	as long as short
Variational Omni POL	+0.0100%	4h	0.1087	−0.557%	$601K	$167K	—	as long as short
GRVT POL_USDT_Perp	+0.0100%	4h	0.1085	−0.744%	$1.1M	$2.7M	10x	as long as short
Extended POL-USD	+0.0104%	1h	0.1093	−0.038%	$91K	$265K	10x	as long as short
Aevo POL-PERP	+0.0104%	1h	0.1092	−0.110%	$40K	—	3x	as long as short
GMX POL/USD [ETH-USDC]	L +0.0210% / S −0.0388%	1h	0.1094	+0.048%	$3K	—	100x	as long as short
BloFin POL-USDT	+0.0340%	4h	0.1092	−0.137%	$893K	$160K	75x	as long as short