Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Bybit against Hyperliquid−0.154%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$970.970% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.154%, 7d avg −0.119%

Together, before fees+0.240%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 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 0.035% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.119%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.03954	0.0100	pay 0.0013% / 1h	10m 30s	$991K	$590K	5x
Short	Bybit SUSDT	0.03948	0.0100	get 0.0050% / 4h	3h 10m	$5.6M	$4.4M	50x

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 −0.154%Rate

Funding earned: $0
Price spread: −0.154% → −0.119%: −$3.49
Slippage, 4 orders: −$77.01
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$100.5
Costs to cover: 0.970%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 40 min ago; Bybit: live order book, 2 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 Hyperliquid live order book, 40 min ago	2.13 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.53 bp	33.4 bp −$33	83.2 bp −$832	doesn't fit	doesn't fit

S 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
01 Exchange SUSD	−0.5096%	1h	0.03840	−2.886%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2256%	1h	0.03948	−0.162%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1344%	1h	0.03927	−0.685%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03956	+0.053%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03953	−0.040%	$4	—	15x	as long as short
Variational Omni S	−0.0047%	4h	0.03947	−0.185%	$613K	$30K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03956	+0.048%	$610	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.690%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0082%	4h	0.03958	+0.099%	$98K	$294K	10x	as long as short
Lighter S	+0.0096%	1h	0.03959	+0.124%	$167K	$157K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Slong	+0.0100%	1h	0.03954	long leg	$991K	$590K	5x
Aster SUSDT	+0.0100%	4h	0.03958	+0.090%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03954	−0.002%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03948	−0.154%	$5.6M	$4.4M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03953	−0.028%	$982K	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03958	+0.099%	$322K	$191K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03954	−0.003%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03951	−0.078%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03959	+0.124%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03953	−0.028%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03970	+0.402%	$24K	$463K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03952	−0.049%	$224K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03967	+0.326%	$273K	$102K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0761%	1h	0.03962	+0.200%	$67K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1416%	1h	0.03960	+0.149%	$115K	$424K	5x	as long as short