Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit−0.150%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$880.878% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 7 days−0.093%−$9 · spread now −0.150%, 7d avg −0.035%

Together, before fees−0.099%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 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 0.115% cheaper against Bybit than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SKRUSDT	0.02069	0.0100	pay 0.0050% / 4h	1h 11m	$4.4M	$5.3M	20x
Short	Hyperliquid SKR	0.02066	0.0100	get 0.0013% / 1h	11m 13s	$1.3M	$805K	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 −0.150%Rate

Funding earned: $0
Price spread: −0.150% → −0.035%: −$11.52
Slippage, 4 orders: −$67.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$99.32
Costs to cover: 0.878%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 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, 2 min ago	2.18 bp	39.1 bp −$39	135.1 bp −$1,351	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.24 bp	18.7 bp −$19	doesn't fit	doesn't fit	doesn't fit

SKR on 15 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 SKR-USDT	−0.0140%	4h	0.02064	−0.227%	$231K	$160K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02061	−0.401%	$9K	$21K	3x	as long as short
Hyperliquid SKRshort	+0.0100%	1h	0.02066	−0.150%	$1.3M	$805K	3x
Aster SKRUSDT	+0.0100%	4h	0.02061	−0.367%	$28K	$34K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02068	−0.058%	$3.5M	$13.3M	20x	as long as short
Bybit SKRUSDTlong	+0.0100%	4h	0.02069	long leg	$4.4M	$5.3M	20x
Gate SKR_USDT	+0.0100%	4h	0.02064	−0.261%	$1.0M	$555K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02065	−0.174%	$4.3M	$473K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02063	−0.314%	$639K	$726K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02063	−0.309%	$1.5M	$1.3M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02066	−0.145%	—	$2.4M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02062	−0.367%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02063	−0.304%	$13K	$36K	20x	as long as short
Backpack SKR_USDC_PERP	+0.0218%	1h	0.02061	−0.377%	$49K	$192K	5x	as long as short
Phoenix SKR	+0.1918%	1h	0.02068	−0.039%	$4K	$10K	3x	as long as short