Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.183%

Price spread now: Bitget against Hyperliquid−0.186%7-day average −0.215% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.415%−$41 on $10k

Price spread, last 7 days+0.007%+$1 · spread now −0.186%, 7d avg −0.215%

Together, before fees−0.408%+ Points / potential airdropHyperliquid: Season 2 · farm board−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.029% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.186% now, against its 7-day average of −0.215%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SKY	0.06873	0.0262	pay 0.0033% / 1h	10m 48s	$2.8M	$909K	3x
Short	Bitget SKYUSDT	0.06860	0.0100	get 0.0050% / 4h	3h 10m	$2.8M	$1.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.186%Rate

Funding earned: −$33.96
Price spread: −0.186% → −0.215%: $2.89
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$52.08
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, just now; Bitget: live order book, 2 min ago. Net counts fees only.

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, just now	2.98 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	5.10 bp	20.3 bp −$20	63.6 bp −$636	doesn't fit	doesn't fit

SKY on 18 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 SKY/USDC PERP	−0.0269%	1h	0.06893	+0.294%	$376	$303K	12x	as long as short
Variational Omni SKY	+0.0018%	4h	0.06855	−0.256%	$183K	$113K	—	as long as short
BloFin SKY-USDT	+0.0055%	4h	0.06865	−0.113%	$582K	$29K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.06862	−0.153%	$179K	$139K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06863	−0.150%	$76K	$32K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06860	−0.187%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06860	−0.187%	$15.7M	$11.0M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06855	−0.259%	$7.2M	$3.2M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06860	−0.186%	$819K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06860	−0.186%	$594K	$271K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06860	−0.186%	$1.0M	$266K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06855	−0.259%	$403K	$292K	50x	as long as short
Bitget SKYUSDTshort	+0.0100%	4h	0.06860	−0.186%	$2.8M	$1.5M	75x
BingX SKY-USDT	+0.0100%	4h	0.06860	−0.186%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06866	−0.099%	$27K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06864	−0.131%	$1K	$3K	10x	as long as short
Hyperliquid SKYlong	+0.0262%	1h	0.06873	long leg	$2.8M	$909K	3x
GMX SKY/USD [ETH-USDC]	L +0.0523% / S −0.0248%	1h	0.06862	−0.151%	$81K	—	50x	as long as short