Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0163%/8h= −17.9% APRpaid last 24h −0.206%

Price spread now: Bybit against Hyperliquid−0.230%7-day average −0.208% · you buy dearer than you sell

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

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.506%−$51 on $10k

Price spread, last 7 days+0.098%+$10 · spread now −0.230%, 7d avg −0.208%

Together, before fees−0.407%+ Points / potential airdropHyperliquid: Season 2 · farm board−$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.208%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SKY	0.06871	0.0263	pay 0.0033% / 1h	9m 31s	$2.8M	$907K	3x
Short	Bybit SKYUSDT	0.06855	0.0100	get 0.0050% / 4h	3h 09m	$7.2M	$3.2M	25x

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 −0.230%Rate

Funding earned: −$34.24
Price spread: −0.230% → −0.208%: −$2.24
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$56.47
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 2 min ago; Bybit: live order book, 3 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, 2 min ago	2.98 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.19 bp	30.5 bp −$30	188.9 bp −$1,889	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	+0.323%	$376	$303K	12x	as long as short
Variational Omni SKY	+0.0018%	4h	0.06855	−0.227%	$183K	$113K	—	as long as short
BloFin SKY-USDT	+0.0055%	4h	0.06865	−0.084%	$582K	$29K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.06861	−0.143%	$179K	$139K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06860	−0.154%	$76K	$32K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06862	−0.128%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06862	−0.128%	$15.7M	$11.0M	75x	as long as short
Bybit SKYUSDTshort	+0.0100%	4h	0.06855	−0.230%	$7.2M	$3.2M	25x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06858	−0.186%	$820K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06860	−0.157%	$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	0.06861	−0.143%	$1.0M	$266K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06855	−0.230%	$403K	$292K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06860	−0.157%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06859	−0.172%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06866	−0.070%	$27K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06860	−0.153%	$1K	$3K	10x	as long as short
Hyperliquid SKYlong	+0.0263%	1h	0.06871	long leg	$2.8M	$907K	3x
GMX SKY/USD [ETH-USDC]	L +0.0523% / S −0.0248%	1h	0.06861	−0.138%	$81K	—	50x	as long as short