Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.067%

Price spread now: Bybit against Hyperliquid−0.161%7-day average −0.244% · 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−0.219%−$22 on $10k

Price spread, last 7 days−0.067%−$7 · spread now −0.161%, 7d avg −0.244%

Together, before fees−0.286%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 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 0.084% dearer against Hyperliquid than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.244%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5103	0.0100	pay 0.0013% / 1h	13m 00s	$10.0M	$7.8M	5x
Short	Bybit SPXUSDT	0.5095	0.0100	get 0.0050% / 4h	3h 13m	$11.6M	$16.1M	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 −0.161%Rate

Funding earned: $0
Price spread: −0.161% → −0.244%: $8.37
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: −$11.63
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Bybit: live order book, just now. 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, 9 min ago	1.87 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, just now	2.95 bp	20.8 bp −$21	64.4 bp −$644	doesn't fit	doesn't fit

SPX on 19 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
Variational Omni SPX	+0.0018%	4h	0.5068	−0.695%	$847K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−2.434%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5101	−0.051%	$117K	$323K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5103	long leg	$10.0M	$7.8M	5x
Aster SPXUSDT	+0.0100%	4h	0.5098	−0.107%	$129K	$110K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5099	−0.089%	$5.1M	$21.2M	75x	as long as short
Bybit SPXUSDTshort	+0.0100%	4h	0.5095	−0.161%	$11.6M	$16.1M	50x
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5096	−0.141%	$964K	$2.8M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5096	−0.141%	$1.1M	$519K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5099	−0.082%	$11.3M	$4.8M	100x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SPXUSDTM	+0.0100%	4h	0.5098	−0.102%	$3.8M	$5.4M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5098	−0.102%	$2.7M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5097	−0.121%	—	$6.8M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5089	−0.278%	$46K	$246K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5108	+0.094%	$20K	$599	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5091	−0.239%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5095	−0.163%	$36K	$262K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5099	−0.082%	$253K	$1.1M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.0960%	1h	0.5104	+0.007%	$248K	$553K	20x	as long as short