Funding arb · Price arb /

SUSHI

all SUSHI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit+0.099%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1151.154% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)−0.061%−$6 · spread now +0.099%, 7d avg +0.078%

Together, before fees−0.004%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 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 0.021% dearer against Bybit than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSHIUSDT	0.2523	0.0100	pay 0.0100% / 8h	2h 09m	$2.6M	$2.6M	75x
Short	Hyperliquid SUSHI	0.2525	0.0100	get 0.0013% / 1h	9m 52s	$345K	$407K	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

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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.099%Rate

Funding earned: $0
Price spread: +0.099% → +0.078%: $2.13
Slippage, 4 orders: −$95.44
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$113.31
Costs to cover: 1.154%
Break-even: never at this rate

Slippage from Bybit: live order book, 7 min ago; Hyperliquid: live order book, 74 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, 7 min ago	1.97 bp	45.3 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 74 min ago	2.76 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit

SUSHI 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
Injective SUSHI/USDC PERP	+0.0033%	1h	0.2545	+0.872%	$16	$18K	5.5x	as long as short
Bitget SUSHIUSDT	+0.0055%	8h	0.2524	+0.040%	$989K	$753K	50x	as long as short
BloFin SUSHI-USDT	+0.0094%	8h	0.2523	0.000%	$210K	$64K	75x	as long as short
Hyperliquid SUSHIshort	+0.0100%	1h	0.2525	+0.099%	$345K	$407K	3x
Aster SUSHIUSDT	+0.0100%	8h	0.2521	−0.089%	$23K	$17K	5x	as long as short
Binance SUSHIUSDT	+0.0100%	8h	0.2523	+0.010%	$3.8M	$9.4M	75x	as long as short
Bybit SUSHIUSDTlong	+0.0100%	8h	0.2523	long leg	$2.6M	$2.6M	75x
OKX SUSHI-USDT-SWAP	+0.0100%	8h	0.2526	+0.119%	$1.6M	$3.2M	50x	as long as short
Gate SUSHI_USDT	+0.0100%	8h	0.2527	+0.159%	$570K	$327K	50x	as long as short
MEXC SUSHI_USDT	+0.0100%	8h	0.2523	0.000%	$1.3M	$377K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SUSHIUSDTM	+0.0100%	8h	0.2523	0.000%	$1.1M	$249K	50x	as long as short
BingX SUSHI-USDT	+0.0100%	8h	0.2523	0.000%	—	$2.5M	—	as long as short
Variational Omni SUSHI	+0.0100%	8h	0.2521	−0.082%	$41K	$15K	—	as long as short
HTX SUSHI-USDT	+0.0100%	8h	0.2527	+0.159%	$85K	$63K	75x	as long as short
Kraken Futures PF_SUSHIUSD	+0.0325%	1h	0.2525	+0.083%	$758K	$81K	20x	as long as short