Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Hyperliquid−0.156%7-day average −0.226% · you buy dearer than you sell

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$1391.394% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$21 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.156%, 7d avg −0.226%

Together, before fees−0.177%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 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 0.070% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.226%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.4800	0.0100	pay 0.0013% / 1h	37m 19s	$3.8M	$4.8M	5x
Short	Bybit ARUSDT	4.4730	0.0100	get 0.0100% / 8h	2h 37m	$4.6M	$8.9M	75x

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

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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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.156%Rate

Funding earned: $0
Price spread: −0.156% → −0.226%: $7.02
Slippage, 4 orders: −$119.37
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$132.35
Costs to cover: 1.394%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bybit: live order book, 1 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 Hyperliquid live order book, 5 min ago	4.47 bp	12.5 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	3.35 bp	52.2 bp −$52	228.9 bp −$2,289	doesn't fit	doesn't fit

AR on 17 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
Kraken Futures PF_ARUSD	−0.2006%	1h	4.4729	−0.158%	$46K	$155K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.4731	−0.154%	$575K	—	50x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+2.054%	$3K	$363	5.5x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.4800	long leg	$3.8M	$4.8M	5x
Aster ARUSDT	+0.0100%	8h	4.4705	−0.212%	$20K	$630K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4738	−0.140%	$8.8M	$56.4M	75x	as long as short
Bybit ARUSDTshort	+0.0100%	8h	4.4730	−0.156%	$4.6M	$8.9M	75x
OKX AR-USDT-SWAP	+0.0100%	8h	4.4700	−0.223%	$2.2M	$20.7M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4690	−0.246%	$2.5M	$2.3M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4730	−0.156%	$6.7M	$4.8M	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ARUSDTM	+0.0100%	8h	4.4760	−0.089%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4730	−0.156%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4720	−0.179%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4670	−0.290%	$137K	$173K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4700	−0.223%	$57K	$747K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4732	−0.151%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4730	−0.156%	$420K	$669K	20x	as long as short