Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.022%

Price spread now: Bybit against Hyperliquid−0.098%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 7 days+0.080%+$8 · spread now −0.098%, 7d avg −0.041%

Together, before fees+0.005%+ 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: Bybit is 0.057% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,647	0.0100	pay 0.0013% / 1h	2m 04s	$3.76B	$4.99B	40x
Short	Bybit BTCUSDT	85,562.7	0.0100	get 0.0100% / 8h	4h 02m	$5.20B	$9.80B	150x

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 −0.098%Rate

Funding earned: $0
Price spread: −0.098% → −0.041%: −$5.75
Slippage, 4 orders: −$1.06
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$26.8
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Bybit: live order book, 2 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, 12 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$462	doesn't fit
Sell Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.2 bp −$624	8.8 bp −$4,382

BTC on 56 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
Phoenix BTC	−0.0179%	1h	85,492	−0.181%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,572	−0.088%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,549.7	−0.114%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0034%	8h	85,536.1	−0.129%	$920.4M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,554.8	−0.108%	$417.5M	$669.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,568	−0.092%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,564.7	−0.096%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,537.6	−0.128%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,550	−0.113%	$515.7M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,536.7	−0.129%	$4.2M	$98.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0052%	1h	85,605.7	−0.048%	$207K	$739K	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,565.1	−0.096%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,553.9	−0.109%	$148.4M	$489.1M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,561.5	−0.100%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,555.7	−0.107%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,575	−0.084%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,574.8	−0.084%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,545	−0.119%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,556	−0.106%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,512	−0.158%	$203K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,608	−0.045%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,647	long leg	$3.76B	$4.99B	40x
Pacifica BTC	+0.0100%	1h	85,577.4	−0.081%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,563.9	−0.097%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDTshort	+0.0100%	8h	85,562.7	−0.098%	$5.20B	$9.80B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,574.7	−0.084%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.169%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.186%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,564.2	−0.097%	$5.52B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,565.2	−0.096%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,549.8	−0.113%	$35.1M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,444.6	−0.236%	$153.4M	$564.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,454.2	−0.225%	$279.2M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	−0.186%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,480.6	−0.194%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.4	−0.120%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,602.4	−0.052%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	−0.113%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,559.2	−0.103%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,560.3	−0.101%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,553.7	−0.109%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,533.1	−0.133%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,566	−0.095%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,548.1	−0.115%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,534.6	−0.131%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,565.1	−0.096%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,601	−0.054%	$117.6M	$5.20B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0105%	1h	85,604	−0.050%	$886.9M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,565	−0.096%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,584.1	−0.073%	$187.6M	$953.6M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,570.2	−0.090%	$8.4M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,564.8	−0.096%	$13.1M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0213%	1h	85,526.5	−0.141%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,581	−0.077%	$10.3M	$754.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,572.8	−0.087%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,568	−0.092%	$496K	$18.7M	6.7x	as long as short