Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0249%/8h= +27.3% APRpaid last 24h +0.035%

Price spread now: Hyperliquid against Bybit+0.013%7-day average +0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$890.887% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.239%+$24 on $10k

Price spread, last 7 days+0.070%+$7 · spread now +0.013%, 7d avg +0.120%

Together, before fees+0.308%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.107% cheaper against Bybit than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.120%). If the spread goes back, that is −$11 on $10k: about 34 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.239% in total) that is about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CHIPUSDT	0.04580	−0.0149	get 0.0075% / 4h	1h 53m	$10.7M	$9.0M	20x
Short	Hyperliquid CHIP	0.04581	0.0100	get 0.0013% / 1h	53m 13s	$14.4M	$6.8M	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

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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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.013%Rate

Funding earned: $52.39
Price spread: +0.013% → +0.120%: −$10.68
Slippage, 4 orders: −$68.66
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$46.95
Costs to cover: 0.887%
Break-even: 13.3 days

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 10 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, 5 min ago	3.30 bp	33.3 bp −$33	136.6 bp −$1,366	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.11 bp	17.3 bp −$17	doesn't fit	doesn't fit	doesn't fit

CHIP on 23 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
Backpack CHIP_USDC_PERP	−0.0966%	1h	0.04575	−0.109%	$16K	$234K	5x	as long as short
Phoenix CHIP	−0.0352%	1h	0.04548	−0.699%	$3K	$143K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0250%	4h	0.04576	−0.087%	$1.9M	$9.1M	20x	as long as short
Nado CHIP-PERP	−0.0233%	1h	0.04577	−0.055%	$229K	$18K	5x	as long as short
Aftermath Perps CHIPUSD	−0.0182%	1h	0.04569	−0.244%	$109	$39K	5x	as long as short
Bybit CHIPUSDTlong	−0.0149%	4h	0.04580	long leg	$10.7M	$9.0M	20x
MEXC CHIP_USDT	−0.0122%	4h	0.04572	−0.175%	$1.8M	$1.2M	50x	as long as short
Binance CHIPUSDT	−0.0122%	4h	0.04573	−0.153%	$13.8M	$26.0M	50x	as long as short
Extended CHIP-USD	−0.0120%	1h	0.04576	−0.092%	$207K	$1.3M	5x	as long as short
BloFin CHIP-USDT	−0.0087%	4h	0.04574	−0.131%	$546K	$66K	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit CHIP_USDC-PERPETUAL	−0.0012%	1h	0.04580	+0.009%	$10K	$25K	10x	as long as short
Aster CHIPUSDT	+0.0018%	4h	0.04579	−0.023%	$47K	$229K	5x	as long as short
Lighter CHIP	+0.0096%	1h	0.04579	−0.022%	$85K	$109K	3x	as long as short
Hyperliquid CHIPshort	+0.0100%	1h	0.04581	+0.013%	$14.4M	$6.8M	3x
Pacifica CHIP	+0.0100%	1h	0.04580	0.000%	$13K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04582	+0.044%	$679K	$901K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04580	0.000%	$979K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04577	−0.066%	$2.0M	$3.1M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04574	−0.131%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04571	−0.194%	$840K	$472K	—	as long as short
ApeX Omni CHIPUSDT	+0.0100%	1h	0.04574	−0.131%	$14K	$249K	50x	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04573	−0.153%	$778	$1.1M	10x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0824%	1h	0.04757	+3.854%	$46K	$41K	50x	as long as short