Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1044%/8h= +114.3% APRpaid last 24h +0.462%

Price spread now: Hyperliquid against Bybit+0.625%7-day average +0.424% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$194as in the Price arb table

costs, in and out, $10k−$2142.137% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.809%+$81 on $10k

Price spread, last 7 days−0.125%−$13 · spread now +0.625%, 7d avg +0.424%

Together, before fees+0.683%+ Points / potential airdropHyperliquid: Season 2 · farm board+$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Hyperliquid is 0.201% dearer against Bybit than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.424%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HMSTRUSDT	0.0001759	0.0100	pay 0.0050% / 4h	2h 22m	$1.4M	$597K	25x
Short	Hyperliquid HMSTR	0.0001770	0.1144	get 0.0143% / 1h	22m 51s	$1.9M	$113K	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 +0.625%Rate

Funding earned: $219.15
Price spread: +0.625% → +0.424%: $20.13
Slippage, 4 orders: −$193.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $25.55
Costs to cover: 2.137%
Break-even: 6.2 days

Slippage from Bybit: live order book, 3 min ago; Hyperliquid: live order book, 8 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, 3 min ago	2.84 bp	41.3 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	28.17 bp	32.7 bp −$33	doesn't fit	doesn't fit	doesn't fit

HMSTR on 13 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
BingX HMSTR-USDT	+0.0070%	4h	0.0001760	+0.057%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001760	+0.040%	$33K	$6K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001760	+0.057%	$2.2M	$1.9M	10x	as long as short
Bybit HMSTRUSDTlong	+0.0100%	4h	0.0001759	long leg	$1.4M	$597K	25x
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001761	+0.114%	$612K	$739K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001759	0.000%	$403K	$228K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001759	0.000%	$381K	$115K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001761	+0.114%	$251K	$54K	10x	as long as short
Variational Omni HMSTR	+0.0100%	4h	0.0001759	+0.012%	$2K	$919	—	as long as short
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001757	−0.114%	$13K	$603K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001760	+0.030%	$917	—	5x	as long as short
Hyperliquid HMSTRshort	+0.1144%	1h	0.0001770	+0.625%	$1.9M	$113K	3x
Kraken Futures PF_HMSTRUSD	+0.2893%	1h	0.0001763	+0.201%	$10K	$6K	10x	as long as short