Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Hyperliquid against Bybit+0.437%7-day average +0.330% · you sell dearer than you buy

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1411.406% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 7 days−0.116%−$12 · spread now +0.437%, 7d avg +0.330%

Together, before fees−0.116%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 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 0.107% dearer against Bybit than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.330%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IMXUSDT	0.1509	0.0100	pay 0.0050% / 4h	53m 06s	$3.9M	$2.2M	75x
Short	Hyperliquid IMX	0.1516	0.0100	get 0.0013% / 1h	53m 06s	$3.5M	$293K	5x

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 +0.437%Rate

Funding earned: $0
Price spread: +0.437% → +0.330%: $10.72
Slippage, 4 orders: −$120.61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$129.89
Costs to cover: 1.406%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 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, 4 min ago	3.32 bp	33.5 bp −$33	87.2 bp −$872	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	2.65 bp	37.1 bp −$37	doesn't fit	doesn't fit	doesn't fit

IMX 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
gTrade (Gains Network) IMX/USD	L −0.0002% / S +0.0004%	1h	0.1511	+0.125%	$6K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.391%	$559	$28K	5.5x	as long as short
Hyperliquid IMXshort	+0.0100%	1h	0.1516	+0.437%	$3.5M	$293K	5x
Binance IMXUSDT	+0.0100%	4h	0.1510	+0.060%	$3.7M	$5.9M	75x	as long as short
Bybit IMXUSDTlong	+0.0100%	4h	0.1509	long leg	$3.9M	$2.2M	75x
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1511	+0.152%	$958K	$1.7M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1509	−0.007%	$651K	$141K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1510	+0.060%	$2.8M	$566K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1510	+0.060%	$393K	$127K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1511	+0.126%	$1.3M	$410K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IMX-USDT	+0.0100%	4h	0.1510	+0.060%	—	$2.9M	—	as long as short
Variational Omni IMX	+0.0100%	4h	0.1507	−0.121%	$94K	$131K	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1511	+0.126%	$191K	$142K	75x	as long as short
dYdX IMX-USD	+0.1281%	1h	0.1511	+0.111%	$26K	$66	5x	as long as short
Kraken Futures PF_IMXUSD	+0.1336%	1h	0.1513	+0.247%	$115K	$11K	20x	as long as short