Funding arb · Price arb /

IMX

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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 −0.001%

Price spread now: Bybit against Hyperliquid−0.286%7-day average −0.330% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1191.185% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 7 days−0.012%−$1 · spread now −0.286%, 7d avg −0.330%

Together, before fees−0.013%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 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 0.044% dearer against Hyperliquid than usual: you sell high and buy low, +$4 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	Hyperliquid IMX	0.1502	0.0100	pay 0.0013% / 1h	43m 38s	$3.4M	$288K	5x
Short	Bybit IMXUSDT	0.1498	0.0100	get 0.0050% / 4h	2h 43m	$3.8M	$2.1M	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 −0.286%Rate

Funding earned: $0
Price spread: −0.286% → −0.330%: $4.38
Slippage, 4 orders: −$98.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$114.16
Costs to cover: 1.185%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bybit: live order book, 4 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, 8 min ago	1.67 bp	26.9 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.34 bp	30.8 bp −$31	83.6 bp −$836	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	0.1501	−0.098%	$6K	—	150x	as long as short
dYdX IMX-USD	+0.0006%	1h	0.1499	−0.220%	$26K	$59	5x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.845%	$559	$28K	5.5x	as long as short
Hyperliquid IMXlong	+0.0100%	1h	0.1502	long leg	$3.4M	$288K	5x
Binance IMXUSDT	+0.0100%	4h	0.1499	−0.220%	$3.7M	$6.0M	75x	as long as short
Bybit IMXUSDTshort	+0.0100%	4h	0.1498	−0.286%	$3.8M	$2.1M	75x
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1499	−0.233%	$946K	$1.6M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1499	−0.220%	$647K	$142K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1499	−0.220%	$2.6M	$546K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1501	−0.087%	$387K	$120K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1501	−0.087%	$1.3M	$413K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1500	−0.153%	—	$2.6M	—	as long as short
Variational Omni IMX	+0.0100%	4h	0.1497	−0.352%	$94K	$132K	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1498	−0.286%	$194K	$136K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.1089%	1h	0.1502	−0.018%	$114K	$22K	20x	as long as short