Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2682%/8h= −293.7% APRpaid last 24h −0.175%

Price spread now: Bybit against Hyperliquid−0.551%7-day average −0.171% · you buy dearer than you sell

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$950.951% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.528%−$53 on $10k

Price spread, last 7 days+0.449%+$45 · spread now −0.551%, 7d avg −0.171%

Together, before fees−0.079%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$80 a day on $10k at the current rate, and Bybit is 0.380% cheaper against Hyperliquid than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of −0.171%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.528% in total (about -27.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MEGA	0.04592	0.2782	pay 0.0348% / 1h	55m 30s	$7.9M	$2.5M	3x
Short	Bybit MEGAUSDT	0.04567	0.0100	get 0.0050% / 4h	2h 55m	$3.6M	$5.4M	20x

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 −0.551%Rate

Funding earned: −$563.24
Price spread: −0.551% → −0.171%: −$38.03
Slippage, 4 orders: −$75.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$696.41
Costs to cover: 0.951%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 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, 7 min ago	0.32 bp	25.6 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.09 bp	32.1 bp −$32	138.4 bp −$1,384	doesn't fit	doesn't fit

MEGA on 28 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
ApeX Omni MEGAUSDT	−0.0848%	1h	0.04584	−0.181%	$25K	$231K	50x	as long as short
Coinbase International MEGA-PERP-INTX	−0.0432%	1h	0.04490	−2.219%	$5K	$12K	50x	as long as short
Phoenix MEGA	0.0000%	1h	0.04598	+0.124%	$21K	$7K	5x	as long as short
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04580	−0.271%	$1K	—	150x	as long as short
BloFin MEGA-USDT	+0.0043%	4h	0.04586	−0.137%	$202K	$89K	50x	as long as short
Nado MEGA-PERP	+0.0078%	1h	0.04566	−0.562%	$197K	$138K	2x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04576	−0.364%	$18K	$90K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04577	−0.342%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04572	−0.445%	$4.1M	$13.4M	50x	as long as short
Bybit MEGAUSDTshort	+0.0100%	4h	0.04567	−0.551%	$3.6M	$5.4M	20x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04567	−0.551%	$942K	$3.1M	20x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04572	−0.442%	$201K	$317K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04573	−0.420%	$848K	$358K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04575	−0.377%	$240K	$116K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04567	−0.551%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04566	−0.573%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04585	−0.159%	$18K	$43K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04575	−0.370%	$323K	$227K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04590	−0.053%	$28K	$1.7M	10x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04578	−0.311%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04582	−0.224%	$2K	$1.9M	10x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04600	+0.165%	$136K	$4K	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04570	−0.476%	$130K	$820K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04581	−0.240%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0237% / S −0.5353%	1h	0.04578	−0.303%	$3K	—	45x	as long as short
Lighter MEGA	+0.1200%	1h	0.04594	+0.037%	$646K	$324K	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.2326%	1h	0.04592	−0.009%	$111	$15	25x	as long as short
Hyperliquid MEGAlong	+0.2782%	1h	0.04592	long leg	$7.9M	$2.5M	3x