Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bybit+0.097%7-day average +0.010% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 7 days−0.110%−$11 · spread now +0.097%, 7d avg +0.010%

Together, before fees−0.066%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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 0.086% dearer against Bybit than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METUSDT	0.2787	0.0100	pay 0.0050% / 4h	3h 57m	$4.8M	$3.1M	25x
Short	Hyperliquid MET	0.2790	0.0100	get 0.0013% / 1h	57m 29s	$3.8M	$1.7M	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 +0.097%Rate

Funding earned: $0
Price spread: +0.097% → +0.010%: $8.64
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$11.36
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, just now; Hyperliquid: live order book, 4 min ago. Net counts fees only.

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, just now	3.59 bp	39.6 bp −$40	357.1 bp −$3,571	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.08 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

MET on 16 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
GMX MET/USD [WBTC.b-USDC]	L −0.0498% / S +0.0175%	1h	0.2787	+0.009%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2790	+0.093%	$14K	$15K	5x	as long as short
BloFin MET-USDT	+0.0054%	4h	0.2789	+0.072%	$286K	$89K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2788	+0.050%	$168K	$422K	5x	as long as short
Hyperliquid METshort	+0.0100%	1h	0.2790	+0.097%	$3.8M	$1.7M	3x
Aster METUSDT	+0.0100%	4h	0.2786	−0.032%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2788	+0.032%	$4.8M	$12.1M	50x	as long as short
Bybit METUSDTlong	+0.0100%	4h	0.2787	long leg	$4.8M	$3.1M	25x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2790	+0.108%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2785	−0.072%	$178K	$167K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2788	+0.036%	$937K	$279K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2790	+0.108%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2792	+0.179%	$657K	$867K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2790	+0.115%	$318K	$305K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2782	−0.179%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2787	0.000%	$2K	$1.6M	20x	as long as short