Funding arb · Price arb /

MNT

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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 −0.044%

Price spread now: Bybit against Hyperliquid−0.183%7-day average −0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$640.643% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.317%−$32 on $10k

Price spread, last 7 days+0.001%$0 · spread now −0.183%, 7d avg −0.152%

Together, before fees−0.316%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 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 0.031% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.152%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MNT	0.6554	0.0100	pay 0.0013% / 1h	55m 43s	$6.6M	$931K	5x
Short	Bybit MNTUSDT	0.6542	0.0100	get 0.0100% / 8h	55m 43s	$42.9M	$14.1M	25x

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 −0.183%Rate

Funding earned: $0
Price spread: −0.183% → −0.152%: −$3.14
Slippage, 4 orders: −$44.28
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$67.42
Costs to cover: 0.643%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Bybit: live order book, 3 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, 6 min ago	1.31 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.77 bp	13.7 bp −$14	88.7 bp −$887	doesn't fit	doesn't fit

MNT 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6513	−0.622%	$19	—	100x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6513	−0.629%	$782	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	−0.429%	$3K	$210K	12x	as long as short
Hyperliquid MNTlong	+0.0100%	1h	0.6554	long leg	$6.6M	$931K	5x
Bybit MNTUSDTshort	+0.0100%	8h	0.6542	−0.183%	$42.9M	$14.1M	25x
Gate MNT_USDT	+0.0100%	4h	0.6519	−0.536%	$411K	$144K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6532	−0.337%	$2.5M	$585K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6540	−0.215%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6489	−0.999%	$271K	$146K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6496	−0.886%	$10K	$633K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6513	−0.627%	$1K	—	10x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6504	−0.764%	$89K	$218K	25x	as long as short
Lighter MNT	+0.0240%	1h	0.6563	+0.133%	$141K	$67K	5x	as long as short
Kraken Futures PF_MNTUSD	+0.0647%	1h	0.6522	−0.490%	$17K	$20K	20x	as long as short
Backpack MNT_USDC_PERP	+0.0903%	1h	0.6527	−0.413%	$41K	$45K	10x	as long as short