Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1542%/8h= +168.9% APRpaid last 24h +0.321%

Price spread now: Hyperliquid against Bybit+0.462%7-day average +0.163% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$920.924% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.471%+$47 on $10k

Price spread, last 4 days (all we have)−0.419%−$42 · spread now +0.462%, 7d avg +0.163%

Together, before fees+0.051%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$46 a day on $10k at the current rate, and Hyperliquid is 0.299% dearer against Bybit than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of +0.163%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.471% in total (about 24.5% 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	Bybit NILUSDT	0.06903	0.0100	pay 0.0050% / 4h	3m 43s	$3.8M	$14.0M	20x
Short	Hyperliquid NIL	0.06935	0.1642	get 0.0205% / 1h	3m 43s	$4.3M	$4.5M	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

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 +0.462%Rate

Funding earned: $323.89
Price spread: +0.462% → +0.163%: $29.87
Slippage, 4 orders: −$72.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $261.33
Costs to cover: 0.924%
Break-even: 1.4 days

Slippage from Bybit: live order book, 5 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, 5 min ago	2.21 bp	22.4 bp −$22	126.7 bp −$1,267	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.61 bp	18.5 bp −$19	doesn't fit	doesn't fit	doesn't fit

NIL on 12 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
BloFin NIL-USDT	+0.0051%	4h	0.06898	−0.072%	$348K	$143K	50x	as long as short
Aster NILUSDT	+0.0100%	4h	0.06889	−0.196%	$21K	$342K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06885	−0.261%	$5.3M	$78.8M	50x	as long as short
Bybit NILUSDTlong	+0.0100%	4h	0.06903	long leg	$3.8M	$14.0M	20x
Gate NIL_USDT	+0.0100%	4h	0.06887	−0.232%	$439K	$2.0M	50x	as long as short
MEXC NIL_USDT	+0.0100%	4h	0.06901	−0.029%	$2.5M	$5.0M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06886	−0.246%	$518K	$686K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06896	−0.101%	$1.8M	$8.5M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06896	−0.101%	—	$8.5M	—	as long as short
Extended NIL-USD	+0.0104%	1h	0.06884	−0.281%	$17K	$94K	5x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NIL	+0.0134%	4h	0.06901	−0.028%	$177K	$266K	—	as long as short
Hyperliquid NILshort	+0.1642%	1h	0.06935	+0.462%	$4.3M	$4.5M	3x