Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0122%/8h= −13.3% APRpaid last 24h −0.226%

Price spread now: Bitget against Hyperliquid−0.274%7-day average −0.216% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$670.668% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.404%−$40 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.274%, 7d avg −0.216%

Together, before fees−0.337%+ Points / potential airdropHyperliquid: Season 2 · farm board−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bitget is 0.058% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.216%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SKY	0.07070	0.0222	pay 0.0028% / 1h	28m 13s	$3.0M	$903K	3x
Short	Bitget SKYUSDT	0.07051	0.0100	get 0.0050% / 4h	28m 13s	$2.9M	$1.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.274%Rate

Funding earned: −$25.57
Price spread: −0.274% → −0.216%: −$5.8
Slippage, 4 orders: −$45.81
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$98.18
Costs to cover: 0.668%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Bitget: 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, 3 min ago	2.62 bp	15.7 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	3.54 bp	15.7 bp −$16	60.6 bp −$606	doesn't fit	doesn't fit

SKY on 18 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
Variational Omni SKY	−0.0641%	4h	0.07055	−0.222%	$194K	$104K	—	as long as short
Bybit SKYUSDT	−0.0258%	4h	0.07042	−0.402%	$7.6M	$3.3M	25x	as long as short
BloFin SKY-USDT	+0.0079%	4h	0.07065	−0.076%	$590K	$29K	75x	as long as short
Lighter SKY	+0.0096%	1h	0.07051	−0.272%	$185K	$155K	10x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.07058	−0.168%	$70K	$25K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07063	−0.102%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07051	−0.281%	$16.0M	$10.2M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07045	−0.359%	$847K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07057	−0.190%	$602K	$255K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07060	−0.147%	$1.1M	$286K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.07064	−0.091%	$423K	$290K	50x	as long as short
Bitget SKYUSDTshort	+0.0100%	4h	0.07051	−0.274%	$2.9M	$1.7M	75x
BingX SKY-USDT	+0.0100%	4h	0.07056	−0.204%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07072	+0.023%	$20K	$679K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07059	−0.163%	$1K	$2K	10x	as long as short
Injective SKY/USDC PERP	+0.0158%	1h	0.07172	+1.437%	$392	$303K	12x	as long as short
Hyperliquid SKYlong	+0.0222%	1h	0.07070	long leg	$3.0M	$903K	3x
GMX SKY/USD [ETH-USDC]	L +0.0527% / S −0.0248%	1h	0.07056	−0.206%	$84K	—	50x	as long as short