Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0347%/8h= −38.0% APRpaid last 24h −0.006%

Price spread now: Bybit against Hyperliquid−0.217%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$550.554% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 7 days+0.186%+$19 · spread now −0.217%, 7d avg −0.079%

Together, before fees+0.196%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bybit is 0.138% cheaper against Hyperliquid than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.079%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.010% in total (about 0.5% 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 TIA	0.4329	0.0100	pay 0.0013% / 1h	28m 41s	$4.2M	$1.5M	5x
Short	Bybit TIAUSDT	0.4320	−0.0247	pay 0.0123% / 4h	2h 28m	$9.4M	$13.0M	50x

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 −0.217%Rate

Funding earned: −$72.86
Price spread: −0.217% → −0.079%: −$13.78
Slippage, 4 orders: −$35.38
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$142.01
Costs to cover: 0.554%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Bybit: live order book, 5 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	0.93 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.16 bp	15.1 bp −$15	35.7 bp −$357	170.0 bp −$17.0K	doesn't fit

TIA on 27 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
Kraken Futures PF_TIAUSD	−0.0389%	1h	0.4322	−0.172%	$355K	$239K	50x	as long as short
Bybit TIAUSDTshort	−0.0247%	4h	0.4320	−0.217%	$9.4M	$13.0M	50x
Deribit TIA_USDC-PERPETUAL	−0.0212%	1h	0.4324	−0.125%	$30K	$27K	25x	as long as short
ApeX Omni TIAUSDT	−0.0062%	1h	0.4316	−0.310%	$49K	$236K	50x	as long as short
Gate TIA_USDT	−0.0042%	4h	0.4323	−0.148%	$998K	$1.8M	75x	as long as short
OKX TIA-USDT-SWAP	−0.0015%	4h	0.4319	−0.240%	$2.7M	$5.8M	50x	as long as short
KuCoin TIAUSDTM	−0.0006%	4h	0.4322	−0.171%	$4.2M	$8.6M	50x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4325	−0.102%	$1K	—	150x	as long as short
Variational Omni TIA	+0.0028%	4h	0.4314	−0.349%	$101K	$85K	—	as long as short
Lighter TIA	+0.0096%	1h	0.4328	−0.042%	$128K	$353K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TIA_USDC	+0.0099%	4h	0.4323	−0.148%	$5K	$360K	10x	as long as short
Hyperliquid TIAlong	+0.0100%	1h	0.4329	long leg	$4.2M	$1.5M	5x
Aster TIAUSDT	+0.0100%	4h	0.4322	−0.161%	$34K	$272K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4324	−0.125%	$14.1M	$41.1M	75x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4323	−0.148%	$9.0M	$5.6M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4323	−0.148%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4321	−0.194%	—	$101.0M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4324	−0.122%	$103K	$150K	10x	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4323	−0.148%	$73K	$15K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4321	−0.193%	$58K	$169K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4323	−0.152%	$7K	—	3x	as long as short
Reya TIARUSDPERP	+0.0178%	1h	0.4320	−0.220%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0200%	1h	0.4327	−0.055%	$48K	$71K	50x	as long as short
Injective TIA/USDC PERP	+0.0210%	1h	0.4311	−0.425%	$26K	$10K	12x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4323	−0.148%	$1.0M	$516K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0457% / S −0.3505%	1h	0.4325	−0.109%	$35K	—	100x	as long as short
dYdX TIA-USD	+0.0792%	1h	0.4324	−0.125%	$51K	$59	10x	as long as short