Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: Bybit against Hyperliquid−0.148%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$480.481% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 7 days+0.105%+$10 · spread now −0.148%, 7d avg −0.090%

Together, before fees+0.017%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 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 0.058% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7160	0.0100	pay 0.0013% / 1h	40m 07s	$8.7M	$3.6M	5x
Short	Bybit VIRTUALUSDT	0.7149	0.0100	get 0.0050% / 4h	2h 40m	$15.4M	$15.4M	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 −0.148%Rate

Funding earned: $0
Price spread: −0.148% → −0.090%: −$5.8
Slippage, 4 orders: −$28.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$53.93
Costs to cover: 0.481%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 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, 2 min ago	0.56 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.70 bp	13.0 bp −$13	24.9 bp −$249	161.0 bp −$16.1K	doesn't fit

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0729%	1h	0.7146	−0.190%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.595%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7156	−0.045%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7114	−0.640%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7147	−0.176%	$2K	$131	10x	as long as short
Variational Omni VIRTUAL	+0.0001%	4h	0.7133	−0.378%	$520K	$874K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7154	−0.080%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0082%	4h	0.7147	−0.176%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7145	−0.201%	$325K	$391K	5x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7160	long leg	$8.7M	$3.6M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7160	+0.003%	$194K	$80K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7152	−0.106%	$74K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7150	−0.134%	$16.4M	$36.6M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7149	−0.148%	$15.4M	$15.4M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7148	−0.162%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7147	−0.176%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7149	−0.148%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7152	−0.106%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7154	−0.078%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7151	−0.120%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7156	−0.050%	$235K	$158K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7104	−0.776%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7099	−0.846%	$629K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7105	−0.763%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7161	+0.017%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7151	−0.120%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7144	−0.222%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7143	−0.227%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7149	−0.144%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7156	−0.056%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7143	−0.232%	$820K	$798K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	−0.106%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0526%	1h	0.7152	−0.105%	$524K	$528K	50x	as long as short