Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0268%/8h= −29.4% APRpaid last 24h −0.033%

Price spread now: Bybit against Hyperliquid−0.263%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

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

costs, in and out, $10k−$550.552% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.137%−$14 on $10k

Price spread, last 7 days+0.193%+$19 · spread now −0.263%, 7d avg −0.087%

Together, before fees+0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bybit is 0.176% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.087%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.137% in total (about -7.1% 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 WIF	0.2475	0.0368	pay 0.0046% / 1h	48m 47s	$8.0M	$4.8M	5x
Short	Bybit WIFUSDT	0.2469	0.0100	get 0.0050% / 4h	48m 47s	$16.9M	$38.9M	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 −0.263%Rate

Funding earned: −$56.29
Price spread: −0.263% → −0.087%: −$17.59
Slippage, 4 orders: −$35.23
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$129.11
Costs to cover: 0.552%
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	2.21 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.01 bp	13.0 bp −$13	31.1 bp −$311	205.8 bp −$20.6K	doesn't fit

WIF on 32 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
Backpack WIF_USDC_PERP	−0.0297%	1h	0.2465	−0.404%	$81K	$278K	10x	as long as short
BloFin WIF-USDT	−0.0183%	4h	0.2468	−0.303%	$1.0M	$825K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2476	+0.003%	$19K	$597	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2470	−0.222%	$44K	$260K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2471	−0.168%	$799	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.222%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2472	−0.145%	$139K	$629K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2478	+0.101%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2469	−0.273%	$34K	$283K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2476	+0.038%	$77K	$57K	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WIFUSDT	+0.0100%	4h	0.2471	−0.180%	$19.1M	$115.8M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2469	−0.263%	$16.9M	$38.9M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2474	−0.061%	$5.9M	$35.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2469	−0.263%	$1.2M	$7.6M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2471	−0.182%	$22.4M	$11.1M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2470	−0.222%	$4.5M	$13.9M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2472	−0.141%	$7.4M	$13.0M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2470	−0.222%	—	$23.5M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2478	+0.104%	$75K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2489	+0.526%	$285K	$2.2M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2483	+0.303%	$45K	$624K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2471	−0.182%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2467	−0.343%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2471	−0.182%	$565	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2466	−0.384%	$165K	$695K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2471	−0.189%	$10K	$148K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2470	−0.239%	$82K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0141% / S −0.0018%	1h	0.2471	−0.188%	$8K	—	100x	as long as short
Kraken Futures PF_WIFUSD	+0.0262%	1h	0.2472	−0.140%	$645K	$2.3M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0328%	1h	0.2473	−0.101%	$329K	$2.7M	50x	as long as short
Hyperliquid WIFlong	+0.0368%	1h	0.2475	long leg	$8.0M	$4.8M	5x
Reya WIFRUSDPERP	+0.0558%	1h	0.2471	−0.178%	$0	—	15x	as long as short