Funding arb · Price arb /

HIMS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0186%/8h= −20.4% APRpaid last 24h −0.003%

Price spread now: Bybit against tradeXYZ−0.041%7-day average +0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$192as in the Price arb table

costs, in and out, $10k−$1811.813% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now −0.041%, 7d avg +0.061%

Together, before fees+0.128%+ Points / potential airdroptradeXYZ: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.102% cheaper against tradeXYZ than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.061%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	tradeXYZ xyz:HIMS	29.282	0.0186	pay 0.0023% / 1h	34m 56s	$3.3M	$1.6M	10x
Short	Bybit HIMSUSDT	29.270	0	get 0.0000% / 8h	4h 34m	$296K	$120K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against tradeXYZ. 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 tradeXYZbpFee BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$39.14
Price spread: −0.041% → +0.061%: −$10.21
Slippage, 4 orders: −$152.31
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$230.65
Costs to cover: 1.813%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 3 min ago; Bybit: live order book, 14 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 tradeXYZ live order book, 3 min ago	5.29 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 14 min ago	8.53 bp	94.2 bp −$94	218.2 bp −$2,182	doesn't fit	doesn't fit

HIMS on 14 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
QFEX HIMS-USD	−0.0002%	1h	29.280	−0.007%	$1.3M	$566K	10x	as long as short
Aster HIMSUSDT	0.0000%	8h	29.273	−0.030%	$4K	$2K	20x	as long as short
Binance HIMSUSDT	0.0000%	8h	29.290	+0.027%	$966K	$2.6M	20x	as long as short
Bybit HIMSUSDTshort	0.0000%	8h	29.270	−0.041%	$296K	$120K	25x
OKX HIMS-USDT-SWAP	0.0000%	8h	29.250	−0.109%	$287K	$173K	20x	as long as short
Gate HIMS_USDT	0.0000%	8h	29.264	−0.061%	$506K	$200K	25x	as long as short
Variational Omni HIMS	0.0000%	8h	29.290	+0.027%	$98K	$78K	—	as long as short
SunX HIMS-USDT	0.0000%	8h	29.275	−0.024%	—	$2.4M	10x	as long as short
HTX HIMS-USDT	0.0000%	8h	29.275	−0.024%	$7K	$38K	10x	as long as short
Vest HIMS-USD-PERP	+0.0046%	1h	29.260	−0.075%	—	—	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin HIMSUSDTM	+0.0100%	8h	29.270	−0.041%	$134K	$35K	20x	as long as short
tradeXYZ xyz:HIMSlong	+0.0186%	1h	29.282	long leg	$3.3M	$1.6M	10x
Injective HIMS/USDC PERP	+0.0220%	1h	29.570	+0.984%	$13K	$22K	5.5x	as long as short
Nado HIMS-PERP	+0.0243%	1h	29.252	−0.101%	$2K	$2K	10x	as long as short