POPCAT: Bybit → Hyperliquid

Long on the venue with the lower rate, short on the venue with the higher one. Income comes from the rate difference; price exposure cancels out.

Spread

+137%

APR right now

Price gap

+0.367%

between legs

Average spread

+111%

over 24h from our own samples

Over 7 days

+111%

samples: 108

BybitLONG

Bid / ask0.05658 / 0.0566

Mark price0.05662

Volume 24h$6.14M

Open interest$8.99M

Rate+0.0050%

APR+11%

Interval / next payout4h / 3h 23m

Bybit

HyperliquidSHORT

Bid / ask0.056808 / 0.056946

Mark price0.05686

Volume 24h$1.02M

Open interest$2.64M

Rate+0.0169%

APR+148%

Interval / next payout1h / 23m

Hyperliquid

Spread from our samples

spread over the period: from 0% to 221% APR, 108 samples

The rate can flip at any moment, and then the position starts costing money. Size is limited by the weaker leg, and entry and exit both pay fees on two venues. Not financial advice.