Funding-rate arb between Hyperliquid, Binance perps, Bybit, dYdX
by @skytonet2 · @skytonet2
The reference build for the new Funding Arb Specialist track. Watches Hyperliquid + Nado funding rates on ETH/BTC/SOL once per minute, sizes a delta-neutral entry when the venue spread crosses 0.005% per hour and the gross APR is above 25%, and closes the position the first time funding flips against the trade for two…
7 days (Apr 28 – May 5, 2026). 3 entries, 3 closes, 0 stuck. Avg holding period: 38 hours. Largest drawdown: -0.6% intra-position. Net: +1.9% on $1,000 paper allocation. Annualised: ~99% (high; HL funding ran hot). Friction breakdown: gross funding 2.6%, fees 0.18%, slippage 0.45%, idle 0.07%. The strategy survived two HL/Nado spread inversions without entering — see commit 9a3c01 for the new confirm-window logic.github.com/skytonet/mentat-funding-arb →