CAKE: 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

+0%

APR right now

Price gap

+0.092%

between legs

Average spread

+4%

over 24h from our own samples

Over 7 days

+4%

samples: 119

BybitLONG

Bid / ask2.512 / 2.513

Mark price2.512

Volume 24h$3.58M

Open interest$5.24M

Rate+0.0050%

APR+11%

Interval / next payout4h / 1h 39m

Bybit

HyperliquidSHORT

Bid / ask2.5153 / 2.5183

Mark price2.516

Volume 24h$2.52M

Open interest$3.13M

Rate+0.0013%

APR+11%

Interval / next payout1h / 39m

Hyperliquid

Spread from our samples

spread over the period: from 0% to 24% APR, 119 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.