Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.012%

Price spread now: Bybit against Aevo−0.086%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 3 days (all we have)+0.230%+$23 · spread now −0.086%, 7d avg −0.028%

Together, before fees+0.155%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.058% cheaper against Aevo than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo HYPE-PERP	93.395	0.0104	pay 0.0013% / 1h	58m 35s	$397K	$318K	20x
Short	Bybit HYPEUSDT	93.314	0.0042	get 0.0042% / 8h	2h 58m	$325.2M	$289.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$13
Price spread: −0.086% → −0.028%: −$5.8
Slippage, 4 orders: −$16.83
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$62.63
Costs to cover: 0.438%
Break-even: never at this rate

Slippage from Aevo: live order book, 30 min ago; Bybit: live order book, 6 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 Aevo live order book, 30 min ago	6.65 bp	16.8 bp −$17	18.3 bp −$183	20.3 bp −$2,031	doesn't fit
Sell Bybit live order book, 6 min ago	0.54 bp	6.0 bp −$6	7.7 bp −$77	16.6 bp −$1,656	39.6 bp −$19.8K

HYPE on 55 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
Hibachi HYPE/USDT-P	−0.1384%	1h	93.337	−0.062%	$197K	$240K	7x	as long as short
Bullet HYPE-USD	−0.0193%	1h	93.359	−0.039%	$112K	$582K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0154%	1h	93.290	−0.112%	$700K	$952K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.310	−0.091%	$89K	$342K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.371	−0.025%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0066%	1h	93.387	−0.008%	$22K	$22K	10x	as long as short
Bluefin HYPE-PERP	−0.0009%	1h	93.373	−0.023%	$76K	$168K	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	93.331	−0.068%	$44.1M	$56.0M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.425	+0.032%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.458	+0.068%	$1.9M	$5.4M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.403	+0.009%	$24K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.410	+0.017%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.352	−0.046%	$8.9M	$36.6M	300x	as long as short
Popdex HYPEUSDT	+0.0024%	1h	93.374	−0.022%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDTshort	+0.0042%	8h	93.314	−0.086%	$325.2M	$289.4M	75x
Derive HYPE-PERP	+0.0058%	1h	93.335	−0.064%	$16.4M	$7.1M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0079%	4h	93.396	+0.001%	$180K	$537K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.444	+0.053%	$216K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.385	−0.011%	$18.6M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.367	−0.030%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.360	−0.037%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.404	+0.011%	$6.0M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.417	+0.024%	$2.03B	$673.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.360	−0.037%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.328	−0.071%	$386.3M	$893.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.307	−0.094%	$114.7M	$317.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.320	−0.080%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	−0.009%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.329	−0.070%	$92.4M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.331	−0.068%	$46.3M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.330	−0.069%	$226.8M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.334	−0.065%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.395	0.000%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.466	+0.077%	$28.9M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.411	+0.018%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.411	+0.018%	$406K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.403	+0.009%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.428	+0.036%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.413	+0.020%	$503K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.406	+0.012%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.367	−0.030%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.404	+0.010%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.361	−0.036%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.311	−0.090%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERPlong	+0.0104%	1h	93.395	long leg	$397K	$318K	20x
edgeX HYPEUSDC	+0.0113%	4h	93.404	+0.010%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.440	+0.049%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.374	−0.022%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.340	−0.058%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0307%	1h	93.476	+0.087%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.407	+0.013%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.363	−0.034%	$17.2M	$12.7M	75x	as long as short
HTX HYPE-USDT	+0.0449%	4h	93.574	+0.192%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.370	−0.026%	$2.7M	$6.9M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.490	+0.102%	$18.7M	$24.7M	50x	as long as short