Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0155%/8h= +17.0% APRpaid last 24h +0.011%

Price spread now: KuCoin against Aftermath Perps−0.238%45s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aftermath Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.238% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.238% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 5.1 days of funding at the current rate (+$5 a day). The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps HYPEUSD	93.352	−0.0055	get 0.0007% / 1h	14m 41s	$22K	$21K	10x
Short	KuCoin HYPEUSDTM	93.130	0.0100	get 0.0050% / 4h	1h 14m	$45.8M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Aftermath Perps. 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 Aftermath PerpsbpFee KuCoinbpOrdersPrice spread, now −0.238%Rate

Funding earned: $32.61
Price spread: −0.238% → 0.000%: −$23.78
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$12.17
Costs to cover: 0.210%
Break-even: 9.6 days

Slippage unknown: Aftermath Perps: no order-book sample; KuCoin: live order book, 4 min ago. Net counts fees only.

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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 4 min ago	0.21 bp	11.4 bp −$11	16.0 bp −$160	doesn't fit	doesn't fit

Aftermath Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1056%	1h	93.409	+0.061%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.006	−0.371%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0138%	1h	93.100	−0.270%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.314	−0.041%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.110	−0.259%	$85K	$345K	20x	as long as short
Aftermath Perps HYPEUSDlong	−0.0055%	1h	93.352	long leg	$22K	$21K	10x
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.095	−0.275%	$153K	$652K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.163	−0.203%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.119	−0.250%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.107	−0.263%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0003%	8h	93.190	−0.173%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0020%	1h	93.090	−0.281%	$111K	$578K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.367	+0.016%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.097	−0.273%	$8.8M	$35.9M	300x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.114	−0.255%	—	$53.0M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.117	−0.252%	$44.5M	$55.4M	75x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	93.100	−0.270%	$320.3M	$278.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.112	−0.257%	$113.5M	$299.8M	50x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.070	−0.302%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.103	−0.267%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.111	−0.258%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.086	−0.285%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.184	−0.179%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.110	−0.259%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.088	−0.282%	$5.7M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.164	−0.201%	$2.03B	$657.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.124	−0.244%	$10.0M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.125	−0.243%	$377.9M	$881.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.109	−0.260%	$89.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	93.130	−0.238%	$45.8M	$18.2M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.116	−0.253%	$225.2M	$96.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.101	−0.269%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.027%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	+0.012%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	−0.064%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.417	+0.070%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.197	−0.166%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.125	−0.243%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.085	−0.286%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.154	−0.212%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.110	−0.259%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.211%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.087	−0.284%	$18.3M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.090	−0.281%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.295	−0.061%	$5.0M	$29.1M	30x	as long as short
HTX HYPE-USDT	+0.0149%	4h	93.260	−0.099%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.160	−0.206%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.072	−0.300%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0272%	8h	93.204	−0.158%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.101	−0.269%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.081	−0.290%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0341%	1h	93.191	−0.172%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.207	−0.155%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.405%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.206	−0.157%	$20.7M	$29.8M	50x	as long as short