Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0364%/8h= +39.9% APRpaid last 24h −0.014%

Price spread now: Variational Omni against Aftermath Perps−0.060%7-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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.060% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.060% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 13 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps HYPEUSD	93.617	−0.0264	get 0.0033% / 1h	13m 07s	$22K	$22K	10x
Short	Variational Omni HYPE	93.561	0.0100	get 0.0100% / 8h	2h 13m	$29.2M	$50.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.060%Rate

Funding earned: $76.48
Price spread: −0.060% → 0.000%: −$5.99
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $61.5
Costs to cover: 0.090%
Break-even: 1.4 days

Slippage unknown: Aftermath Perps: no order-book sample; Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	0.44 bp	doesn't fit	0.6 bp −$6	23.4 bp −$2,336	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	−0.0928%	1h	93.539	−0.083%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSDlong	−0.0264%	1h	93.617	long leg	$22K	$22K	10x
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.440	−0.189%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	−0.085%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.470	−0.157%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.421	−0.210%	$111K	$581K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.364	−0.270%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.567	−0.053%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.445	−0.184%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.451	−0.178%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.415	−0.216%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0026%	4h	93.391	−0.241%	$43.9M	$57.5M	75x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.380	−0.253%	$325.3M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.449	−0.179%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0058%	4h	93.425	−0.205%	$176K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	−0.013%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.440	−0.189%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.426	−0.204%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.479	−0.147%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	−0.135%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.445	−0.184%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.513	−0.111%	$2.04B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.511	−0.114%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.379	−0.254%	$385.5M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.385	−0.248%	$114.7M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.440	−0.189%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.078%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.396	−0.236%	$93.4M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.423	−0.207%	$46.3M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.403	−0.228%	$227.0M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.401	−0.231%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.422	−0.208%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.561	−0.060%	$29.2M	$50.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.017%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.063%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.583	−0.036%	$677K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.480	−0.146%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.384	−0.249%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.539	−0.083%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.403	−0.228%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	−0.253%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.513	−0.111%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.395	−0.237%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.450	−0.178%	$398K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.560	−0.061%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	−0.088%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	−0.125%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.435	−0.194%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0253%	1h	93.520	−0.103%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	−0.232%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.650	+0.035%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.226%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.454	−0.174%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.523	−0.100%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.511	−0.113%	$19.1M	$26.1M	50x	as long as short