Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Backpack against ApeX Omni+0.005%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 3 days (all we have)−0.252%−$25 · spread now +0.005%, 7d avg +0.013%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni HYPEUSDT	93.601	0.0100	pay 0.0013% / 1h	15m 15s	$406K	$1.0M	50x
Short	Backpack HYPE_USDC_PERP	93.606	0.0100	get 0.0013% / 1h	15m 15s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now +0.005%Rate

Funding earned: $0
Price spread: +0.005% → +0.013%: −$0.75
Slippage, 4 orders: −$5.76
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$26.51
Costs to cover: 0.258%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 4 min ago; Backpack: live order book, 4 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 ApeX Omni live order book, 4 min ago	2.09 bp	8.0 bp −$8	11.3 bp −$113	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	108.8 bp −$10.9K	doesn't fit

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	−0.0960%	1h	93.583	−0.019%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0269%	1h	93.640	+0.042%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.500	−0.108%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.567	−0.036%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.548	−0.057%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.533	−0.073%	$112K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.494	−0.115%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.047%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.541	−0.064%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.570	−0.033%	$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	+0.0023%	4h	93.536	−0.069%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.547	−0.058%	$43.9M	$57.4M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.534	−0.072%	$325.8M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.533	−0.073%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	−0.063%	$177K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	+0.002%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.587	−0.015%	$18.5M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.576	−0.027%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.561	−0.043%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	−0.022%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.530	−0.075%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.649	+0.051%	$2.04B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.567	−0.036%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.532	−0.074%	$385.9M	$889.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.532	−0.074%	$114.9M	$315.8M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.518	−0.089%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.095%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.544	−0.061%	$93.6M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.536	−0.069%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.558	−0.046%	$227.3M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.533	−0.073%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.606	+0.005%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.561	−0.043%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.034%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	93.601	long leg	$406K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	93.628	+0.029%	$677K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.568	−0.035%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.543	−0.062%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.615	+0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.535	−0.071%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.524	−0.082%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.586	−0.016%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.522	−0.084%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.521	−0.085%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.591	−0.010%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.616	+0.016%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.640	+0.042%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.530	−0.076%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0273%	1h	93.658	+0.061%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.330%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.739	+0.147%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	−0.074%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.581	−0.021%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.601	0.000%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.638	+0.039%	$19.2M	$26.0M	50x	as long as short