Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.042%

Price spread now: Orderly against ApeX Omni+0.090%70s7-day average 0.000% · you sell dearer than you buy

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 3 days (all we have)−0.127%−$13 · spread now +0.090%, 7d avg 0.000%

Together, before fees−0.311%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.090% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.090% now, against its 7-day average of 0.000%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.8 days. At the pace of the last 7 days (−0.184% in total) that is about 3.4 days. The two prices were read 70 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	ApeX Omni HYPEUSDT	93.482	0.0100	pay 0.0013% / 1h	32m 19s	$406K	$1.0M	50x
Short	Orderly PERP_HYPE_USDC	93.566	0.0069	get 0.0035% / 4h	2h 32m	$179K	$530K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now +0.090%Rate

Funding earned: −$6.43
Price spread: +0.090% → 0.000%: $8.97
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$13.46
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 2 min ago; Orderly: no order-book sample. 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 ApeX Omni live order book, 2 min ago	3.26 bp	8.3 bp −$8	10.6 bp −$106	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1080%	1h	93.498	+0.017%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0269%	1h	93.502	+0.022%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0236%	1h	93.520	+0.041%	$701K	$941K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.567	+0.091%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.593	+0.119%	$89K	$348K	20x	as long as short
Bullet HYPE-USD	−0.0034%	1h	93.554	+0.077%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	+0.087%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.573	+0.097%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.510	+0.030%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.598	+0.124%	$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	+0.0018%	4h	93.565	+0.089%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0034%	4h	93.557	+0.080%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.550	+0.073%	$325.9M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	+0.072%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0069%	4h	93.566	+0.090%	$179K	$530K	20x
Popdex HYPEUSDT	+0.0080%	1h	93.558	+0.081%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.602	+0.128%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.587	+0.112%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.585	+0.111%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.094%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.561	+0.085%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.648	+0.178%	$2.04B	$668.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.587	+0.112%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.551	+0.074%	$385.8M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.550	+0.073%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.539	+0.061%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.085%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	+0.078%	$93.5M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.583	+0.108%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.577	+0.102%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.552	+0.075%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.593	+0.119%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.086%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	+0.020%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	93.482	long leg	$406K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	93.585	+0.110%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.595	+0.121%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.593	+0.119%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.558	+0.081%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.139%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.549	+0.072%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.551	+0.074%	$12.7M	$2.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0102%	1h	93.651	+0.181%	$7.4M	$4.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.545	+0.067%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.577	+0.101%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.456	−0.028%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	93.644	+0.173%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.610	+0.137%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.557	+0.080%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.710	+0.244%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.732	+0.267%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.595	+0.121%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.559	+0.082%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.628	+0.156%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.654	+0.184%	$19.2M	$26.0M	50x	as long as short