Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0252%/8h= +27.6% APRpaid last 24h +0.038%

Price spread now: Bybit against Arcus−0.058%46s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.202% of the position

Long on Arcus Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.050%+$5 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.058%, 7d avg −0.003%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.055% cheaper against Arcus than usual: you would sell low and buy high (spread −0.058% now, against its 7-day average of −0.003%). If the spread goes back, that is −$5 on $10k: about 17 hours of funding at the current rate (+$8 a day). At the pace of the last 3 days (+0.050% in total) that is about 3.7 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.050% in total (about 5.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus HYPE-USD	93.854	−0.0233	get 0.0029% / 1h	33m 53s	$1.2M	$3.8M	10x
Short	Bybit HYPEUSDT	93.800	0.0020	get 0.0020% / 8h	33m 53s	$322.8M	$282.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Arcus. 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 ArcusbpFee BybitbpOrdersPrice spread, now −0.058%Rate

Funding earned: $52.95
Price spread: −0.058% → −0.003%: −$5.5
Slippage, 4 orders: −$4.73
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $27.23
Costs to cover: 0.202%
Break-even: 3.4 days

Slippage from Arcus: live order book, 5 min ago; Bybit: live order book, 5 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 Arcus live order book, 5 min ago	0.90 bp	3.6 bp −$4	8.2 bp −$82	26.1 bp −$2,613	doesn't fit
Sell Bybit live order book, 5 min ago	0.53 bp	6.0 bp −$6	9.5 bp −$95	17.4 bp −$1,736	39.7 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	−0.0768%	1h	93.809	−0.048%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0382%	1h	94.058	+0.218%	$22K	$22K	10x	as long as short
Arcus HYPE-USDlong	−0.0233%	1h	93.854	long leg	$1.2M	$3.8M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.958	+0.111%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	93.860	+0.006%	$704K	$908K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.911	+0.061%	$87K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0004%	1h	93.850	−0.004%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.037	+0.195%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.978	+0.132%	$23K	$328K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.950	+0.102%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	+0.0005%	4h	93.919	+0.069%	$164K	$579K	20x	as long as short
Phoenix HYPE	+0.0009%	1h	94.133	+0.297%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDTshort	+0.0020%	8h	93.800	−0.058%	$322.8M	$282.6M	75x
Aster HYPEUSDT	+0.0031%	4h	93.893	+0.042%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	93.961	+0.114%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.826	−0.030%	$87.9M	$81.5M	100x	as long as short
Binance HYPEUSDT	+0.0066%	4h	93.842	−0.013%	$383.8M	$891.9M	75x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.815	−0.042%	$44.3M	$58.8M	75x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.027	+0.184%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.970	+0.124%	$18.9M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.951	+0.103%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.929	+0.080%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.923	+0.073%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.955	+0.108%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.960	+0.113%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.921	+0.072%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.971	+0.125%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.832	−0.023%	$115.9M	$319.8M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.899	+0.048%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.849	−0.005%	$227.3M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.810	−0.047%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.924	+0.075%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.974	+0.128%	$31.3M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.212%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.014	+0.170%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.028	+0.185%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.963	+0.116%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.947	+0.099%	$491K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.905	+0.054%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.907	+0.056%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.968	+0.121%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.915	+0.065%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.283%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.592%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.781	−0.078%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0135%	8h	94.047	+0.206%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.990	+0.145%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0221%	4h	94.140	+0.305%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.916	+0.066%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0264%	4h	93.962	+0.115%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.963	+0.117%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.939	+0.090%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0346%	1h	94.023	+0.180%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0362%	1h	93.919	+0.069%	$2.05B	$670.2M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.017	+0.174%	$21.0M	$29.3M	50x	as long as short