Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: Variational Omni against Backpack−0.044%7-day average −0.264% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.031%−$3 on $10k

Price spread, last 7 days+0.758%+$76 · spread now −0.044%, 7d avg −0.264%

Together, before fees+0.727%+ Points / potential airdropVariational Omni: Active · farm board+$73 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.220% dearer against Backpack than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.264%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.903	0.0100	pay 0.0013% / 1h	16m 06s	$7.9M	$10.5M	20x
Short	Variational Omni HYPE	93.861	0.0100	get 0.0100% / 8h	16m 06s	$31.2M	$54.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.044%Rate

Funding earned: $0
Price spread: −0.044% → −0.264%: $22.01
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $12.01
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 3 min ago; Variational Omni: RFQ quote, 3 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 Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	7.6 bp −$76	146.1 bp −$14.6K	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.42 bp	doesn't fit	7.9 bp −$79	29.9 bp −$2,985	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	−0.1120%	1h	93.713	−0.203%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0410%	1h	93.791	−0.119%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.785	−0.126%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0082%	1h	93.710	−0.206%	$705K	$913K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.850	−0.056%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.877	−0.028%	$86K	$368K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.845	−0.062%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.896	−0.007%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	0.0000%	4h	93.886	−0.018%	$168K	$586K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.908	+0.005%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.963	+0.064%	$216K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.872	−0.034%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.870	−0.035%	$322.9M	$283.8M	75x	as long as short
Derive HYPE-PERP	+0.0040%	1h	93.836	−0.071%	$16.4M	$7.1M	10x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	93.847	−0.060%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.874	−0.031%	$383.3M	$897.4M	75x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.883	−0.021%	$88.8M	$82.1M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.866	−0.040%	$5.1M	$29.8M	30x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.879	−0.026%	$44.1M	$59.8M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.883	−0.021%	$60K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0091%	1h	93.866	−0.039%	$113K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.922	+0.020%	$18.9M	$60.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.896	−0.007%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.891	−0.012%	$399K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0097%	8h	93.868	−0.037%	$115.9M	$322.4M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.915	+0.013%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.850	−0.056%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.882	−0.022%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.933	+0.032%	$2.04B	$680.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.912	+0.010%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	−0.088%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.881	−0.023%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.890	−0.014%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.880	−0.024%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.903	long leg	$7.9M	$10.5M	20x
Variational Omni HYPEshort	+0.0100%	8h	93.861	−0.044%	$31.2M	$54.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.934	+0.033%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.912	+0.010%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.791	−0.119%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.908	+0.006%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.907	+0.004%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.859	−0.047%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.927	+0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.867	−0.038%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.810	−0.099%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.851	−0.056%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0149%	8h	93.970	+0.071%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.890	−0.014%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0199%	4h	94.039	+0.145%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0236%	4h	93.799	−0.111%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.874	−0.031%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.928	+0.027%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0304%	1h	93.969	+0.070%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.901	−0.002%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	93.970	+0.071%	$21.0M	$29.6M	50x	as long as short