Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: Vest against Backpack+0.144%7-day average −0.015% · you sell dearer than you buy

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

Long on Backpack Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.147%−$15 on $10k

Price spread, last 4 days (all we have)+0.396%+$40 · spread now +0.144%, 7d avg −0.015%

Together, before fees+0.249%+ Points / potential airdropVest: Active · farm board+$25 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: Vest is 0.159% dearer against Backpack than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.419	0.0100	pay 0.0013% / 1h	43m 42s	$7.4M	$10.4M	20x
Short	Vest HYPE-PERP	93.553	0.0100	get 0.0013% / 1h	43m 42s	—	$243K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.144%Rate

Funding earned: $0
Price spread: +0.144% → −0.015%: $15.87
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Vest: 1 bp × 2 orders: −$2
Net: $3.87
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Backpack: live order book, just now; Vest: 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 Backpack live order book, just now	0.05 bp	5.1 bp −$5	6.9 bp −$69	129.1 bp −$12.9K	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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	−0.1232%	1h	93.464	+0.048%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.355	−0.069%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0176%	1h	93.441	+0.024%	$79K	$170K	20x	as long as short
Phemex HYPEUSDT	−0.0091%	8h	93.453	+0.036%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.486	+0.072%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.479	+0.064%	$156K	$629K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0036%	1h	93.380	−0.042%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.485	+0.071%	$85K	$346K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0009%	1h	93.360	−0.063%	$698K	$978K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.446	+0.029%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.526	+0.115%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.480	+0.065%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.467	+0.051%	—	$53.0M	—	as long as short
Aster HYPEUSDT	+0.0021%	4h	93.495	+0.081%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.418	−0.001%	$213K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.460	+0.044%	$322.7M	$276.8M	75x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.446	+0.029%	$44.6M	$54.6M	75x	as long as short
Bullet HYPE-USD	+0.0065%	1h	93.471	+0.056%	$111K	$577K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.472	+0.057%	$114.4M	$302.4M	50x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	93.250	−0.181%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.490	+0.076%	$16.3M	$61.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.462	+0.046%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.478	+0.063%	$68K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.456	+0.040%	$87.7M	$80.2M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.514	+0.102%	$340K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.454	+0.037%	$379.5M	$877.2M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.460	+0.044%	$19K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.465	+0.049%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.554	+0.145%	$2.04B	$655.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.473	+0.058%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.172%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.490	+0.076%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.466	+0.050%	$226.1M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.419	long leg	$7.4M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.339	−0.086%	$31.1M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.288	−0.141%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	−0.149%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.354	−0.070%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERPshort	+0.0100%	1h	93.553	+0.144%	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.513	+0.101%	$472K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.458	+0.042%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.563	+0.154%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.465	+0.049%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.410	−0.009%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.475	+0.060%	$398K	$163K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.600	+0.194%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0203%	4h	93.600	+0.194%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.458	+0.042%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.554	+0.145%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0306%	1h	93.542	+0.132%	$7.5M	$4.4M	50x	as long as short
BloFin HYPE-USDT	+0.0330%	4h	93.572	+0.164%	$17.0M	$11.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.497	+0.083%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.564	+0.155%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.430	+0.012%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.500	+0.087%	$20.8M	$30.1M	50x	as long as short