Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Backpack against Bulk+0.555%7-day average −0.013% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs+$38as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.022%+$2 on $10k

Price spread, last 4 days (all we have)−0.322%−$32 · spread now +0.555%, 7d avg −0.013%

Together, before fees−0.299%−$30 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: Backpack is 0.568% dearer against Bulk than usual: you sell high and buy low, +$57 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	92.884	0.0100	pay 0.0013% / 1h	41m 57s	$203K	$10K	10x
Short	Backpack HYPE_USDC_PERP	93.400	0.0100	get 0.0013% / 1h	41m 57s	$7.9M	$11.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now +0.555%Rate

Funding earned: $0
Price spread: +0.555% → −0.013%: $56.85
Slippage, 4 orders: −$1.74
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $38.1
Costs to cover: 0.187%
Break-even: from the start

Slippage from Bulk: live order book, 42 min ago; Backpack: live order book, 2 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 Bulk live order book, 42 min ago	0.53 bp	4.0 bp −$4	5.6 bp −$56	11.5 bp −$1,153	35.8 bp −$17.9K
Sell Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.9 bp −$69	72.9 bp −$7,286	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
Aftermath Perps HYPEUSD	−0.0360%	1h	93.244	+0.387%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.335	+0.485%	$1.2M	$4.0M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0128%	1h	93.251	+0.395%	$197K	$230K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.338	+0.489%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	93.150	+0.286%	$699K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.431	+0.589%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.419	+0.576%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.398	+0.553%	$57K	$1.2M	50x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.446	+0.605%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.351	+0.502%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.434	+0.592%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.387	+0.542%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.337	+0.487%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.370	+0.523%	$324.2M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.278	+0.424%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0037%	4h	93.373	+0.526%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.366	+0.519%	$43.8M	$57.8M	75x	as long as short
Bullet HYPE-USD	+0.0078%	1h	93.370	+0.524%	$112K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.432	+0.590%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.400	+0.555%	$3.1M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.415	+0.572%	$90.4M	$81.6M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.387	+0.542%	$383.8M	$891.9M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.383	+0.537%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	+0.534%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.397	+0.553%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.413	+0.569%	$2.03B	$672.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.393	+0.548%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.385	+0.539%	$114.2M	$314.3M	50x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	92.884	long leg	$203K	$10K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	93.388	+0.543%	$47.3M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.392	+0.547%	$226.4M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.358	+0.510%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.400	+0.555%	$7.9M	$11.5M	20x
Variational Omni HYPE	+0.0100%	8h	93.236	+0.379%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	+0.371%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	+0.529%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.274	+0.420%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.420	+0.577%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.381	+0.535%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.434	+0.592%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.365	+0.518%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.357	+0.509%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.402	+0.557%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.379	+0.533%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.385	+0.539%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.311	+0.459%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	+0.577%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.250	+0.394%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.382	+0.536%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0271%	4h	93.550	+0.717%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.449	+0.608%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.464	+0.624%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.332	+0.482%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.414	+0.570%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.503	+0.667%	$20.8M	$28.8M	50x	as long as short