Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.043%

Price spread now: Orderly against Bulk+0.007%7-day average −0.044% · you sell dearer than you buy

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

Long on Bulk Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.054%−$5 on $10k

Price spread, last 3 days (all we have)−0.353%−$35 · spread now +0.007%, 7d avg −0.044%

Together, before fees−0.407%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.051% dearer against Bulk than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.044%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.7 days. At the pace of the last 3 days (−0.054% in total) that is about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.386	0.0100	pay 0.0013% / 1h	55m 08s	$204K	$12K	10x
Short	Orderly PERP_HYPE_USDC	93.393	0.0078	get 0.0039% / 4h	2h 55m	$180K	$536K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bulk. 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 BulkbpFee OrderlybpOrdersPrice spread, now +0.007%Rate

Funding earned: −$4.66
Price spread: +0.007% → −0.044%: $5.14
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$12.52
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 33 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 Bulk live order book, 33 min ago	0.53 bp	4.0 bp −$4	6.7 bp −$67	14.0 bp −$1,405	44.7 bp −$22.4K
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	−0.1328%	1h	93.228	−0.170%	$197K	$235K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0154%	1h	93.260	−0.135%	$699K	$951K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.365	−0.023%	$89K	$340K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0102%	1h	93.323	−0.067%	$22K	$22K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.294	−0.099%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0002%	4h	93.361	−0.027%	$44.1M	$56.1M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.341	−0.049%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.463	+0.082%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.348	−0.041%	$24K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.400	+0.015%	$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	+0.0002%	4h	93.361	−0.027%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0037%	1h	93.341	−0.048%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.321	−0.070%	$325.3M	$288.4M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.354	−0.034%	$56K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0068%	1h	93.366	−0.022%	$112K	$583K	20x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0078%	4h	93.393	+0.007%	$180K	$536K	20x
Phoenix HYPE	+0.0094%	1h	93.336	−0.054%	$215K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.388	+0.002%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.376	−0.011%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	−0.017%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	−0.114%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.423	+0.039%	$2.03B	$674.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.324	−0.067%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.361	−0.027%	$386.4M	$890.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.318	−0.073%	$114.7M	$316.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.304	−0.088%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.386	long leg	$204K	$12K	10x
MEXC HYPE_USDT	+0.0100%	4h	93.349	−0.040%	$92.1M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.345	−0.044%	$46.3M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.338	−0.052%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.323	−0.068%	—	$54.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.382	−0.004%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	−0.109%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.319	−0.072%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.338	−0.052%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.361	−0.027%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.391	+0.005%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.394	+0.008%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.404	+0.019%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.334	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.384	−0.002%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.374	−0.013%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.305	−0.087%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.373	−0.014%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.401	+0.016%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0120%	4h	93.294	−0.099%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.004%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.376	−0.010%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.210	−0.189%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.400	+0.015%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.352	−0.037%	$17.2M	$12.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0403%	1h	93.491	+0.112%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0422%	4h	93.533	+0.157%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.389	+0.003%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.492	+0.113%	$18.8M	$24.8M	50x	as long as short