Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.005%

Price spread now: Bybit against Bullet−0.025%7-day average −0.049% · 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−$23as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Bullet Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 3 days (all we have)−0.215%−$21 · spread now −0.025%, 7d avg −0.049%

Together, before fees−0.232%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.025% dearer against Bullet than usual: you sell high and buy low (spread −0.025% now, against its 7-day average of −0.049%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 3 days (−0.018% in total) that is about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.596	0.0100	pay 0.0013% / 1h	31m 28s	$111K	$578K	20x
Short	Bybit HYPEUSDT	93.573	0.0019	get 0.0019% / 8h	31m 28s	$321.6M	$283.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bullet. 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 BulletbpFee BybitbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$17.08
Price spread: −0.025% → −0.049%: $2.46
Slippage, 4 orders: −$6.65
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.28
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Bullet: live order book, 48 min ago; Bybit: live order book, 3 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 Bullet live order book, 48 min ago	0.22 bp	8.9 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.53 bp	6.0 bp −$6	8.7 bp −$87	20.3 bp −$2,030	46.2 bp −$23.1K

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	−0.0792%	1h	93.621	+0.026%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0363%	1h	93.966	+0.395%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.511	−0.091%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.590	−0.007%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0050%	1h	93.570	−0.028%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.583	−0.014%	$87K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0020%	1h	93.663	+0.071%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.583	−0.014%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.591	−0.005%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.770	+0.186%	$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	+0.0003%	4h	93.733	+0.146%	$163K	$578K	20x	as long as short
Phoenix HYPE	+0.0009%	1h	93.755	+0.170%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDTshort	+0.0019%	8h	93.573	−0.025%	$321.6M	$283.1M	75x
Aster HYPEUSDT	+0.0019%	4h	93.557	−0.042%	$8.9M	$36.0M	300x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.597	+0.001%	$87.1M	$81.7M	100x	as long as short
Binance HYPEUSDT	+0.0059%	4h	93.597	+0.001%	$382.9M	$895.1M	75x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	93.736	+0.149%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.817	+0.236%	$5.1M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0082%	4h	93.584	−0.013%	$44.5M	$59.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.630	+0.036%	$18.8M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.601	+0.005%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.597	+0.001%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.697	+0.107%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.579	−0.018%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.600	+0.004%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.571	−0.026%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.617	+0.022%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.595	−0.001%	$115.2M	$319.9M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.577	−0.020%	$46.4M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.608	+0.013%	$226.6M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.582	−0.015%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.752	+0.167%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.974	+0.404%	$31.3M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.786	+0.203%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.819	+0.238%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.167%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.668	+0.077%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.608	+0.013%	$490K	$2.5M	20x	as long as short
Bullet HYPE-USDlong	+0.0100%	1h	93.596	long leg	$111K	$578K	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.737	+0.151%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.763	+0.178%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.718	+0.130%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.560%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.870%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.580	−0.018%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.734	+0.147%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.750	+0.164%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.850	+0.271%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.598	+0.002%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0255%	4h	93.716	+0.128%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.647	+0.054%	$2.8M	$6.9M	20x	as long as short
Hyperliquid HYPE	+0.0307%	1h	93.662	+0.070%	$2.03B	$675.9M	10x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.755	+0.170%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0347%	1h	93.821	+0.240%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.811	+0.230%	$20.9M	$29.3M	50x	as long as short