Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0181%/8h= +19.8% APRpaid last 24h −0.034%

Price spread now: Orderly against Bullet−0.072%56s7-day average −0.014% · you buy dearer than you sell

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

Long on Bullet Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.072%, 7d avg −0.014%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.057% cheaper against Bullet than usual: you would sell low and buy high (spread −0.072% now, against its 7-day average of −0.014%). If the spread goes back, that is −$6 on $10k: about 25 hours of funding at the current rate (+$5 a day). The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	94.555	−0.0187	get 0.0023% / 1h	1m 31s	$112K	$575K	20x
Short	Orderly PERP_HYPE_USDC	94.487	−0.0007	pay 0.0003% / 4h	1m 31s	$147K	$686K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.072%Rate

Funding earned: $37.92
Price spread: −0.072% → −0.014%: −$5.75
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $18.17
Costs to cover: 0.140%
Break-even: 3.6 days

Slippage unknown: Bullet: live order book, 38 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 Bullet live order book, 38 min ago	0.21 bp	8.8 bp −$9	14.9 bp −$149	doesn't fit	doesn't fit
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	−0.1496%	1h	94.529	−0.027%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0381%	1h	94.477	−0.082%	$80K	$152K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0205%	1h	94.503	−0.054%	$22K	$20K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	94.460	−0.100%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USDlong	−0.0187%	1h	94.555	long leg	$112K	$575K	20x
01 Exchange HYPEUSD	−0.0112%	1h	94.536	−0.020%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.527	−0.029%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.511	−0.046%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.530	−0.026%	$318.0M	$288.4M	75x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0007%	4h	94.487	−0.072%	$147K	$686K	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0001%	1h	94.468	−0.091%	$16.3M	$7.3M	10x	as long as short
Lighter HYPE	0.0000%	1h	94.513	−0.044%	$16.4M	$64.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	−0.013%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.598	+0.046%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	+0.013%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.545	−0.010%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.588	+0.035%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.550	−0.005%	$227.1M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0025%	1h	94.561	+0.007%	$499K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.512	−0.045%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	94.543	−0.012%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.522	−0.035%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.550	−0.005%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.529	−0.027%	$118.0M	$325.7M	50x	as long as short
Vest HYPE-PERP	+0.0074%	1h	94.594	+0.042%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.506	−0.051%	$50.6M	$57.0M	75x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.100%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.516	−0.041%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.543	−0.012%	$85K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.510	−0.047%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.523	−0.033%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.628	+0.078%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.532	−0.024%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.544	−0.011%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.545	−0.010%	$379.2M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.134%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.562	+0.008%	$93.6M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.526	−0.030%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.512	−0.045%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.496	−0.062%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.203%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.513	−0.044%	$7.6M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.099%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.519	−0.038%	$695K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.619	+0.068%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.620	+0.069%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.495	−0.063%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.508	−0.049%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.564	+0.009%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.450	−0.111%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0215%	1h	94.607	+0.055%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.551	−0.004%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.560	+0.006%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.534	−0.022%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.486	−0.073%	$17.2M	$12.4M	75x	as long as short