Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.012%

Price spread now: Perpl against Bullet+0.014%7-day average −0.008% · you sell dearer than you buy

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

Long on Bullet Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)−0.015%−$2 · spread now +0.014%, 7d avg −0.008%

Together, before fees−0.082%+ Points / potential airdropPerpl: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.023% dearer against Bullet than usual: you sell high and buy low (spread +0.014% now, against its 7-day average of −0.008%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.625	0.0096	pay 0.0012% / 1h	27m 40s	$112K	$577K	20x
Short	Perpl HYPE	93.638	0	get 0.0000% / 43m	23m 40s	$23K	$329K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Bullet. 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 BulletbpFee PerplbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$20.19
Price spread: +0.014% → −0.008%: $2.27
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$39.72
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 51 min ago; Perpl: 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, 51 min ago	0.22 bp	8.9 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.0872%	1h	93.521	−0.111%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0364%	1h	93.739	+0.122%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.497	−0.137%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.624	−0.001%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0067%	1h	93.540	−0.091%	$703K	$909K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.635	+0.011%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.589	−0.038%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	+0.040%	$127K	$30K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.638	+0.014%	$23K	$329K	10x
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.676	+0.055%	$166K	$583K	20x	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 −0.0003%	1h	93.680	+0.059%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.066%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.601	−0.025%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.569	−0.060%	$321.5M	$283.3M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.575	−0.053%	$87.7M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	93.579	−0.049%	$382.8M	$895.6M	75x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.690	+0.070%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.817	+0.205%	$5.1M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0086%	4h	93.585	−0.043%	$44.4M	$59.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.632	+0.007%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.594	−0.033%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.652	+0.029%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.638	+0.014%	$398K	$318K	20x	as long as short
Bullet HYPE-USDlong	+0.0096%	1h	93.625	long leg	$112K	$577K	20x
Paradex HYPE-USD-PERP	+0.0099%	8h	93.596	−0.030%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.610	−0.016%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.626	+0.002%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.613	−0.013%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.573	−0.055%	$115.2M	$320.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	0.000%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.632	+0.008%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.584	−0.044%	$226.7M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.575	−0.053%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.660	+0.038%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.065%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.007%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.819	+0.207%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.617	−0.008%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.674	+0.052%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.654	+0.031%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.651	+0.028%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.678	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.645	+0.022%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.839%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.593	−0.034%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.722	+0.104%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.680	+0.059%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0215%	4h	93.801	+0.188%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0226%	4h	93.652	+0.029%	$17.0M	$12.6M	75x	as long as short
Hyperliquid HYPE	+0.0238%	1h	93.620	−0.005%	$2.03B	$676.3M	10x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.633	+0.009%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.702	+0.082%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.668	+0.046%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0486%	1h	93.760	+0.144%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.740	+0.123%	$20.9M	$29.4M	50x	as long as short