Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.006%

Price spread now: Variational Omni against Bullet−0.039%7-day average −0.042% · you buy dearer than you sell

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

Long on Bullet Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 3 days (all we have)−0.222%−$22 · spread now −0.039%, 7d avg −0.042%

Together, before fees−0.214%+ Points / potential airdropVariational Omni: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.332	−0.0034	get 0.0004% / 1h	50m 26s	$113K	$583K	20x
Short	Variational Omni HYPE	93.295	0.0100	get 0.0100% / 8h	2h 50m	$28.8M	$49.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.039%Rate

Funding earned: $28.24
Price spread: −0.039% → −0.042%: $0.26
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $20.5
Costs to cover: 0.080%
Break-even: 1.9 days

Slippage unknown: Bullet: live order book, 38 min ago; Variational Omni: RFQ quote, 4 min ago. 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	0.54 bp	7.7 bp −$8	12.0 bp −$120	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.42 bp	doesn't fit	5.0 bp −$50	21.3 bp −$2,128	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
Hibachi HYPE/USDT-P	−0.1280%	1h	93.248	−0.090%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0188%	1h	93.210	−0.131%	$700K	$949K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	93.337	+0.005%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.395	+0.068%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.301	−0.033%	$3K	$331	25x	as long as short
Bullet HYPE-USDlong	−0.0034%	1h	93.332	long leg	$113K	$583K	20x
dYdX HYPE-USD	0.0000%	1h	93.407	+0.081%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.387	+0.059%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.373	+0.044%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.398	+0.071%	$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	+0.0006%	4h	93.360	+0.030%	$8.9M	$36.3M	300x	as long as short
Gate HYPE_USDT	+0.0008%	4h	93.352	+0.021%	$44.1M	$56.2M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.309	−0.025%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.349	+0.018%	$325.4M	$288.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.368	+0.039%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.370	+0.041%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.405	+0.078%	$18.5M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.374	+0.045%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.388	+0.060%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	+0.041%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.394	+0.066%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.407	+0.080%	$2.03B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.379	+0.050%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.374	+0.045%	$386.1M	$890.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.345	+0.014%	$114.8M	$316.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.329	−0.003%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.004%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.387	+0.059%	$92.5M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.385	+0.057%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.386	+0.058%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.363	+0.033%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.368	+0.039%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.295	−0.039%	$28.8M	$49.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.055%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.287	−0.048%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.344	+0.013%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.401	+0.074%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.392	+0.064%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.366	+0.036%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.322	−0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.309	−0.025%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.325	−0.008%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.377	+0.049%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.345	+0.014%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.361	+0.032%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.060%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.062%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.358	+0.028%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.230	−0.109%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.390	+0.062%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.410	+0.084%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.295	−0.040%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0404%	4h	93.466	+0.144%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.424	+0.099%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.425	+0.099%	$19.2M	$25.8M	50x	as long as short