Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h −0.049%

Price spread now: Arcus against Bybit−0.011%7-day average +0.004% · 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−$20as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.051%−$5 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.011%, 7d avg +0.004%

Together, before fees0.000%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.393	0.0041	pay 0.0041% / 8h	2h 49m	$325.6M	$288.3M	75x
Short	Arcus HYPE-USD	93.383	0.0100	get 0.0013% / 1h	49m 39s	$1.2M	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bybit. 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 BybitbpFee ArcusbpOrdersPrice spread, now −0.011%Rate

Funding earned: $12.46
Price spread: −0.011% → +0.004%: −$1.45
Slippage, 4 orders: −$3.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$7.92
Costs to cover: 0.189%
Break-even: 11.4 days

Slippage from Bybit: live order book, 4 min ago; Arcus: live order book, 4 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 Bybit live order book, 4 min ago	0.54 bp	6.9 bp −$7	8.7 bp −$87	16.3 bp −$1,631	49.5 bp −$24.8K
Sell Arcus live order book, 4 min ago	0.48 bp	2.9 bp −$3	9.1 bp −$91	31.6 bp −$3,163	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	−0.155%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	93.210	−0.196%	$700K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	93.337	−0.060%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.395	+0.002%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.301	−0.099%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0034%	1h	93.332	−0.065%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.407	+0.016%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.446	+0.057%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.373	−0.021%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.398	+0.005%	$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	+0.0010%	4h	93.429	+0.039%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.309	−0.090%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.418	+0.027%	$44.2M	$56.2M	75x	as long as short
Bybit HYPEUSDTlong	+0.0041%	8h	93.393	long leg	$325.6M	$288.3M	75x
Phoenix HYPE	+0.0068%	1h	93.368	−0.027%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.370	−0.025%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.443	+0.053%	$18.5M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.467	+0.079%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.388	−0.005%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	+0.029%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.394	+0.001%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.497	+0.111%	$2.04B	$668.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.432	+0.042%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.423	+0.032%	$386.3M	$890.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.392	−0.001%	$114.8M	$316.3M	50x	as long as short
Arcus HYPE-USDshort	+0.0100%	1h	93.383	−0.011%	$1.2M	$4.0M	10x
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.062%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.409	+0.017%	$92.4M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.409	+0.017%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.424	+0.033%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.399	+0.006%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.384	−0.010%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.104%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	−0.010%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.287	−0.113%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.344	−0.052%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.401	+0.009%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.392	−0.001%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.366	−0.029%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.389	−0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.342	−0.055%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.346	−0.050%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.427	+0.037%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.386	−0.007%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.361	−0.034%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.125%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.420	+0.029%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.358	−0.037%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.230	−0.175%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.449	+0.060%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.390	−0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.295	−0.105%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0403%	4h	93.550	+0.168%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.466	+0.078%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.446	+0.057%	$19.2M	$25.8M	50x	as long as short