Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0154%/8h= +16.9% APRpaid last 24h −0.010%

Price spread now: Coinbase International against Bybit+0.139%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)−0.161%−$16 · spread now +0.139%, 7d avg −0.005%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Coinbase International is 0.144% dearer against Bybit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.310	0.0022	pay 0.0022% / 8h	1h 13m	$323.2M	$283.8M	75x
Short	Coinbase International HYPE-PERP-INTX	93.440	0.0176	get 0.0022% / 1h	13m 03s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.139%Rate

Funding earned: $32.35
Price spread: +0.139% → −0.005%: $14.4
Slippage, 4 orders: −$10.93
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $14.81
Costs to cover: 0.319%
Break-even: 3.8 days

Slippage from Bybit: live order book, 1 min ago; Coinbase International: live order book, 1 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, 1 min ago	0.54 bp	6.0 bp −$6	7.9 bp −$79	17.1 bp −$1,709	78.6 bp −$39.3K
Sell Coinbase International live order book, 1 min ago	3.21 bp	9.7 bp −$10	14.1 bp −$141	34.0 bp −$3,395	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
Aftermath Perps HYPEUSD	−0.0447%	1h	93.240	−0.076%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0352%	1h	93.222	−0.094%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.238	−0.077%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.310	0.000%	$699K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.373	+0.068%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.321	+0.012%	$90K	$360K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.388	+0.083%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.285	−0.027%	$57K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.303	−0.007%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.325	+0.016%	$27K	—	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	+0.0003%	4h	93.344	+0.036%	$8.9M	$35.8M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0019%	4h	93.329	+0.020%	$172K	$519K	20x	as long as short
Bybit HYPEUSDTlong	+0.0022%	8h	93.310	long leg	$323.2M	$283.8M	75x
Phoenix HYPE	+0.0034%	1h	93.249	−0.065%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0041%	1h	93.295	−0.016%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.257	−0.057%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0060%	4h	93.330	+0.021%	$44.0M	$58.7M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.328	+0.019%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.315	+0.005%	$382.0M	$893.5M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.148%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.371	+0.065%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.352	+0.045%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.315	+0.005%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.352	+0.045%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.054%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.347	+0.040%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.348	+0.041%	$2.03B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.344	+0.036%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.322	+0.013%	$114.2M	$313.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.083%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.322	+0.013%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.331	+0.023%	$226.4M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.321	+0.012%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.339	+0.031%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.114%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.119%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.168%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.269	−0.044%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.323	+0.014%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.304	−0.006%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.298	−0.013%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.349	+0.042%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.310	0.000%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.278	−0.034%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.281	−0.031%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.367	+0.061%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0176%	1h	93.440	+0.139%	$4.9M	$5.7M	50x
HTX HYPE-USDT	+0.0229%	4h	93.513	+0.218%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.420	+0.118%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.279	−0.033%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.316	+0.006%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.341	+0.033%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.318	+0.008%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0371%	1h	93.407	+0.104%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.439	+0.139%	$20.9M	$29.0M	50x	as long as short