Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h −0.009%

Price spread now: dYdX against Bybit−0.040%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$740.741% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now −0.040%, 7d avg +0.023%

Together, before fees−0.090%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.063% cheaper against Bybit than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.023%). If the spread goes back, that is −$6 on $10k: about 13 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.075%, 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	94.580	−0.0017	get 0.0017% / 8h	0m 26s	$318.2M	$288.7M	75x
Short	dYdX HYPE-USD	94.542	0	get 0.0000% / 1h	0m 26s	$130K	$94K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.040%Rate

Funding earned: $3.49
Price spread: −0.040% → +0.023%: −$6.29
Slippage, 4 orders: −$53.1
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$76.9
Costs to cover: 0.741%
Break-even: 161.0 days

Slippage from Bybit: live order book, 4 min ago; dYdX: live order book, 38 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	0.53 bp	7.1 bp −$7	8.5 bp −$85	15.2 bp −$1,517	46.3 bp −$23.2K
Sell dYdX live order book, 38 min ago	25.49 bp	30.5 bp −$31	109.8 bp −$1,098	172.4 bp −$17.2K	411.7 bp −$205.9K

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	−0.1488%	1h	94.543	−0.039%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0380%	1h	94.577	−0.003%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0211%	1h	94.522	−0.061%	$22K	$20K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0204%	1h	94.510	−0.074%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0180%	1h	94.595	+0.016%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.579	−0.001%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.572	−0.008%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.539	−0.043%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDTlong	−0.0017%	8h	94.580	long leg	$318.2M	$288.7M	75x
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.569	−0.012%	$147K	$686K	20x	as long as short

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	−0.118%	$16.3M	$7.3M	10x	as long as short
Lighter HYPE	0.0000%	1h	94.558	−0.023%	$16.4M	$64.9M	20x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	94.542	−0.040%	$130K	$94K	5x
Kalshi KXHYPEPERP	0.0000%	8h	94.611	+0.033%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.014%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.562	−0.019%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.588	+0.008%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.595	+0.016%	$227.2M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0033%	1h	94.646	+0.070%	$499K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.568	−0.013%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	94.585	+0.006%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.561	−0.020%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.570	−0.011%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.581	+0.001%	$118.0M	$326.0M	50x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.635	+0.058%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.579	−0.001%	$50.7M	$57.1M	75x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.127%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.565	−0.016%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.549	−0.033%	$85K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.530	−0.053%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.545	−0.037%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.672	+0.097%	$2.08B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.579	−0.001%	$8.9M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.587	+0.007%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.593	+0.014%	$379.4M	$933.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.161%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.586	+0.006%	$93.5M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.579	−0.001%	$46.9M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.576	−0.004%	—	$52.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.546	−0.036%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.532	−0.050%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.513	−0.071%	$7.6M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.126%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.532	−0.051%	$695K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.652	+0.076%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.650	+0.074%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.528	−0.055%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.671	+0.097%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.595	+0.015%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.169%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.597	+0.018%	$20.3M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0236%	1h	94.658	+0.082%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.576	−0.004%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.571	−0.010%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.490	−0.095%	$17.1M	$12.4M	75x	as long as short