Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.014%

Price spread now: Extended against Bybit+0.007%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$8 on $10k

Price spread, last 7 days+0.014%+$1 · spread now +0.007%, 7d avg −0.009%

Together, before fees+0.099%+ Points / potential airdropExtended: Active · farm board+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.420	0.0041	pay 0.0041% / 8h	2h 47m	$325.7M	$287.9M	75x
Short	Extended HYPE-USD	93.427	0.0104	get 0.0013% / 1h	47m 30s	$18.4M	$41.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.007%Rate

Funding earned: $13.3
Price spread: +0.007% → −0.009%: $1.6
Slippage, 4 orders: −$1.69
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$2.79
Costs to cover: 0.177%
Break-even: 8.5 days

Slippage from Bybit: live order book, 2 min ago; Extended: live order book, 2 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, 2 min ago	0.54 bp	6.0 bp −$6	8.5 bp −$85	16.3 bp −$1,629	65.8 bp −$32.9K
Sell Extended live order book, 2 min ago	0.05 bp	3.1 bp −$3	5.2 bp −$52	25.8 bp −$2,585	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	−0.1256%	1h	93.344	−0.081%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0168%	1h	93.330	−0.096%	$700K	$944K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	93.409	−0.012%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.449	+0.031%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.472	+0.056%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0001%	1h	93.419	−0.002%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.089%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.559	+0.149%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.443	+0.025%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.513	+0.099%	$19K	—	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	+0.0014%	4h	93.487	+0.072%	$8.9M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.431	+0.012%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.445	+0.027%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDTlong	+0.0041%	8h	93.420	long leg	$325.7M	$287.9M	75x
Phoenix HYPE	+0.0068%	1h	93.408	−0.013%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.500	+0.086%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.109%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.492	+0.077%	$18.5M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.464	+0.047%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.430	+0.011%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	+0.064%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.418	−0.002%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.491	+0.076%	$2.04B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.462	+0.045%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.433	+0.013%	$385.9M	$889.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.416	−0.004%	$114.8M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.421	+0.001%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.091%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.422	+0.002%	$93.1M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.433	+0.014%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.433	+0.014%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.430	+0.011%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.523	+0.110%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.133%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.014%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.504	+0.090%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.486	+0.070%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.471	+0.055%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.493	+0.078%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.529	+0.117%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.495	+0.080%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.488	+0.073%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.473	+0.057%	$339K	$171K	20x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	93.427	+0.007%	$18.4M	$41.1M	50x
Aevo HYPE-PERP	+0.0104%	1h	93.515	+0.102%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.395	−0.027%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.550	+0.139%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.426	+0.007%	$77K	$157K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0252%	1h	93.599	+0.192%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.290	−0.139%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.512	+0.099%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.376	−0.047%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0398%	4h	93.650	+0.246%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.512	+0.098%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.603	+0.196%	$19.2M	$25.9M	50x	as long as short