Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1476%/8h= −161.6% APRpaid last 24h −0.252%

Price spread now: Hibachi against Bybit−0.113%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$238as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$710.706% of the position

Long on Bybit Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.669%−$167 on $10k

Price spread, last 4 days (all we have)+0.747%+$75 · spread now −0.113%, 7d avg −0.041%

Together, before fees−0.922%+ Points / potential airdropHibachi: Active · farm board−$92 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and Hibachi is 0.072% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.894	0.0100	pay 0.0100% / 8h	7h 50m	$317.3M	$289.8M	75x
Short	Hibachi HYPE/USDT-P	94.787	−0.1376	pay 0.0172% / 1h	50m 22s	$208K	$268K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.113%Rate

Funding earned: −$309.96
Price spread: −0.113% → −0.041%: −$7.19
Slippage, 4 orders: −$50.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$387.79
Costs to cover: 0.706%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Hibachi: live order book, 49 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	6.0 bp −$6	7.7 bp −$77	14.7 bp −$1,473	42.7 bp −$21.3K
Sell Hibachi live order book, 49 min ago	17.49 bp	23.9 bp −$24	43.4 bp −$434	doesn't fit	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-Pshort	−0.1376%	1h	94.787	−0.113%	$208K	$268K	7x
Bluefin HYPE-PERP	−0.0361%	1h	94.867	−0.028%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0319%	1h	94.745	−0.157%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0238%	8h	94.788	−0.112%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.898	+0.005%	$113K	$576K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.846	−0.051%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.930	+0.038%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.836	−0.061%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.869	−0.027%	$20.3M	$30.3M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0047%	1h	94.740	−0.162%	$715K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.892	−0.002%	$148K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.808	−0.091%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.881	−0.014%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.851	−0.046%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.859	−0.037%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	−0.089%	$208K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.913	+0.020%	$227.6M	$99.4M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.820	−0.078%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.214%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.856	−0.040%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0063%	1h	94.941	+0.049%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.901	+0.007%	$118.3M	$328.3M	50x	as long as short
Lighter HYPE	+0.0088%	1h	94.821	−0.077%	$16.2M	$61.8M	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.791	−0.109%	$5.0M	$30.7M	30x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	94.825	−0.073%	$2.1M	$1.9M	10x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.816	−0.082%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.895	+0.001%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.860	−0.036%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.875	−0.020%	$7.3M	$52.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.000	+0.112%	$2.09B	$690.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.891	−0.003%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.871	−0.024%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.892	−0.002%	$381.8M	$934.6M	75x	as long as short
Bybit HYPEUSDTlong	+0.0100%	8h	94.894	long leg	$317.3M	$289.8M	75x
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.221%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.909	+0.016%	$51.0M	$53.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.905	+0.012%	$93.9M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.934	+0.042%	$47.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.909	+0.016%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.763	−0.138%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.809	−0.089%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.848	−0.048%	$7.7M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.799	−0.100%	$352K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.833	−0.064%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.962	+0.072%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.925	+0.033%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.966	+0.076%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.835	−0.062%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.886	−0.009%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.896	+0.002%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.060	+0.175%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0235%	1h	94.920	+0.027%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.897	+0.003%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.897	+0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.810	−0.089%	$17.2M	$12.5M	75x	as long as short