Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0157%/8h= −17.2% APRpaid last 24h −0.012%

Price spread now: Ondo Perps against Bybit−0.138%7-day average +0.023% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 7 days−0.464%−$46 · spread now −0.138%, 7d avg +0.023%

Together, before fees−0.543%+ Points / potential airdropOndo Perps: Active · farm board−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Ondo Perps is 0.161% cheaper against Bybit than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	95.271	0.0033	pay 0.0033% / 8h	5h 58m	$321.4M	$266.8M	75x
Short	Ondo Perps HYPE-USD.P	95.140	−0.0125	pay 0.0016% / 1h	58m 41s	$690K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$33.06
Price spread: −0.138% → +0.023%: −$16.05
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$65.11
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	9.2 bp −$92	16.9 bp −$1,686	48.5 bp −$24.2K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 exchanges

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	−0.1336%	1h	95.197	−0.078%	$212K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0360%	1h	95.215	−0.059%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0271%	8h	95.161	−0.115%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.225	−0.048%	$18.6M	$35.3M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	95.203	−0.071%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0137%	1h	95.172	−0.104%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0125%	1h	95.140	−0.138%	$690K	$1.3M	10x
01 Exchange HYPEUSD	−0.0112%	1h	95.228	−0.045%	$92K	$346K	20x	as long as short
Popdex HYPEUSDT	−0.0104%	1h	95.202	−0.072%	$274K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.084%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0076%	4h	95.280	+0.009%	$54.6M	$53.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.200	−0.075%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.191	−0.084%	$148K	$645K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.267	−0.004%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.259	−0.012%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.245	−0.027%	$119.2M	$304.5M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.013%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.233	−0.040%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.216	−0.058%	$100K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0012%	1h	95.299	+0.029%	$7.5M	$4.3M	50x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.083%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.070%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	95.286	+0.016%	$229.0M	$87.4M	75x	as long as short
SoDEX HYPE-USD	+0.0024%	1h	95.222	−0.051%	$2.1M	$373K	10x	as long as short
Bybit HYPEUSDTlong	+0.0033%	8h	95.271	long leg	$321.4M	$266.8M	75x
Vest HYPE-PERP	+0.0045%	1h	95.267	−0.004%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.262	−0.010%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.169%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.286	+0.016%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.160	−0.117%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.205	−0.069%	$7.3M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.359	+0.092%	$2.11B	$649.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.286	+0.016%	$10.3M	$13.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.267	−0.004%	$382.8M	$859.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.256	−0.016%	$91.0M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.272	+0.001%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.279	+0.008%	—	$48.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.264	−0.007%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.135%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	−0.171%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.136	−0.142%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.218	−0.056%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.242	−0.030%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.223	−0.050%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.301	+0.031%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.307	+0.038%	$1.4M	$5.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.214	−0.060%	$18.4M	$40.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.200	−0.074%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.275	+0.004%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.246	−0.026%	$3.1M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.168	−0.108%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.246	−0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.205	−0.069%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.135%	$31K	$334K	12x	as long as short