Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h −0.031%

Price spread now: Orderly against Bybit+0.144%7-day average +0.020% · you sell dearer than you buy

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

Long on Bybit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 3 days (all we have)−0.152%−$15 · spread now +0.144%, 7d avg +0.020%

Together, before fees−0.272%−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Orderly is 0.124% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.020%. Mind the row above: over the last 7 days funding on this pair cost −0.120%, 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	92.874	0.0030	pay 0.0030% / 8h	1h 53m	$323.3M	$286.8M	75x
Short	Orderly PERP_HYPE_USDC	93.008	0.0043	get 0.0022% / 4h	1h 53m	$165K	$515K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.144%Rate

Funding earned: $2.78
Price spread: +0.144% → +0.020%: $12.42
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1.8
Costs to cover: 0.170%
Break-even: 11.5 days

Slippage unknown: Bybit: live order book, 1 min ago; Orderly: 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, 1 min ago	0.54 bp	6.8 bp −$7	8.8 bp −$88	17.6 bp −$1,757	65.5 bp −$32.8K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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	−0.0295%	1h	93.171	+0.320%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	+0.121%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.204	+0.355%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0040%	1h	93.170	+0.318%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	92.906	+0.034%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.117	+0.261%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.050	+0.190%	$90K	$361K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.026	+0.164%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.052	+0.191%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.051	+0.191%	$20K	—	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	+0.0007%	4h	93.036	+0.175%	$8.9M	$35.9M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.160	+0.308%	$699K	$928K	10x	as long as short
Bybit HYPEUSDTlong	+0.0030%	8h	92.874	long leg	$323.3M	$286.8M	75x
Phoenix HYPE	+0.0034%	1h	93.222	+0.375%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.028	+0.166%	$56K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.905	+0.033%	$43.9M	$56.8M	75x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0043%	4h	93.008	+0.144%	$165K	$515K	20x
Bullet HYPE-USD	+0.0090%	1h	93.006	+0.142%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.969	+0.102%	$18.5M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.937	+0.068%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.069	+0.210%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.060	+0.200%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.061	+0.202%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.959	+0.092%	$2.02B	$669.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.078	+0.220%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.903	+0.031%	$383.0M	$891.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.861	−0.014%	$114.1M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.428%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.923	+0.053%	$91.0M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.930	+0.060%	$46.9M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.881	+0.008%	$225.2M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.876	+0.002%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.903	+0.031%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	+0.251%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.399%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.221	+0.374%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.257	+0.412%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.084	+0.226%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.047	+0.186%	$491K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.985	+0.120%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.053	+0.193%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.928	+0.058%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.920	+0.050%	$12.7M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.179	+0.328%	$5.1M	$29.4M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.908	+0.036%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.924	+0.053%	$395K	$318K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.980	+0.114%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.990	+0.125%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.003	+0.139%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.087	+0.229%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0297%	4h	93.200	+0.351%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0320%	1h	93.026	+0.164%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.034	+0.172%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.007	+0.143%	$17.0M	$12.4M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.036	+0.174%	$20.7M	$28.4M	50x	as long as short