Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0557%/8h= +61.0% APRpaid last 24h +0.082%

Price spread now: RISEx against Bybit+0.158%65s7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.203% of the position

Long on Bybit Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.172%+$17 on $10k

Price spread, last 7 days−0.159%−$16 · spread now +0.158%, 7d avg +0.018%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and RISEx is 0.140% dearer against Bybit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.018%. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.172% in total (about 17.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.400	0.0002	pay 0.0002% / 8h	1h 32m	$315.1M	$287.9M	75x
Short	RISEx HYPE/USDC	93.547	0.0559	get 0.0070% / 1h	32m 37s	$3.2M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.158%Rate

Funding earned: $117.03
Price spread: +0.158% → +0.018%: $14.01
Slippage, 4 orders: −$3.28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee RISEx: 3 bp × 2 orders: −$6
Net: $110.77
Costs to cover: 0.203%
Break-even: 0.4 days

Slippage from Bybit: live order book, 7 min ago; RISEx: live order book, 1 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, 7 min ago	0.54 bp	7.7 bp −$8	9.2 bp −$92	17.6 bp −$1,758	52.4 bp −$26.2K
Sell RISEx live order book, 1 min ago	0.05 bp	3.5 bp −$3	6.0 bp −$60	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-P	−0.1024%	1h	93.380	−0.021%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	93.496	+0.103%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0089%	1h	93.435	+0.038%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0082%	1h	93.400	0.000%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.458	+0.062%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.437	+0.040%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERP	−0.0028%	1h	93.432	+0.034%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.433	+0.035%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.517	+0.125%	$128K	$28K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.478	+0.083%	$20K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDTlong	+0.0002%	8h	93.400	long leg	$315.1M	$287.9M	75x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.480	+0.086%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.406	+0.006%	—	$53.5M	—	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.105%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.482	+0.088%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	93.405	+0.005%	$225.0M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	93.463	+0.067%	$334K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.460	+0.065%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.377	−0.025%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0088%	8h	93.478	+0.084%	$12.8M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.477	+0.083%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.452	+0.056%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.434	+0.036%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.460	+0.064%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.385	−0.016%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.551	+0.162%	$2.04B	$681.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.434	+0.037%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.467	+0.072%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.427	+0.029%	$373.8M	$929.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.405	+0.005%	$115.3M	$314.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.425	+0.027%	$48.5M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.415	+0.016%	$90.5M	$84.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.425	+0.027%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.469	+0.074%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.066%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.507	+0.115%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.469	+0.074%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	+0.122%	$677K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.526	+0.135%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.508	+0.116%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.584	+0.197%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.435	+0.037%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.214%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	+0.041%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0103%	8h	93.620	+0.236%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.384	−0.017%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.453	+0.056%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.490	+0.096%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.385	−0.017%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.410	+1.081%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.461	+0.065%	$77K	$129K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0306%	1h	93.532	+0.141%	$7.4M	$4.2M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.435	+0.037%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.524	+0.133%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDCshort	+0.0559%	1h	93.547	+0.158%	$3.2M	$6.4M	20x