Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h +0.007%

Price spread now: Bybit against Coinbase International−0.223%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 3 days (all we have)+0.260%+$26 · spread now −0.223%, 7d avg +0.004%

Together, before fees+0.296%+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.227% cheaper against Coinbase International than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.990	0.0152	pay 0.0019% / 1h	33m 28s	$4.9M	$5.7M	50x
Short	Bybit HYPEUSDT	93.780	0.0020	get 0.0020% / 8h	33m 28s	$322.7M	$282.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.223%Rate

Funding earned: −$27.8
Price spread: −0.223% → +0.004%: −$22.73
Slippage, 4 orders: −$9.96
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.49
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; Bybit: live order book, 6 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 Coinbase International live order book, 6 min ago	3.19 bp	9.4 bp −$9	15.8 bp −$158	36.1 bp −$3,613	doesn't fit
Sell Bybit live order book, 6 min ago	0.53 bp	6.0 bp −$6	9.5 bp −$95	17.4 bp −$1,736	39.7 bp −$19.8K

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	−0.0768%	1h	93.809	−0.193%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0376%	1h	94.025	+0.037%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.715	−0.293%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.835	−0.165%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0042%	1h	93.730	−0.277%	$704K	$909K	10x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.773	−0.231%	$87K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0004%	1h	93.850	−0.149%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.839	−0.161%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.829	−0.172%	$23K	$328K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.785	−0.218%	$26K	—	150x	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	+0.0005%	4h	93.919	−0.076%	$164K	$579K	20x	as long as short
Phoenix HYPE	+0.0009%	1h	94.133	+0.152%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDTshort	+0.0020%	8h	93.780	−0.223%	$322.7M	$282.7M	75x
Aster HYPEUSDT	+0.0029%	4h	93.824	−0.177%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	93.961	−0.031%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.802	−0.200%	$383.7M	$892.9M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.798	−0.204%	$87.5M	$81.6M	100x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.824	−0.177%	$44.3M	$58.8M	75x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.027	+0.039%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.871	−0.127%	$18.9M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.851	−0.148%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.797	−0.205%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.923	−0.072%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.799	−0.204%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.820	−0.181%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.778	−0.226%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.840	−0.160%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.785	−0.218%	$115.6M	$319.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.815	−0.186%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.802	−0.200%	$227.1M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.780	−0.223%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.924	−0.070%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.974	−0.017%	$31.3M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.067%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.935	−0.059%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.988	−0.002%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.863	−0.135%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.817	−0.184%	$490K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.800	−0.202%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.907	−0.088%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.968	−0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.915	−0.080%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.138%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.447%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.777	−0.227%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0135%	8h	94.047	+0.061%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0152%	1h	93.990	long leg	$4.9M	$5.7M	50x
HTX HYPE-USDT	+0.0221%	4h	94.140	+0.160%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.799	−0.204%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0264%	4h	93.962	−0.030%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.852	−0.147%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.939	−0.055%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0346%	1h	94.023	+0.035%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0355%	1h	93.879	−0.118%	$2.04B	$670.5M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.017	+0.029%	$21.0M	$29.3M	50x	as long as short