Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h −0.011%

Price spread now: KuCoin against Coinbase International−0.058%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now −0.058%, 7d avg +0.016%

Together, before fees+0.195%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.073% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.058% now, against its 7-day average of +0.016%). If the spread goes back, that is −$7 on $10k: about 38 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.097% in total) that is about 5.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	95.130	−0.0056	get 0.0007% / 1h	30m 35s	$4.7M	$5.5M	50x
Short	KuCoin HYPEUSDTM	95.075	0.0100	get 0.0050% / 4h	1h 30m	$47.6M	$17.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.058%Rate

Funding earned: $32.76
Price spread: −0.058% → +0.016%: −$7.35
Slippage, 4 orders: −$13.55
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$10.13
Costs to cover: 0.355%
Break-even: 9.2 days

Slippage from Coinbase International: live order book, 1 min ago; KuCoin: live order book, 12 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, 1 min ago	3.15 bp	8.4 bp −$8	13.4 bp −$134	34.8 bp −$3,479	doesn't fit
Sell KuCoin live order book, 12 min ago	0.37 bp	10.5 bp −$11	14.7 bp −$147	doesn't fit	doesn't fit

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	−0.0320%	1h	95.177	+0.050%	$218K	$274K	7x	as long as short
Phemex HYPEUSDT	−0.0258%	8h	95.033	−0.102%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.093	−0.039%	$18.5M	$34.9M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0198%	1h	95.172	+0.044%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0139%	1h	95.110	−0.021%	$687K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.079	−0.054%	$1.0M	$2.4M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.093	−0.039%	$101K	$344K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0082%	1h	95.192	+0.065%	$343K	$901K	50x	as long as short
Gate HYPE_USDT	−0.0082%	4h	95.072	−0.061%	$55.1M	$53.6M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.162	+0.034%	$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
Bluefin HYPE-PERP	−0.0074%	1h	95.102	−0.029%	$79K	$133K	20x	as long as short
Bullet HYPE-USD	−0.0068%	1h	95.109	−0.022%	$113K	$580K	20x	as long as short
Lighter HYPE	−0.0064%	1h	95.090	−0.042%	$16.4M	$58.0M	20x	as long as short
Aster HYPEUSDT	−0.0060%	4h	95.085	−0.047%	$9.0M	$32.7M	300x	as long as short
Coinbase International HYPE-PERP-INTXlong	−0.0056%	1h	95.130	long leg	$4.7M	$5.5M	50x
Orderly PERP_HYPE_USDC	−0.0053%	4h	95.091	−0.041%	$148K	$642K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0021%	8h	95.070	−0.063%	$118.9M	$303.3M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.062	−0.071%	$199K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0002%	4h	95.077	−0.056%	$228.5M	$85.6M	75x	as long as short
Perpl HYPE	0.0000%	43m	95.116	−0.014%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.169	+0.041%	$114K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	95.117	−0.014%	$277K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	95.100	−0.032%	$320.6M	$262.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0034%	1h	95.196	+0.069%	$7.5M	$4.3M	50x	as long as short
dYdX HYPE-USD	+0.0038%	1h	95.147	+0.018%	$128K	$94K	5x	as long as short
edgeX HYPEUSDC	+0.0054%	4h	95.040	−0.094%	$5.1M	$28.8M	30x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	95.092	−0.040%	$90.0M	$84.0M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	95.080	−0.053%	$382.4M	$848.6M	75x	as long as short
BingX HYPE-USDT	+0.0062%	4h	95.086	−0.046%	—	$49.0M	—	as long as short
StandX HYPE-USD	+0.0069%	1h	95.054	−0.080%	$691K	$2.7M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	95.095	−0.037%	$339K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.107	−0.024%	$3.4M	$10.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.121	−0.010%	$402K	$130K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.060	−0.074%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.150	+0.020%	$7.3M	$51.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.108	−0.024%	$10.2M	$13.2M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.174	+0.046%	$230K	$17K	10x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	95.075	−0.058%	$47.6M	$17.7M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.007	−0.129%	$7.0M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.093	−0.039%	$29.6M	$52.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.092	−0.040%	$7.7M	$40.5M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.180	+0.052%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.136	+0.006%	$503K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.178	+0.050%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.090	−0.042%	$2.1M	$334K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.172	+0.044%	$1.4M	$5.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.049	−0.085%	$18.3M	$39.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0129%	8h	95.264	+0.141%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.152	+0.023%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0206%	1h	95.217	+0.091%	$2.11B	$646.0M	10x	as long as short
BloFin HYPE-USDT	+0.0225%	4h	95.060	−0.074%	$17.4M	$11.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.088	−0.044%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.150	+0.021%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.389%	$31K	$334K	12x	as long as short