Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.007%

Price spread now: OKX against Coinbase International+0.020%7-day average +0.007% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$310.308% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.020%, 7d avg +0.007%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	94.170	0.0144	pay 0.0018% / 1h	38m 47s	$4.9M	$5.5M	50x
Short	OKX HYPE-USDT-SWAP	94.189	0.0081	get 0.0081% / 8h	7h 38m	$116.1M	$319.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$13.22
Price spread: +0.020% → +0.007%: $1.34
Slippage, 4 orders: −$10.76
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$42.65
Costs to cover: 0.308%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; OKX: live order book, 5 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, 5 min ago	3.19 bp	9.2 bp −$9	14.5 bp −$145	33.3 bp −$3,329	doesn't fit
Sell OKX live order book, 5 min ago	0.05 bp	5.1 bp −$5	7.4 bp −$74	17.4 bp −$1,744	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	−0.1472%	1h	93.969	−0.213%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.949	−0.235%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0273%	1h	94.036	−0.143%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0194%	8h	94.071	−0.105%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0193%	1h	94.163	−0.007%	$128K	$29K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0182%	1h	94.020	−0.159%	$705K	$937K	10x	as long as short
Bullet HYPE-USD	−0.0085%	1h	94.024	−0.155%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.057	−0.120%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.074	−0.102%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0054%	4h	94.110	−0.064%	$44.5M	$59.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0033%	8h	94.170	0.000%	$323.7M	$281.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.035	−0.143%	$170K	$592K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.084	−0.091%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.064	−0.112%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.109	−0.065%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.986	−0.195%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	−0.051%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.154	−0.017%	$88.8M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0045%	1h	94.018	−0.161%	$76K	$170K	20x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.181	+0.012%	$384.5M	$893.0M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.034	−0.145%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0081%	8h	94.189	+0.020%	$116.1M	$319.4M	50x
Popdex HYPEUSDT	+0.0088%	1h	94.029	−0.150%	$64K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.184	+0.014%	$19.0M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.168	−0.002%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.035	−0.143%	$400K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.226	+0.059%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.127%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.044	−0.133%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.207	+0.039%	$2.05B	$673.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.186	+0.017%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.376%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.126	−0.047%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.131	−0.041%	$228.3M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.116	−0.057%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.038	−0.140%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.169%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.149%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.016	−0.164%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.051	−0.126%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.075	−0.101%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.050	−0.127%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.111	−0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.011	−0.169%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.170	0.000%	$19.0M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0144%	1h	94.170	long leg	$4.9M	$5.5M	50x
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.147%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0193%	8h	94.119	−0.054%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.096%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.083	−0.092%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.030	−0.149%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.061	−0.116%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0356%	1h	94.112	−0.062%	$7.5M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0413%	4h	94.220	+0.053%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.111	−0.062%	$21.0M	$29.7M	50x	as long as short