Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0510%/8h= −55.9% APRpaid last 24h −0.039%

Price spread now: Bybit against Deribit−0.118%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 3 days (all we have)+0.089%+$9 · spread now −0.118%, 7d avg −0.069%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bybit is 0.049% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.069%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% 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	Deribit HYPE_USDC-PERPETUAL	94.201	0.0472	pay 0.0059% / 1h	42m 11s	$7.5M	$4.6M	50x
Short	Bybit HYPEUSDT	94.090	−0.0038	pay 0.0038% / 8h	7h 42m	$323.5M	$281.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$107.17
Price spread: −0.118% → −0.069%: −$4.86
Slippage, 4 orders: −$14.05
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$144.08
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Bybit: live order book, 2 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 Deribit live order book, 2 min ago	1.54 bp	8.6 bp −$9	10.0 bp −$100	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.53 bp	6.0 bp −$6	7.8 bp −$78	19.5 bp −$1,952	47.9 bp −$24.0K

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	−0.1480%	1h	93.902	−0.318%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.996	−0.218%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0287%	1h	93.962	−0.254%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0254%	8h	94.095	−0.113%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0189%	1h	93.960	−0.256%	$703K	$927K	10x	as long as short
Bullet HYPE-USD	−0.0116%	1h	94.074	−0.134%	$113K	$580K	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	94.092	−0.116%	$44.5M	$59.3M	75x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.125	−0.081%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.091	−0.117%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0060%	1h	94.085	−0.123%	$128K	$29K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDTshort	−0.0038%	8h	94.090	−0.118%	$323.5M	$281.3M	75x
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.098	−0.109%	$170K	$593K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.088	−0.120%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.123	−0.083%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.105	−0.102%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0021%	1h	94.057	−0.153%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.915	−0.304%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	94.109	−0.098%	$89.0M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0042%	1h	94.121	−0.085%	$76K	$171K	20x	as long as short
Binance HYPEUSDT	+0.0043%	4h	94.108	−0.098%	$384.0M	$894.3M	75x	as long as short
edgeX HYPEUSDC	+0.0051%	4h	93.859	−0.363%	$5.1M	$29.9M	30x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	94.104	−0.103%	$63K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.104	−0.103%	$116.0M	$319.7M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.115	−0.091%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.156	−0.048%	$18.9M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.128	−0.077%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.140	−0.065%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.107%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.106	−0.100%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.189	−0.013%	$2.05B	$678.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.115	−0.091%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.409%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.108	−0.099%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.116	−0.090%	$228.3M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.100	−0.107%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.092	−0.116%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.820	−0.404%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.912	−0.307%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.357%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.913	−0.306%	$679K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.100	−0.107%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.113	−0.093%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.185	−0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.107	−0.100%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.084	−0.124%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	−0.065%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0164%	4h	94.031	−0.180%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.159	−0.045%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.063%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.146	−0.058%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.094	−0.114%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.122	−0.083%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0403%	4h	94.274	+0.077%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0472%	1h	94.201	long leg	$7.5M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.212	+0.012%	$21.0M	$29.7M	50x	as long as short