Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.052%

Price spread now: KuCoin against Deribit−0.072%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

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

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.072%, 7d avg −0.051%

Together, before fees+0.055%+$6 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 KuCoin is 0.021% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.129	0.0228	pay 0.0029% / 1h	23m 15s	$7.4M	$4.3M	50x
Short	KuCoin HYPEUSDTM	94.061	0.0100	get 0.0050% / 4h	23m 15s	$46.7M	$18.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$26.88
Price spread: −0.072% → −0.051%: −$2.09
Slippage, 4 orders: −$11.81
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$59.78
Costs to cover: 0.308%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; KuCoin: 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 Deribit live order book, 1 min ago	0.53 bp	6.5 bp −$6	11.8 bp −$118	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	0.26 bp	9.8 bp −$10	14.2 bp −$142	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	−0.1744%	1h	94.075	−0.058%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0414%	1h	94.000	−0.137%	$80K	$151K	20x	as long as short
Bullet HYPE-USD	−0.0234%	1h	94.017	−0.119%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.910	−0.233%	$711K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0133%	1h	94.178	+0.052%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.038	−0.097%	$87K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.004	−0.133%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0074%	1h	93.982	−0.157%	$16.4M	$7.5M	10x	as long as short
Lighter HYPE	−0.0056%	1h	94.038	−0.097%	$16.3M	$64.4M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.030	−0.105%	$1.0M	$3.6M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.070	−0.063%	$316.2M	$289.2M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.033	−0.102%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	93.986	−0.152%	$146K	$684K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0006%	1h	94.048	−0.086%	$496K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.059	−0.074%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.094	−0.037%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.109%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.050	−0.084%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.070	−0.063%	$123K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0030%	8h	93.984	−0.154%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.034	−0.101%	$225.9M	$100.0M	75x	as long as short
SoDEX HYPE-USD	+0.0038%	1h	94.037	−0.098%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0043%	1h	94.081	−0.051%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	94.044	−0.090%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	93.960	−0.180%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	94.073	−0.059%	$117.2M	$323.3M	50x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	94.094	−0.037%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.024	−0.112%	$49.9M	$56.7M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.039	−0.096%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.047	−0.087%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.090	−0.041%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.035	−0.100%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.116	−0.014%	$2.07B	$687.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.051	−0.083%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.013	−0.123%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.062	−0.071%	$376.7M	$933.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.118%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.064	−0.069%	$88.2M	$83.7M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.061	−0.072%	$46.7M	$18.8M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.999	−0.138%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.108	−0.023%	$29.5M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	−0.007%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.083	−0.049%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.076	−0.056%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.098	−0.033%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.180	+0.054%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.013	−0.123%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.019	−0.117%	$397K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.096	−0.035%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.649%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0224%	1h	94.094	−0.038%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0228%	1h	94.129	long leg	$7.4M	$4.3M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.073	−0.060%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.012	−0.124%	$84K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.044	−0.090%	$17.1M	$12.3M	75x	as long as short