Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0250%/8h= −27.4% APRpaid last 24h −0.033%

Price spread now: OKX against Deribit−0.149%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.149%, 7d avg −0.063%

Together, before fees+0.115%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and OKX is 0.086% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.063%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% 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	93.371	0.0350	pay 0.0044% / 1h	10m 38s	$7.4M	$4.6M	50x
Short	OKX HYPE-USDT-SWAP	93.232	0.0100	get 0.0100% / 8h	1h 10m	$114.1M	$312.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.149%Rate

Funding earned: −$52.5
Price spread: −0.149% → −0.063%: −$8.6
Slippage, 4 orders: −$8.64
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$86.74
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; OKX: live order book, 3 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, 3 min ago	1.50 bp	5.4 bp −$5	12.5 bp −$125	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.05 bp	6.3 bp −$6	9.4 bp −$94	18.0 bp −$1,797	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
Aftermath Perps HYPEUSD	−0.0451%	1h	93.227	−0.154%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0384%	1h	93.322	−0.053%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.178	−0.207%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.180	−0.205%	$699K	$896K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.276	−0.102%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.225	−0.156%	$90K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	−0.068%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.213	−0.169%	$57K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.261	−0.118%	$23K	$330K	10x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.273	−0.105%	$8.9M	$35.8M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.287	−0.089%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0018%	4h	93.293	−0.084%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.230	−0.151%	$322.9M	$283.2M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.333	−0.041%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0046%	1h	93.254	−0.125%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.245	−0.135%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.238	−0.142%	$44.0M	$58.7M	75x	as long as short
Binance HYPEUSDT	+0.0063%	4h	93.267	−0.111%	$382.9M	$889.4M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.245	−0.135%	$90.1M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.297	−0.079%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.309	−0.067%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.295	−0.081%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.291	−0.085%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.257	−0.122%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.220	−0.162%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.285	−0.092%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.303	−0.073%	$2.03B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	−0.109%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	93.232	−0.149%	$114.1M	$312.9M	50x
KuCoin HYPEUSDTM	+0.0100%	4h	93.296	−0.080%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.246	−0.134%	$226.1M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.239	−0.141%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.289	−0.088%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.180%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.339	−0.035%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	−0.097%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.317	−0.058%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.300	−0.076%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.272	−0.106%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.285	−0.092%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.301	−0.075%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.277	−0.101%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.299	−0.077%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.097%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.213	−0.169%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.346	−0.027%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	+0.074%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	93.410	+0.042%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.210	−0.172%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.235	−0.145%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0260%	4h	93.271	−0.107%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.269	−0.109%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.282	−0.095%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0350%	1h	93.371	long leg	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.388	+0.018%	$20.9M	$28.9M	50x	as long as short