Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0129%/8h= −14.2% APRpaid last 24h −0.095%

Price spread now: Orderly against Deribit−0.114%7-day average −0.054% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 4 days (all we have)+0.105%+$10 · spread now −0.114%, 7d avg −0.054%

Together, before fees−0.052%−$5 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 Orderly is 0.060% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.534	0.0131	pay 0.0016% / 1h	44m 52s	$7.4M	$4.3M	50x
Short	Orderly PERP_HYPE_USDC	94.426	0.0002	get 0.0001% / 4h	44m 52s	$146K	$685K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.114%Rate

Funding earned: −$27.17
Price spread: −0.114% → −0.054%: −$5.99
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$46.15
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

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, 4 min ago	0.05 bp	3.6 bp −$4	9.4 bp −$94	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1344%	1h	94.237	−0.314%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0353%	1h	94.408	−0.133%	$80K	$154K	20x	as long as short
Bullet HYPE-USD	−0.0147%	1h	94.464	−0.074%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	94.455	−0.084%	$22K	$20K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0105%	1h	94.460	−0.078%	$712K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.441	−0.098%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	−0.116%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.411	−0.130%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0012%	8h	94.480	−0.057%	$317.7M	$289.5M	75x	as long as short
Derive HYPE-PERP	−0.0001%	1h	94.439	−0.101%	$16.5M	$7.5M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.424	−0.117%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.511	−0.024%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.489	−0.048%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.428	−0.112%	$19K	$287K	10x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0002%	4h	94.426	−0.114%	$146K	$685K	20x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.470	−0.068%	$84K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.444	−0.095%	$227.0M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0045%	8h	94.409	−0.132%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.443	−0.096%	$337K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.560	+0.028%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	94.479	−0.058%	$117.8M	$324.7M	50x	as long as short
Lighter HYPE	+0.0088%	1h	94.448	−0.092%	$16.3M	$64.0M	20x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.499	−0.037%	$5.0M	$30.8M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.464	−0.074%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.427	−0.113%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.460	−0.078%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.407	−0.134%	$7.3M	$52.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.583	+0.052%	$2.08B	$690.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.487	−0.050%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.455	−0.083%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.491	−0.046%	$378.5M	$933.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.214%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.488	−0.049%	$49.6M	$56.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.476	−0.061%	$90.5M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.462	−0.076%	$47.1M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.485	−0.052%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.453	−0.086%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.467	−0.071%	$29.4M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.532	−0.002%	$7.6M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.435	−0.105%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.524	−0.011%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.529	−0.005%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.478	−0.059%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.504	−0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.448	−0.091%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.583	+0.052%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.427	−0.113%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.441	−0.098%	$399K	$159K	20x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0131%	1h	94.534	long leg	$7.4M	$4.3M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.497	−0.039%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.370	−0.173%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.506	−0.029%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.454	−0.084%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.443	−0.096%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.454	−0.085%	$17.1M	$12.4M	75x	as long as short