Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC−0.0428%/8h= −46.9% APRpaid last 24h −0.055%

Price spread now: Perpl against Deribit−0.104%7-day average −0.045% · you buy dearer than you sell

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

Long on Deribit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$13 on $10k

Price spread, last 4 days (all we have)+0.140%+$14 · spread now −0.104%, 7d avg −0.045%

Together, before fees+0.015%+ Points / potential airdropPerpl: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Perpl 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 −0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.125% in total (about -6.5% 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	92.983	0.0428	pay 0.0053% / 1h	31m 55s	$7.5M	$4.5M	50x
Short	Perpl HYPE	92.886	0	get 0.0000% / 43m	28m 55s	$22K	$298K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$89.88
Price spread: −0.104% → −0.045%: −$5.96
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$116.64
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Perpl: 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, 2 min ago	1.35 bp	5.0 bp −$5	9.5 bp −$95	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1440%	1h	92.676	−0.330%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	92.859	−0.134%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.853	−0.140%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	−0.116%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.878	−0.113%	$147K	$679K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.901	−0.088%	$127K	$29K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	92.886	−0.104%	$22K	$298K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.910	−0.079%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.136%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	92.920	−0.068%	$316.2M	$282.1M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0041%	1h	92.885	−0.105%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0046%	1h	92.860	−0.132%	$699K	$1.1M	10x	as long as short
Phemex HYPEUSDT	+0.0047%	8h	92.908	−0.081%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.918	−0.070%	$87K	$361K	20x	as long as short
Bitget HYPEUSDT	+0.0058%	4h	92.917	−0.071%	$225.1M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.886	−0.104%	$70K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.920	−0.068%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.918	−0.070%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.908	−0.081%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.802	−0.195%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	−0.111%	$37K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.879	−0.112%	$7.6M	$45.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.939	−0.047%	$2.02B	$666.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.920	−0.068%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.911	−0.077%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.919	−0.069%	$373.6M	$905.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.914	−0.074%	$113.8M	$304.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.903	−0.086%	$45.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.886	−0.104%	$87.1M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.884	−0.106%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.911	−0.077%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.899	−0.090%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.829	−0.166%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.842	−0.152%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.921	−0.067%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.161%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.928	−0.059%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.928	−0.059%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.880	−0.111%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.878	−0.113%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.954	−0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.895	−0.095%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.229%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.843	−0.151%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.886	−0.105%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0113%	4h	93.051	+0.073%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.970	−0.014%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0150%	8h	92.971	−0.013%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.957	−0.028%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.180%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.883	−0.108%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.909	−0.080%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.864	−0.128%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0428%	1h	92.983	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0598%	1h	92.954	−0.031%	$3.2M	$6.4M	20x	as long as short