Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h +0.001%

Price spread now: Bybit against Derive−0.015%7-day average +0.005% · you buy dearer than you sell

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

Long on Derive Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 3 days (all we have)+0.070%+$7 · spread now −0.015%, 7d avg +0.005%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.364	−0.0025	get 0.0003% / 1h	12m 52s	$16.4M	$7.1M	10x
Short	Bybit HYPEUSDT	93.350	0.0034	get 0.0034% / 8h	2h 12m	$325.1M	$287.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Derive. 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 DerivebpFee BybitbpOrdersPrice spread, now −0.015%Rate

Funding earned: $12.25
Price spread: −0.015% → +0.005%: −$1.96
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.71
Costs to cover: 0.170%
Break-even: 10.8 days

Slippage unknown: Derive: no order-book sample; Bybit: live order book, 6 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Bybit live order book, 6 min ago	0.54 bp	6.0 bp −$6	8.1 bp −$81	17.4 bp −$1,735	38.0 bp −$19.0K

Derive: 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	−0.0928%	1h	93.539	+0.188%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.617	+0.271%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.440	+0.081%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	+0.185%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.470	+0.114%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.421	+0.061%	$111K	$581K	20x	as long as short
Derive HYPE-PERPlong	−0.0025%	1h	93.364	long leg	$16.4M	$7.1M	10x
dYdX HYPE-USD	0.0000%	1h	93.567	+0.217%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.445	+0.087%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.451	+0.093%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.393	+0.031%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0026%	4h	93.366	+0.002%	$43.9M	$57.5M	75x	as long as short
Bybit HYPEUSDTshort	+0.0034%	8h	93.350	−0.015%	$325.1M	$287.1M	75x
Popdex HYPEUSDT	+0.0048%	1h	93.449	+0.091%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0058%	4h	93.425	+0.065%	$176K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.258%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.440	+0.082%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.426	+0.066%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.479	+0.123%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.135%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.445	+0.087%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.513	+0.160%	$2.04B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.511	+0.157%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.347	−0.018%	$385.4M	$889.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.348	−0.017%	$114.6M	$315.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.440	+0.081%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.349%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.362	−0.002%	$93.4M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.423	+0.063%	$46.3M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.386	+0.024%	$226.9M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.365	+0.001%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.422	+0.062%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.211%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.288%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.208%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.583	+0.235%	$677K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.480	+0.124%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.384	+0.021%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.539	+0.187%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.403	+0.042%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	+0.017%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.513	+0.159%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.358	−0.007%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.450	+0.093%	$398K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.560	+0.210%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.182%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.146%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.435	+0.077%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0253%	1h	93.520	+0.167%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	+0.039%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.650	+0.306%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	+0.044%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.454	+0.096%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.523	+0.170%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.511	+0.157%	$19.1M	$26.1M	50x	as long as short