Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h −0.030%

Price spread now: Orderly against Derive+0.106%57s7-day average +0.025% · you sell dearer than you buy

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

Long on Derive Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 3 days (all we have)−0.077%−$8 · spread now +0.106%, 7d avg +0.025%

Together, before fees−0.241%−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.082% dearer against Derive than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.025%. Mind the row above: over the last 7 days funding on this pair cost −0.164%, so the current rate has only just turned in your favour. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.249	0.0029	pay 0.0004% / 1h	52m 24s	$16.4M	$7.1M	10x
Short	Orderly PERP_HYPE_USDC	93.348	0.0077	get 0.0039% / 4h	2h 52m	$180K	$536K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.106%Rate

Funding earned: $10.06
Price spread: +0.106% → +0.025%: $8.15
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: $6.21
Costs to cover: 0.120%
Break-even: 2.7 days

Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Derive and 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	−0.1304%	1h	93.259	+0.010%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0145%	1h	93.210	−0.042%	$699K	$948K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0116%	1h	93.299	+0.054%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.324	+0.081%	$89K	$342K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.293	+0.047%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0005%	1h	93.311	+0.066%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.326	+0.082%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.297	+0.052%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.342	+0.099%	$23K	$343K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.313	+0.069%	$8.9M	$36.3M	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 −0.0001%	1h	93.371	+0.131%	$20K	—	150x	as long as short
Gate HYPE_USDT	+0.0016%	4h	93.331	+0.088%	$44.1M	$56.2M	75x	as long as short
Derive HYPE-PERPlong	+0.0029%	1h	93.249	long leg	$16.4M	$7.1M	10x
Bybit HYPEUSDT	+0.0042%	8h	93.331	+0.088%	$325.4M	$288.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.336	+0.093%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0077%	4h	93.348	+0.106%	$180K	$536K	20x
Lighter HYPE	+0.0096%	1h	93.374	+0.134%	$18.5M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.339	+0.097%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.308	+0.063%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	+0.076%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	+0.061%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.369	+0.129%	$2.03B	$668.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.343	+0.101%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.335	+0.092%	$386.0M	$890.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.335	+0.092%	$114.7M	$316.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.294	+0.048%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	+0.147%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.328	+0.085%	$92.2M	$81.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.335	+0.092%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.336	+0.093%	$226.7M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.334	+0.091%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.355	+0.114%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	+0.038%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.144%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.338	+0.096%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.301	+0.056%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.349	+0.107%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.357	+0.116%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.341	+0.099%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.327	+0.084%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.283	+0.037%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.292	+0.046%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.339	+0.096%	$339K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0101%	4h	93.326	+0.083%	$5.1M	$29.4M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.302	+0.057%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.364	+0.123%	$397K	$318K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.370	+0.130%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.339	+0.097%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.130	−0.127%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.368	+0.128%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.281	+0.034%	$17.1M	$12.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.399	+0.161%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0412%	4h	93.451	+0.217%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.367	+0.126%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.430	+0.194%	$19.2M	$25.8M	50x	as long as short