Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8hpaid last 24h +0.015%

Price spread now: Variational Omni against Derive+0.077%7-day average +0.002% · you sell dearer than you buy

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

Long on Derive Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.021%+$2 on $10k

Price spread, last 3 days (all we have)−0.112%−$11 · spread now +0.077%, 7d avg +0.002%

Together, before fees−0.091%+ Points / potential airdropVariational Omni: Active · farm board−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.075% dearer against Derive than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.122	0.0100	pay 0.0013% / 1h	56m 18s	$16.3M	$7.0M	10x
Short	Variational Omni HYPE	93.194	0.0100	get 0.0100% / 8h	3h 56m	$29.0M	$49.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.077%Rate

Funding earned: $0
Price spread: +0.077% → +0.002%: $7.49
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.49
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	0.43 bp	doesn't fit	8.2 bp −$82	22.9 bp −$2,292	doesn't fit

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	−0.1152%	1h	93.060	−0.067%	$196K	$238K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.160	+0.041%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	93.145	+0.025%	$44.1M	$55.1M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.193	+0.076%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.239	+0.126%	$2.0M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.138	+0.017%	$24K	$369K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.177	+0.059%	$44K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.126	+0.004%	$8.9M	$36.2M	300x	as long as short
01 Exchange HYPEUSD	+0.0016%	1h	93.165	+0.046%	$89K	$323K	20x	as long as short
Aftermath Perps HYPEUSD	+0.0061%	1h	93.245	+0.132%	$22K	$22K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.203	+0.087%	$16.2M	$20.9M	50x	as long as short
Bybit HYPEUSDT	+0.0072%	8h	93.110	−0.013%	$324.6M	$286.6M	75x	as long as short
Phoenix HYPE	+0.0094%	1h	93.324	+0.217%	$206K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.197	+0.081%	$18.7M	$56.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.173	+0.055%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.149	+0.029%	$55K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0097%	4h	93.154	+0.034%	$181K	$505K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.180	+0.062%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.139	+0.019%	$6.5M	$43.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.163	+0.044%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.138	+0.017%	$389.9M	$870.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.100	−0.023%	$114.4M	$313.5M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.100	−0.023%	$699K	$944K	10x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.135	+0.014%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.204	+0.089%	$204K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.142	+0.022%	$90.9M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.146	+0.026%	$46.4M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.139	+0.018%	$225.4M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.141	+0.021%	—	$54.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.194	+0.077%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.194	+0.077%	$29.0M	$49.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.297	+0.188%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.301	+0.192%	$456K	$935K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.266	+0.155%	$675K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.213	+0.098%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.186	+0.069%	$461K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.146	+0.026%	$113K	$572K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.156	+0.037%	$76K	$171K	20x	as long as short
Derive HYPE-PERPlong	+0.0100%	1h	93.122	long leg	$16.3M	$7.0M	10x
SunX HYPE-USDT	+0.0100%	4h	93.166	+0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.129	+0.008%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.171	+0.053%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.196	+0.080%	$341K	$172K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.105	−0.018%	$18.2M	$40.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.166	+0.048%	$396K	$320K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.275	+0.164%	$5.0M	$28.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.210	+0.095%	$4.9M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0242%	1h	93.152	+0.033%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.190	+0.073%	$30K	$130K	12x	as long as short
Hyperliquid HYPE	+0.0314%	1h	93.250	+0.138%	$2.02B	$661.9M	10x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.182	+0.065%	$17.3M	$12.3M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0166%	1h	93.171	+0.053%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0383%	1h	93.241	+0.128%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.215	+0.100%	$2.7M	$6.4M	20x	as long as short
HTX HYPE-USDT	+0.0435%	4h	93.350	+0.245%	$1.5M	$7.5M	75x	as long as short