Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0302%/8h= +33.1% APRpaid last 24h +0.021%

Price spread now: KuCoin against dYdX+0.008%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$790.794% of the position

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now +0.008%, 7d avg −0.004%

Together, before fees+0.234%+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.127% in total (about 6.6% 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	dYdX HYPE-USD	94.245	−0.0202	get 0.0025% / 1h	37m 07s	$129K	$30K	5x
Short	KuCoin HYPEUSDTM	94.253	0.0100	get 0.0050% / 4h	3h 37m	$46.7M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against dYdX. 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 dYdXbpFee KuCoinbpOrdersPrice spread, now +0.008%Rate

Funding earned: $63.39
Price spread: +0.008% → −0.004%: $1.22
Slippage, 4 orders: −$57.36
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$14.75
Costs to cover: 0.794%
Break-even: 8.6 days

Slippage from dYdX: live order book, 37 min ago; KuCoin: live order book, 2 min ago.

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 dYdX live order book, 37 min ago	9.10 bp	42.4 bp −$42	57.1 bp −$571	137.7 bp −$13.8K	734.4 bp −$367.2K
Sell KuCoin live order book, 2 min ago	0.37 bp	12.4 bp −$12	15.5 bp −$155	doesn't fit	doesn't fit

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	−0.1464%	1h	94.187	−0.062%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.137	−0.115%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	94.196	−0.052%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	94.083	−0.172%	$22K	$23K	10x	as long as short
dYdX HYPE-USDlong	−0.0202%	1h	94.245	long leg	$129K	$30K	5x
Ondo Perps HYPE-USD.P	−0.0164%	1h	94.180	−0.069%	$705K	$937K	10x	as long as short
Bullet HYPE-USD	−0.0087%	1h	94.221	−0.026%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.238	−0.008%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.245	0.000%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.220	−0.027%	$323.8M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.248	+0.003%	$166K	$598K	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	94.241	−0.004%	$44.6M	$59.5M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.278	+0.035%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.252	+0.007%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.246	+0.001%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.076%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.244	−0.001%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.202	−0.046%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.250	+0.005%	$384.8M	$893.5M	75x	as long as short
Bluefin HYPE-PERP	+0.0055%	1h	94.245	0.000%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.228%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.258	+0.014%	$116.3M	$319.7M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.224	−0.022%	$63K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.296	+0.054%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.268	+0.024%	$3.1M	$12.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.231	−0.015%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.281	+0.038%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	−0.027%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.228	−0.018%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.347	+0.108%	$2.06B	$674.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.263	+0.019%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.253	+0.008%	$46.7M	$18.2M	75x
Bitget HYPEUSDT	+0.0100%	4h	94.263	+0.019%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.242	−0.003%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.261	+0.017%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.249%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.212%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	−0.221%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.210%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	+0.002%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.244	−0.001%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.325	+0.085%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.244	−0.001%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.133%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.224	−0.023%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.280	+0.037%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	94.242	−0.003%	$17.1M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.305	+0.064%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.390	+0.154%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.272	+0.029%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.221	−0.025%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.268	+0.024%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0436%	4h	94.427	+0.193%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0439%	1h	94.340	+0.101%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.333	+0.093%	$21.1M	$29.7M	50x	as long as short