Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.005%

Price spread now: OKX against dYdX−0.069%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

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

costs, in and out, $10k−$730.732% of the position

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now −0.069%, 7d avg −0.019%

Together, before fees+0.236%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.049% cheaper against dYdX than usual: you would sell low and buy high (spread −0.069% now, against its 7-day average of −0.019%). If the spread goes back, that is −$5 on $10k: about 40 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.078% in total) that is about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	92.981	0	get 0.0000% / 1h	30m 38s	$127K	$29K	5x
Short	OKX HYPE-USDT-SWAP	92.917	0.0100	get 0.0100% / 8h	3h 30m	$113.9M	$304.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.069%Rate

Funding earned: $21
Price spread: −0.069% → −0.019%: −$4.94
Slippage, 4 orders: −$53.2
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$57.14
Costs to cover: 0.732%
Break-even: 26.0 days

Slippage from dYdX: live order book, 23 min ago; OKX: live order book, 3 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, 23 min ago	25.44 bp	30.4 bp −$30	42.8 bp −$428	124.5 bp −$12.4K	828.3 bp −$414.1K
Sell OKX live order book, 3 min ago	0.05 bp	5.6 bp −$6	8.6 bp −$86	17.8 bp −$1,776	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	−0.1472%	1h	92.689	−0.314%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0296%	1h	92.878	−0.110%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.877	−0.112%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.988	+0.008%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.950	−0.033%	$145K	$681K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	92.981	long leg	$127K	$29K	5x
Perpl HYPE	0.0000%	43m	92.984	+0.004%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.007	+0.028%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.133%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	92.910	−0.076%	$315.8M	$282.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0042%	1h	92.870	−0.119%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0042%	1h	92.980	−0.001%	$111K	$577K	20x	as long as short
Phemex HYPEUSDT	+0.0044%	8h	92.998	+0.019%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.940	−0.044%	$86K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0056%	4h	92.907	−0.079%	$225.0M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.917	−0.069%	$70K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	92.814	−0.179%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.925	−0.060%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.932	−0.052%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.922	−0.064%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.890	−0.098%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	−0.071%	$7.4M	$46.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.945	−0.038%	$2.02B	$666.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.936	−0.048%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.939	−0.045%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.916	−0.070%	$373.6M	$905.6M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	92.917	−0.069%	$113.9M	$304.6M	50x
Gate HYPE_USDT	+0.0100%	4h	92.902	−0.085%	$45.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.906	−0.080%	$90.8M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.883	−0.105%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.912	−0.074%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.999	+0.020%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	−0.024%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.875	−0.114%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.853	−0.137%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.896	−0.091%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.010	+0.031%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.016	+0.038%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.980	−0.001%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.963	−0.019%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.008	+0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.977	−0.004%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.227%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.878	−0.111%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.976	−0.005%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0109%	4h	93.108	+0.137%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.040	+0.064%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0164%	8h	92.991	+0.011%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.048	+0.072%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.810	−0.184%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.997	+0.017%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.002	+0.023%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.983	+0.002%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0427%	1h	93.067	+0.093%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.976	−0.005%	$3.2M	$6.4M	20x	as long as short