Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0007%/8h= −0.8% APRpaid last 24h −0.020%

Price spread now: Orderly against dYdX+0.015%7-day average −0.014% · you sell dearer than you buy

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.377%−$38 · spread now +0.015%, 7d avg −0.014%

Together, before fees−0.400%−$40 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: Orderly is 0.029% dearer against dYdX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	94.826	0	get 0.0000% / 1h	22m 31s	$130K	$92K	5x
Short	Orderly PERP_HYPE_USDC	94.840	−0.0007	pay 0.0004% / 4h	3h 22m	$147K	$676K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.015%Rate

Funding earned: −$1.5
Price spread: +0.015% → −0.014%: $2.88
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$14.62
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 11 min ago; 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 dYdX live order book, 11 min ago	24.32 bp	31.6 bp −$32	43.4 bp −$434	116.8 bp −$11.7K	736.1 bp −$368.0K
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.0816%	1h	94.764	−0.065%	$211K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0569%	1h	94.823	−0.003%	$80K	$148K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0298%	1h	94.505	−0.339%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0243%	1h	94.918	+0.097%	$113K	$577K	20x	as long as short
Phemex HYPEUSDT	−0.0215%	8h	94.810	−0.017%	$12.9M	$2.9M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0156%	1h	94.570	−0.270%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.866	+0.042%	$90K	$364K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.870	+0.046%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.838	+0.013%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.848	+0.023%	$18.9M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0010%	8h	94.870	+0.046%	$319.8M	$293.5M	75x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0007%	4h	94.840	+0.015%	$147K	$676K	20x
Gate HYPE_USDT	−0.0002%	4h	94.907	+0.085%	$52.0M	$55.5M	75x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	94.826	long leg	$130K	$92K	5x
Kalshi KXHYPEPERP	0.0000%	8h	94.773	−0.056%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.852	+0.028%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.860	+0.036%	$114K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.479%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.702%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.880	+0.057%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.900	+0.078%	$228.3M	$97.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0038%	1h	94.819	−0.007%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0040%	8h	94.896	+0.074%	$118.3M	$328.2M	50x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.945	+0.125%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.923	+0.102%	$339K	$39K	20x	as long as short
SoDEX HYPE-USD	+0.0056%	1h	94.864	+0.040%	$2.1M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.880	+0.057%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.880	+0.057%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.891	+0.069%	$150K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	94.374	−0.476%	$5.0M	$30.8M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.880	+0.057%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.873	+0.050%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.020	+0.205%	$2.09B	$672.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.872	+0.049%	$9.0M	$38.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.905	+0.083%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.900	+0.078%	$381.7M	$930.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.646%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.905	+0.083%	$96.0M	$87.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.892	+0.070%	$47.4M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.901	+0.079%	—	$52.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.267	−0.590%	$29.8M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.432%	$7.6M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.358	−0.493%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.612	−0.226%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.962	+0.143%	$501K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.906	+0.084%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.950	+0.131%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.873	+0.049%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.892	+0.070%	$401K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.927	+0.107%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.363%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0224%	1h	94.965	+0.147%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.882	+0.059%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.895	+0.072%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.864	+0.040%	$17.4M	$12.5M	75x	as long as short