Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.025%

Price spread now: OKX against Extended+0.068%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$170.168% of the position

Long on Extended Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 7 days−0.061%−$6 · spread now +0.068%, 7d avg +0.015%

Together, before fees−0.143%+ Points / potential airdropExtended: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.052% dearer against Extended than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of +0.015%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended HYPE-USD	94.056	0.0104	pay 0.0013% / 1h	39m 00s	$18.9M	$43.5M	50x
Short	OKX HYPE-USDT-SWAP	94.120	0.0080	get 0.0080% / 8h	7h 39m	$115.9M	$319.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Extended. 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 ExtendedbpFee OKXbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$4.97
Price spread: +0.068% → +0.015%: $5.24
Slippage, 4 orders: −$1.78
Fee Extended: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$16.51
Costs to cover: 0.168%
Break-even: never at this rate

Slippage from Extended: live order book, 5 min ago; OKX: live order book, 5 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 Extended live order book, 5 min ago	0.05 bp	2.6 bp −$3	4.0 bp −$40	20.2 bp −$2,023	doesn't fit
Sell OKX live order book, 5 min ago	0.05 bp	5.1 bp −$5	7.4 bp −$74	17.4 bp −$1,744	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	93.969	−0.092%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.949	−0.114%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0273%	1h	94.036	−0.022%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0194%	8h	94.071	+0.016%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0182%	1h	94.020	−0.039%	$705K	$937K	10x	as long as short
dYdX HYPE-USD	−0.0168%	1h	94.085	+0.031%	$128K	$29K	5x	as long as short
Bullet HYPE-USD	−0.0085%	1h	94.024	−0.034%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.057	+0.001%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.074	+0.019%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0054%	4h	94.110	+0.057%	$44.5M	$59.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0033%	8h	94.100	+0.047%	$323.5M	$280.9M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.035	−0.023%	$170K	$592K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.084	+0.030%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.064	+0.008%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.078	+0.023%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.986	−0.075%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	+0.070%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.115	+0.063%	$88.9M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0045%	1h	94.018	−0.041%	$76K	$170K	20x	as long as short
Binance HYPEUSDT	+0.0045%	4h	94.116	+0.064%	$384.2M	$892.9M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.034	−0.024%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0080%	8h	94.120	+0.068%	$115.9M	$319.3M	50x
Popdex HYPEUSDT	+0.0088%	1h	94.029	−0.029%	$64K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.074	+0.019%	$18.9M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.043	−0.014%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.035	−0.022%	$400K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.105	+0.052%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.007%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.044	−0.012%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.125	+0.073%	$2.05B	$673.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.084	+0.029%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.255%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.085	+0.031%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.061	+0.005%	$228.2M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.116	+0.064%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.038	−0.019%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.049%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.028%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.016	−0.043%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.051	−0.006%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.075	+0.020%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.050	−0.007%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.111	+0.058%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.011	−0.048%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USDlong	+0.0104%	1h	94.056	long leg	$18.9M	$43.5M	50x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.170	+0.121%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.026%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0193%	8h	94.119	+0.067%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.217%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.083	+0.028%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.030	−0.028%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.061	+0.005%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0356%	1h	94.112	+0.059%	$7.5M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0413%	4h	94.220	+0.174%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.111	+0.059%	$21.0M	$29.7M	50x	as long as short