Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.021%

Price spread now: Perpl against Extended−0.012%7-day average +0.057% · you buy dearer than you sell

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

Long on Extended Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 4 days (all we have)+1.265%+$126 · spread now −0.012%, 7d avg +0.057%

Together, before fees+1.095%+ Points / potential airdropExtended: Active · Perpl: Active · farm board+$109 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.069% cheaper against Extended than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.057%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended HYPE-USD	93.309	0.0104	pay 0.0013% / 1h	7m 15s	$18.3M	$43.7M	50x
Short	Perpl HYPE	93.297	0	get 0.0000% / 43m	12m 15s	$22K	$323K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$21.84
Price spread: −0.012% → +0.057%: −$6.88
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$47.52
Costs to cover: 0.188%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 2 min ago; Perpl: 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 Extended live order book, 2 min ago	0.05 bp	2.6 bp −$3	5.6 bp −$56	23.2 bp −$2,317	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 54 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	−0.1112%	1h	93.252	−0.060%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.171	−0.147%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.333	+0.026%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0076%	8h	93.318	+0.010%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0076%	1h	93.300	−0.009%	$701K	$909K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0055%	4h	93.280	−0.031%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.298	−0.011%	$84K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0038%	1h	93.552	+0.261%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0010%	4h	93.273	−0.038%	$8.8M	$35.8M	300x	as long as short
Gate HYPE_USDT	−0.0008%	4h	93.299	−0.010%	$44.2M	$55.4M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack HYPE_USDC_PERP	−0.0003%	1h	93.310	+0.002%	$7.4M	$10.4M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.303	−0.006%	$128K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.297	−0.012%	$22K	$323K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.311	+0.003%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.303	−0.006%	—	$53.4M	—	as long as short
Bybit HYPEUSDT	+0.0011%	8h	93.285	−0.025%	$320.1M	$277.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.484	+0.188%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0065%	1h	93.283	−0.027%	$111K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.310	+0.002%	$88.1M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.335	+0.028%	$380.0M	$882.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.315	+0.007%	$114.7M	$303.1M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.375	+0.071%	$5.0M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.355	+0.050%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.346	+0.040%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.288	−0.022%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.326	+0.019%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.336	+0.030%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	+0.012%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.326	+0.018%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.385	+0.082%	$2.04B	$657.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.335	+0.029%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	+0.484%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.319	+0.011%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.314	+0.006%	$225.9M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.519	+0.225%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	+0.089%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.374	+0.070%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.362	+0.057%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.345	+0.039%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.320	+0.012%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.264	−0.048%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.276	−0.035%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.402	+0.100%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.340	+0.034%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USDlong	+0.0104%	1h	93.309	long leg	$18.3M	$43.7M	50x
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.430	+0.130%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.934%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0184%	4h	93.450	+0.152%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.381	+0.078%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.298	−0.011%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.295	−0.015%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.305	−0.004%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0468%	1h	93.418	+0.117%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.400	+0.098%	$20.8M	$29.8M	50x	as long as short