Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.001%

Price spread now: Bybit against GRVT−0.093%70s7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.217% of the position

Long on GRVT Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 7 days+0.101%+$10 · spread now −0.093%, 7d avg −0.029%

Together, before fees+0.057%+ Points / potential airdropGRVT: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.063% cheaper against GRVT than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.029%). Swap the legs. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT HYPE_USDT_Perp	93.196	0.0100	pay 0.0050% / 4h	2h 54m	$7.5M	$46.3M	10x
Short	Bybit HYPEUSDT	93.110	0.0028	get 0.0028% / 8h	6h 54m	$319.3M	$281.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GRVT. 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 GRVTbpFee BybitbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$15.16
Price spread: −0.093% → −0.029%: −$6.33
Slippage, 4 orders: −$1.68
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$43.16
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; Bybit: 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 GRVT live order book, 5 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	7227.5 bp −$722.7K	doesn't fit
Sell Bybit live order book, 5 min ago	0.54 bp	6.0 bp −$6	8.4 bp −$84	16.7 bp −$1,672	37.9 bp −$19.0K

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	−0.1080%	1h	93.025	−0.184%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.955	−0.259%	$1.2M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0434%	1h	93.179	−0.018%	$337K	$1.1M	50x	as long as short
Backpack HYPE_USDC_PERP	−0.0222%	1h	93.049	−0.158%	$7.8M	$10.6M	20x	as long as short
Aftermath Perps HYPEUSD	−0.0195%	1h	93.309	+0.121%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.022	−0.187%	$84K	$360K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	93.040	−0.168%	$702K	$963K	10x	as long as short
Gate HYPE_USDT	−0.0082%	4h	93.095	−0.109%	$44.0M	$53.5M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.065	−0.141%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.089	−0.115%	$158K	$648K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0036%	4h	93.118	−0.084%	$8.9M	$36.2M	300x	as long as short
Bluefin HYPE-PERP	−0.0031%	1h	93.141	−0.059%	$79K	$173K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.099	−0.105%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.098	−0.105%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.141	−0.059%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.110	−0.093%	—	$54.2M	—	as long as short
Bybit HYPEUSDTshort	+0.0028%	8h	93.110	−0.093%	$319.3M	$281.2M	75x
Phoenix HYPE	+0.0034%	1h	93.318	+0.131%	$212K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0035%	4h	93.120	−0.082%	$378.7M	$901.9M	75x	as long as short
MEXC HYPE_USDT	+0.0036%	4h	93.089	−0.115%	$85.8M	$81.5M	100x	as long as short
Derive HYPE-PERP	+0.0039%	1h	93.100	−0.103%	$16.2M	$7.6M	10x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.202	+0.006%	$5.0M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.133	−0.068%	$114.8M	$313.9M	50x	as long as short
Bullet HYPE-USD	+0.0067%	1h	93.118	−0.084%	$112K	$578K	20x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.144	−0.056%	$396K	$177K	20x	as long as short
Phemex HYPEUSDT	+0.0092%	8h	93.146	−0.054%	$12.6M	$2.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.150	−0.050%	$18.6M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.131	−0.070%	$3.0M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.022	−0.187%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.150	−0.049%	$338K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.020	−0.189%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.048	−0.159%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.113	−0.089%	$2.03B	$668.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.141	−0.060%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.073	−0.132%	$45.8M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.158	−0.041%	$225.5M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.991	−0.221%	$30.4M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	93.196	long leg	$7.5M	$46.3M	10x
StandX HYPE-USD	+0.0100%	1h	93.076	−0.129%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.113	−0.090%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.090	−0.114%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.129	−0.072%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.149	−0.051%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	+0.058%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.142	−0.059%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.090	−0.114%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	92.930	−0.286%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0145%	4h	93.121	−0.081%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.079	−0.125%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0252%	8h	93.071	−0.134%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.067	−0.139%	$79K	$142K	15x	as long as short
HTX HYPE-USDT	+0.0313%	4h	93.271	+0.080%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.134	−0.067%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0651%	1h	93.264	+0.073%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.240	+0.047%	$20.8M	$29.9M	50x	as long as short