Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0271%/8h= +29.7% APRpaid last 24h +0.030%

Price spread now: Deribit against GRVT+0.223%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on GRVT Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 3 days (all we have)−0.268%−$27 · spread now +0.223%, 7d avg +0.022%

Together, before fees−0.296%+ Points / potential airdropGRVT: Active · farm board−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Deribit is 0.201% dearer against GRVT than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.022%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.028% in total (about -1.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT HYPE_USDT_Perp	93.199	0.0100	pay 0.0050% / 4h	1h 12m	$7.5M	$46.0M	10x
Short	Deribit HYPE_USDC-PERPETUAL	93.407	0.0371	get 0.0046% / 1h	12m 28s	$7.4M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.223%Rate

Funding earned: $56.91
Price spread: +0.223% → +0.022%: $20.14
Slippage, 4 orders: −$8.41
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $52.64
Costs to cover: 0.244%
Break-even: 0.5 days

Slippage from GRVT: live order book, 2 min ago; Deribit: live order book, 2 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, 2 min ago	0.05 bp	5.7 bp −$6	6.4 bp −$64	6524.6 bp −$652.5K	doesn't fit
Sell Deribit live order book, 2 min ago	1.50 bp	8.8 bp −$9	11.9 bp −$119	doesn't fit	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
Aftermath Perps HYPEUSD	−0.0450%	1h	93.258	+0.064%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0376%	1h	93.322	+0.132%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.251	+0.056%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0122%	1h	93.260	+0.065%	$699K	$933K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.313	+0.122%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.348	+0.160%	$91K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	+0.117%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.317	+0.127%	$57K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.310	+0.119%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.351	+0.163%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0004%	4h	93.321	+0.131%	$8.9M	$35.8M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0019%	4h	93.339	+0.150%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.310	+0.119%	$323.2M	$283.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	+0.054%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.323	+0.133%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.257	+0.063%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.313	+0.122%	$44.0M	$58.7M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.321	+0.131%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.323	+0.133%	$383.1M	$889.8M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.030%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.369	+0.183%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.352	+0.164%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.315	+0.124%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.319	+0.129%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.300	+0.108%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.322	+0.131%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.353	+0.165%	$2.03B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.343	+0.155%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.309	+0.118%	$114.3M	$313.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	+0.036%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.333	+0.144%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.345	+0.157%	$226.4M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.322	+0.132%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.339	+0.150%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	+0.005%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	93.199	long leg	$7.5M	$46.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.049%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.317	+0.127%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.355	+0.168%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.351	+0.163%	$494K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.321	+0.131%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.349	+0.161%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.310	+0.119%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.278	+0.085%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.284	+0.091%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.367	+0.180%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	+0.259%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0229%	4h	93.513	+0.337%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.420	+0.237%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.322	+0.132%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.316	+0.126%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.373	+0.187%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.349	+0.161%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0371%	1h	93.407	+0.223%	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.439	+0.258%	$20.9M	$29.0M	50x	as long as short