Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.007%

Price spread now: dYdX against GRVT−0.084%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$720.715% of the position

Long on GRVT Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 4 days (all we have)+0.309%+$31 · spread now −0.084%, 7d avg −0.020%

Together, before fees+0.191%+ Points / potential airdropGRVT: Active · farm board+$19 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 dYdX is 0.065% cheaper against GRVT than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT HYPE_USDT_Perp	93.268	0.0100	pay 0.0050% / 4h	1h 37m	$7.5M	$46.0M	10x
Short	dYdX HYPE-USD	93.189	0	get 0.0000% / 1h	37m 18s	$127K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$21
Price spread: −0.084% → −0.020%: −$6.47
Slippage, 4 orders: −$52.53
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$99
Costs to cover: 0.715%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; dYdX: live order book, 47 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	4.6 bp −$5	4.7 bp −$47	802.9 bp −$80.3K	doesn't fit
Sell dYdX live order book, 47 min ago	25.29 bp	30.3 bp −$30	73.1 bp −$731	167.1 bp −$16.7K	650.6 bp −$325.3K

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	−0.0362%	1h	93.223	−0.048%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0184%	1h	93.205	−0.067%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.101	−0.179%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.150	−0.126%	$700K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.161	−0.114%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.125	−0.153%	$90K	$361K	20x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.189	−0.084%	$127K	$32K	5x
Popdex HYPEUSDT	0.0000%	1h	93.125	−0.153%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.144	−0.132%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.150	−0.126%	$20K	—	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	+0.0008%	4h	93.125	−0.153%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.110	−0.169%	$323.2M	$286.8M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0033%	4h	93.112	−0.167%	$171K	$519K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.114%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.106	−0.173%	$111K	$579K	20x	as long as short
Gate HYPE_USDT	+0.0038%	4h	93.102	−0.178%	$43.8M	$57.9M	75x	as long as short
Derive HYPE-PERP	+0.0039%	1h	93.083	−0.197%	$16.3M	$7.1M	10x	as long as short
Binance HYPEUSDT	+0.0089%	4h	93.105	−0.174%	$382.7M	$892.5M	75x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	93.113	−0.166%	$89.8M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.189	−0.084%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.168	−0.107%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.143	−0.134%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.150	−0.126%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.120	−0.159%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.169	−0.106%	$2.02B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	−0.123%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.101	−0.179%	$113.8M	$313.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.131%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.155	−0.121%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.121	−0.157%	$225.7M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.117	−0.162%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.202	−0.070%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.093%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	93.268	long leg	$7.5M	$46.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	−0.023%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.210	−0.062%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.183	−0.091%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	−0.118%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.116	−0.163%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.178	−0.096%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.105	−0.174%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.153	−0.123%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.089	−0.192%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.094	−0.186%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.228	−0.042%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.288	+0.022%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.190	−0.083%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	−0.212%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.100	−0.180%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.300	+0.035%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.204	−0.068%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0319%	1h	93.211	−0.061%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.252	−0.017%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.154	−0.121%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.200	−0.073%	$20.8M	$28.9M	50x	as long as short