Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1284%/8h= −140.6% APRpaid last 24h −0.197%

Price spread now: Hibachi against GRVT−0.126%55s7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$229as 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−$670.675% of the position

Long on GRVT Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.617%−$162 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now −0.126%, 7d avg −0.101%

Together, before fees−1.490%+ Points / potential airdropGRVT: Active · Hibachi: Active · farm board−$149 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and Hibachi is 0.024% cheaper against GRVT than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.101%). Swap the legs. The two prices were read 55 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	94.053	0.0100	pay 0.0050% / 4h	3h 09m	$7.6M	$46.1M	10x
Short	Hibachi HYPE/USDT-P	93.935	−0.1184	pay 0.0148% / 1h	9m 34s	$199K	$228K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.126%Rate

Funding earned: −$269.64
Price spread: −0.126% → −0.101%: −$2.43
Slippage, 4 orders: −$49.47
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$339.55
Costs to cover: 0.675%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; Hibachi: live order book, 64 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	5.9 bp −$59	9853.3 bp −$985.3K	doesn't fit
Sell Hibachi live order book, 64 min ago	12.88 bp	17.4 bp −$17	31.7 bp −$317	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
Hibachi HYPE/USDT-Pshort	−0.1184%	1h	93.935	−0.126%	$199K	$228K	7x
Arcus HYPE-USD	−0.0625%	1h	93.924	−0.137%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	93.970	−0.088%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0107%	8h	93.975	−0.083%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	93.870	−0.194%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0089%	1h	94.078	+0.027%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.018	−0.037%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.036	−0.018%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0049%	1h	94.042	−0.012%	$113K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0028%	4h	94.005	−0.051%	$160K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0012%	4h	94.016	−0.039%	$44.5M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.054	+0.001%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.059	+0.007%	$26K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	94.016	−0.039%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	94.010	−0.046%	$323.6M	$279.8M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.978	−0.079%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.019%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	94.038	−0.016%	$88.5M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	94.025	−0.030%	$383.8M	$893.9M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.937	−0.123%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	94.011	−0.045%	$116.2M	$315.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.066	+0.014%	$19.0M	$60.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.042	−0.012%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.017	−0.038%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.023	−0.032%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.104	+0.055%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.030	−0.024%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.013	−0.042%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.086	+0.035%	$2.05B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.070	+0.018%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.558%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.043	−0.010%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.060	+0.008%	$227.8M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.025	−0.030%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.984	−0.073%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	−0.142%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	94.053	long leg	$7.6M	$46.1M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.946	−0.114%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.959	−0.100%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.062	+0.010%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.073	+0.021%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.014	−0.041%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.102	+0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.980	−0.077%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.034	−0.020%	$18.4M	$45.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.080	+0.029%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.465%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.959	−0.100%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.063	+0.010%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0238%	8h	94.124	+0.076%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.043	−0.010%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.058	+0.006%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0372%	4h	94.230	+0.188%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0431%	1h	94.085	+0.034%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.047	−0.007%	$21.0M	$29.8M	50x	as long as short