Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.034%

Price spread now: Hotstuff against GRVT−0.142%7-day average — · you buy dearer than you sell

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

Long on GRVT Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.142% cheaper against GRVT than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

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	Hotstuff HYPE-PERP	93.064	−0.0080	pay 0.0010% / 1h	54m 40s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$37.8
Price spread: −0.142% → 0.000%: −$14.19
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$65.99
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 4 min ago; Hotstuff: 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 GRVT live order book, 4 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	7227.5 bp −$722.7K	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 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	−0.1072%	1h	93.061	−0.145%	$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	−0.0185%	1h	93.379	+0.196%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.025	−0.184%	$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	93.074	−0.131%	$44.0M	$53.5M	75x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	93.064	−0.142%	$3K	$331	25x
Bluefin HYPE-PERP	−0.0058%	1h	93.034	−0.174%	$79K	$173K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.018	−0.191%	$158K	$648K	20x	as long as short
Aster HYPEUSDT	−0.0036%	4h	93.129	−0.072%	$8.9M	$36.2M	300x	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	93.004	−0.206%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.080	−0.125%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.079	−0.126%	—	$54.1M	—	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.076	−0.129%	$319.3M	$281.1M	75x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.024	−0.185%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.318	+0.131%	$212K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0035%	4h	93.124	−0.078%	$378.7M	$902.4M	75x	as long as short
MEXC HYPE_USDT	+0.0036%	4h	93.107	−0.096%	$85.8M	$81.4M	100x	as long as short
Bullet HYPE-USD	+0.0040%	1h	93.057	−0.149%	$112K	$579K	20x	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	+0.0067%	8h	93.075	−0.130%	$114.9M	$313.6M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.073	−0.132%	$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	93.027	−0.182%	$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	93.032	−0.176%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.146	−0.054%	$2.03B	$668.8M	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	93.108	−0.095%	$45.8M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.093	−0.111%	$225.3M	$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	93.280	+0.090%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.086	−0.118%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.048	−0.159%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.110	−0.093%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.087	−0.117%	$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	93.053	−0.154%	$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	93.020	−0.189%	$79K	$143K	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	93.065	−0.141%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0620%	1h	93.192	−0.005%	$7.4M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.172	−0.026%	$20.8M	$29.9M	50x	as long as short