Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.029%

Price spread now: Hyperliquid against GRVT−0.099%65s7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as 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−$190.194% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 7 days+0.109%+$11 · spread now −0.099%, 7d avg −0.009%

Together, before fees+0.180%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board+$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.090% cheaper against GRVT than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.009%. The two prices were read 65 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	94.230	0.0100	pay 0.0050% / 4h	24m 25s	$7.6M	$46.0M	10x
Short	Hyperliquid HYPE	94.137	0.0100	get 0.0013% / 1h	24m 25s	$2.07B	$686.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.099%Rate

Funding earned: $0
Price spread: −0.099% → −0.009%: −$8.99
Slippage, 4 orders: −$1.36
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$28.35
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; Hyperliquid: live order book, 10 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	4.6 bp −$5	5.0 bp −$50	6720.2 bp −$672.0K	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.05 bp	4.6 bp −$5	6.4 bp −$64	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-P	−0.1744%	1h	94.075	−0.165%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0411%	1h	93.998	−0.246%	$79K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0232%	1h	93.970	−0.276%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0229%	1h	94.012	−0.231%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	94.199	−0.033%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.044	−0.197%	$87K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.143	−0.092%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0074%	1h	93.982	−0.264%	$16.4M	$7.5M	10x	as long as short
Lighter HYPE	−0.0056%	1h	93.999	−0.245%	$16.3M	$64.4M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	93.986	−0.259%	$1.0M	$3.6M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.040	−0.202%	$316.1M	$289.2M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.022	−0.221%	—	$52.9M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.013	−0.230%	$146K	$684K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0002%	1h	94.065	−0.175%	$496K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.059	−0.181%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.193	−0.039%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.002%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.049	−0.192%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.135	−0.101%	$124K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.009	−0.235%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	94.004	−0.240%	$225.8M	$100.0M	75x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.013	−0.230%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0047%	1h	94.097	−0.141%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	94.102	−0.136%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.090	−0.149%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	94.030	−0.212%	$117.3M	$323.2M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.209	−0.022%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.033	−0.209%	$49.9M	$56.7M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.000	−0.244%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.020	−0.223%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.040	−0.202%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.981	−0.264%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	94.137	−0.099%	$2.07B	$686.9M	10x
Aster HYPEUSDT	+0.0100%	4h	94.040	−0.202%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.012	−0.231%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.044	−0.197%	$376.6M	$933.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.011%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.032	−0.210%	$88.2M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.029	−0.213%	$46.7M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.022	−0.221%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.108	−0.130%	$29.5M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	94.230	long leg	$7.6M	$46.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	94.231	+0.001%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.194	−0.038%	$681K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.088	−0.151%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.200	−0.032%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.972	−0.274%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.043	−0.198%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.158	−0.076%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.541%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0224%	1h	94.065	−0.175%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.024	−0.219%	$3.2M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0250%	1h	94.113	−0.124%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	93.989	−0.256%	$84K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.108	−0.129%	$17.1M	$12.3M	75x	as long as short