Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0100%/8h= −10.9% APRpaid last 24h 0.000%

Price spread now: Perpl against GRVT−0.295%66s7-day average −0.010% · you buy dearer than you sell

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

Long on GRVT Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 4 days (all we have)+0.814%+$81 · spread now −0.295%, 7d avg −0.010%

Together, before fees+0.685%+ Points / potential airdropGRVT: Active · Perpl: Active · farm board+$69 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 Perpl is 0.285% cheaper against GRVT than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.010%). Swap the legs. The two prices were read 66 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	93.622	0.0100	pay 0.0050% / 4h	2h 07m	$7.6M	$47.1M	10x
Short	Perpl HYPE	93.346	0	get 0.0000% / 43m	12m 39s	$22K	$323K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.295%Rate

Funding earned: −$21
Price spread: −0.295% → −0.010%: −$28.48
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$72.28
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 2 min ago; Perpl: 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, 2 min ago	0.05 bp	4.8 bp −$5	6.0 bp −$60	5709.3 bp −$570.9K	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 54 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	−0.1096%	1h	93.473	−0.158%	$196K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.171	−0.481%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.333	−0.308%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0076%	1h	93.300	−0.344%	$701K	$909K	10x	as long as short
Phemex HYPEUSDT	−0.0073%	8h	93.309	−0.334%	$12.6M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0055%	4h	93.310	−0.333%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.298	−0.346%	$84K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0042%	1h	93.602	−0.021%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0010%	4h	93.302	−0.341%	$8.8M	$35.8M	300x	as long as short
Gate HYPE_USDT	−0.0008%	4h	93.280	−0.365%	$44.2M	$55.4M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack HYPE_USDC_PERP	−0.0003%	1h	93.310	−0.333%	$7.4M	$10.4M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.303	−0.340%	$128K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.346	−0.295%	$22K	$323K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.347	−0.294%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.288	−0.356%	—	$53.4M	—	as long as short
Bybit HYPEUSDT	+0.0012%	8h	93.264	−0.382%	$320.1M	$277.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.484	−0.147%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0065%	1h	93.351	−0.289%	$111K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.281	−0.364%	$88.1M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.320	−0.322%	$380.0M	$885.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.272	−0.373%	$114.7M	$302.9M	50x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	93.554	−0.072%	$5.0M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.339	−0.302%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.344	−0.297%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.288	−0.356%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.327	−0.315%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.336	−0.305%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.322%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.321	−0.321%	$5.7M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.438	−0.196%	$2.04B	$657.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.335	−0.306%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	+0.148%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.329	−0.313%	$46.2M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.275	−0.370%	$225.8M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.519	−0.110%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	93.622	long leg	$7.6M	$47.1M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.538	−0.089%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	−0.115%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.385	−0.253%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.350	−0.290%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.294	−0.350%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.311	−0.332%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.421	−0.214%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.331	−0.310%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.278	−0.368%	$18.3M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.360	−0.279%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.370	−0.269%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0182%	4h	93.524	−0.104%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.381	−0.257%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.333	−0.309%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0282%	8h	93.397	−0.240%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.357	−0.283%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0457%	1h	93.433	−0.202%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.368	−0.271%	$20.8M	$29.8M	50x	as long as short