Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0146%/8h= +16.0% APRpaid last 24h +0.036%

Price spread now: Reya against GRVT+0.027%64s7-day average −0.040% · you sell dearer than you buy

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

Long on GRVT Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 3 days (all we have)+0.089%+$9 · spread now +0.027%, 7d avg −0.040%

Together, before fees+0.097%+ Points / potential airdropGRVT: Active · Reya: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Reya is 0.067% dearer against GRVT than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.040%. The two prices were read 64 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	93.271	0.0100	pay 0.0050% / 4h	2h 01m	$7.5M	$45.0M	10x
Short	Reya HYPERUSDPERP	93.297	0.0246	get 0.0031% / 1h	1m 56s	$78K	$158K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.027%Rate

Funding earned: $30.64
Price spread: +0.027% → −0.040%: $6.66
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: $22.29
Costs to cover: 0.150%
Break-even: 1.9 days

Slippage unknown: GRVT: live order book, 2 min ago; Reya: 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	4.6 bp −$5	5.1 bp −$51	2782.1 bp −$278.2K	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.0800%	1h	93.293	+0.023%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.302	+0.033%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0222%	1h	93.230	−0.044%	$700K	$933K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.322	+0.054%	$90K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.284	+0.014%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0043%	1h	93.279	+0.008%	$111K	$580K	20x	as long as short
Derive HYPE-PERP	−0.0037%	1h	93.244	−0.029%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	+0.009%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.392	+0.129%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.313	+0.044%	$23K	$334K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.335	+0.068%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.279	+0.008%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0028%	8h	93.260	−0.012%	$324.9M	$287.3M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.298	+0.029%	$57K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.275	+0.004%	$44.0M	$58.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0050%	4h	93.318	+0.050%	$167K	$512K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.279	+0.008%	$215K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0077%	1h	93.321	+0.053%	—	$454K	5x	as long as short
SoDEX HYPE-USD	+0.0094%	1h	93.297	+0.027%	$2.0M	$2.0M	10x	as long as short
Bluefin HYPE-PERP	+0.0095%	1h	93.287	+0.017%	$76K	$168K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.337	+0.070%	$18.6M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.310	+0.041%	$3.1M	$12.4M	20x	as long as short
StandX HYPE-USD	+0.0097%	1h	93.283	+0.012%	$674K	$2.5M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.319	+0.051%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.310	+0.041%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.297	+0.028%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.334	+0.067%	$2.03B	$671.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.320	+0.052%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.268	−0.004%	$384.8M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.261	−0.011%	$114.7M	$314.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.270	−0.001%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	+0.015%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.268	−0.004%	$92.7M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.279	+0.008%	$46.2M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.281	+0.010%	$226.6M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.264	−0.008%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.299	+0.030%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.211	−0.065%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	93.271	long leg	$7.5M	$45.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.255	−0.018%	$405K	$1.0M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.334	+0.067%	$493K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.329	+0.062%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.297	+0.027%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.252	−0.021%	$18.4M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.313	+0.044%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.228	−0.047%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.127%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERPshort	+0.0246%	1h	93.297	+0.027%	$78K	$158K	15x
Deribit HYPE_USDC-PERPETUAL	+0.0275%	1h	93.404	+0.142%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.685%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0298%	4h	93.467	+0.210%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.330	+0.063%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.243	−0.030%	$17.1M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.356	+0.091%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.427	+0.167%	$19.6M	$26.8M	50x	as long as short