Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1058%/8h= +115.8% APRpaid last 24h +0.242%

Price spread now: Bybit against Hibachi−0.083%7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs+$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$720.721% of the position

Long on Hibachi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+1.653%+$165 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.083%, 7d avg +0.041%

Together, before fees+1.660%+ Points / potential airdropHibachi: Active · farm board+$166 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.124% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of +0.041%). If the spread goes back, that is −$12 on $10k: about 9 hours of funding at the current rate (+$32 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.428	−0.1056	get 0.0132% / 1h	35m 50s	$198K	$240K	7x
Short	Bybit HYPEUSDT	93.351	0.0002	get 0.0002% / 8h	1h 35m	$315.0M	$288.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hibachi. 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 HibachibpFee BybitbpOrdersPrice spread, now −0.083%Rate

Funding earned: $222.17
Price spread: −0.083% → +0.041%: −$12.35
Slippage, 4 orders: −$52.11
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $137.71
Costs to cover: 0.721%
Break-even: 2.7 days

Slippage from Hibachi: live order book, 8 min ago; Bybit: live order book, 3 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 Hibachi live order book, 8 min ago	18.66 bp	33.9 bp −$34	53.7 bp −$537	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.54 bp	6.0 bp −$6	6.7 bp −$67	14.2 bp −$1,424	33.3 bp −$16.6K

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-Plong	−0.1056%	1h	93.428	long leg	$198K	$240K	7x
Aftermath Perps HYPEUSD	−0.0190%	1h	93.549	+0.130%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.340	−0.095%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.463	+0.037%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	93.329	−0.106%	$110K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.413	−0.016%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERP	−0.0033%	1h	93.313	−0.124%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.327	−0.109%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.447	+0.020%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.470	+0.045%	$1.8M	$5.6M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.408	−0.022%	$20K	$289K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.368	−0.065%	$83K	—	150x	as long as short
Bybit HYPEUSDTshort	+0.0002%	8h	93.351	−0.083%	$315.0M	$288.0M	75x
BingX HYPE-USDT	+0.0002%	4h	93.355	−0.079%	—	$53.6M	—	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.135%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.482	+0.057%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.390	−0.041%	$225.0M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.429	0.000%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.375	−0.057%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.443	+0.016%	$5.0M	$30.5M	30x	as long as short
Phemex HYPEUSDT	+0.0090%	8h	93.387	−0.044%	$12.7M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.356	−0.077%	$16.1M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.365	−0.068%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.390	−0.041%	$80K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.400	−0.030%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.402	−0.028%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.445	+0.018%	$2.04B	$681.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.379	−0.053%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.433	+0.005%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.382	−0.050%	$373.8M	$930.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.374	−0.058%	$115.3M	$314.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.374	−0.058%	$48.4M	$55.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.360	−0.073%	$89.3M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.349	−0.085%	$46.2M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.365	−0.068%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.096%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.540	+0.120%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.577	+0.159%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.507	+0.084%	$677K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.455	+0.029%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.396	−0.035%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.404	−0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.342	−0.092%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.500	+0.077%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	+0.084%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.327	−0.109%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.344	−0.091%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.390	−0.041%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.430	+0.002%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.348	−0.086%	$77K	$129K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.388	−0.043%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.435	+0.007%	$7.4M	$4.2M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.480	+0.055%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.413	−0.016%	$20.8M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.388	−0.044%	$3.2M	$6.4M	20x	as long as short