Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1028%/8h= +112.6% APRpaid last 24h +0.220%

Price spread now: KuCoin against Hibachi−0.136%7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs+$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$760.764% of the position

Long on Hibachi Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.651%+$165 on $10k

Price spread, last 4 days (all we have)−0.493%−$49 · spread now −0.136%, 7d avg +0.058%

Together, before fees+1.158%+ Points / potential airdropHibachi: Active · farm board+$116 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.194% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.136% now, against its 7-day average of +0.058%). If the spread goes back, that is −$19 on $10k: about 15 hours of funding at the current rate (+$31 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	92.977	−0.0928	get 0.0116% / 1h	5m 51s	$196K	$226K	7x
Short	KuCoin HYPEUSDTM	92.850	0.0100	get 0.0050% / 4h	1h 05m	$45.8M	$18.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.136%Rate

Funding earned: $215.88
Price spread: −0.136% → +0.058%: −$19.43
Slippage, 4 orders: −$55.4
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $120.05
Costs to cover: 0.764%
Break-even: 3.1 days

Slippage from Hibachi: live order book, 58 min ago; KuCoin: 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, 58 min ago	12.16 bp	33.4 bp −$33	53.7 bp −$537	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	0.43 bp	8.5 bp −$8	15.7 bp −$157	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-Plong	−0.0928%	1h	92.977	long leg	$196K	$226K	7x
Arcus HYPE-USD	−0.0899%	1h	92.764	−0.229%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	92.830	−0.158%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.889	−0.094%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0080%	1h	93.147	+0.184%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.798	−0.192%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	92.823	−0.165%	$154K	$655K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.900	−0.082%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.862	−0.123%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.868	−0.117%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0004%	1h	92.820	−0.169%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0011%	4h	92.840	−0.147%	$8.8M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0018%	8h	92.888	−0.096%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.251%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.831	−0.157%	—	$53.0M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.857	−0.129%	$44.3M	$55.7M	75x	as long as short
Bybit HYPEUSDT	+0.0046%	8h	92.820	−0.169%	$319.2M	$276.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0072%	8h	92.830	−0.158%	$113.2M	$298.2M	50x	as long as short
Derive HYPE-PERP	+0.0087%	1h	92.806	−0.184%	$16.1M	$7.5M	10x	as long as short
Binance HYPEUSDT	+0.0091%	4h	92.824	−0.164%	$375.5M	$880.6M	75x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.819	−0.170%	$88.9M	$81.4M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.913	−0.069%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.861	−0.125%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.852	−0.134%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.824	−0.164%	$67K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.860	−0.126%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.856	−0.130%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.898	−0.085%	$2.03B	$654.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.898	−0.085%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	92.850	−0.136%	$45.8M	$18.1M	75x
Bitget HYPEUSDT	+0.0100%	4h	92.812	−0.177%	$224.4M	$96.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.826	−0.162%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.797	−0.193%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.210%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	+0.112%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.040	+0.068%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.930	−0.050%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.887	−0.097%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.802	−0.188%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.852	−0.134%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.825	−0.163%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.192%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.809	−0.180%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.816	−0.172%	$395K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	+0.157%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0115%	4h	92.965	−0.013%	$1.4M	$6.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.850	−0.136%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.826	−0.162%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	92.920	−0.061%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	92.855	−0.131%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0331%	1h	92.928	−0.052%	$7.4M	$4.4M	50x	as long as short
BloFin HYPE-USDT	+0.0335%	4h	92.971	−0.006%	$16.9M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	92.930	−0.051%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.444%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0689%	1h	92.914	−0.068%	$20.6M	$29.9M	50x	as long as short