Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0466%/8h= +51.1% APRpaid last 24h +0.193%

Price spread now: Orderly against Hibachi−0.055%7-day average +0.071% · you buy dearer than you sell

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

Long on Hibachi Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+1.499%+$150 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now −0.055%, 7d avg +0.071%

Together, before fees+1.557%+ Points / potential airdropHibachi: Active · farm board+$156 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.127% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of +0.071%). If the spread goes back, that is −$13 on $10k: about 22 hours of funding at the current rate (+$14 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	92.271	−0.0536	get 0.0067% / 1h	42m 58s	$193K	$229K	7x
Short	Orderly PERP_HYPE_USDC	92.220	−0.0070	pay 0.0035% / 4h	42m 58s	$157K	$663K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.055%Rate

Funding earned: $97.93
Price spread: −0.055% → +0.071%: −$12.66
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: $70.27
Costs to cover: 0.150%
Break-even: 2.0 days

Slippage unknown: Hibachi: live order book, 16 min ago; Orderly: 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 Hibachi live order book, 16 min ago	14.58 bp	25.8 bp −$26	45.4 bp −$454	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Arcus HYPE-USD	−0.0948%	1h	92.247	−0.026%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-Plong	−0.0536%	1h	92.271	long leg	$193K	$229K	7x
Aftermath Perps HYPEUSD	−0.0159%	1h	92.320	+0.053%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.323	+0.056%	$85K	$354K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.319	+0.052%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0070%	4h	92.220	−0.055%	$157K	$663K	20x
Bullet HYPE-USD	−0.0052%	1h	92.268	−0.003%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0012%	4h	92.260	−0.012%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.316	+0.049%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.292	+0.023%	$22K	$310K	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 −0.0002%	1h	92.283	+0.013%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	92.230	−0.044%	$696K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.183	−0.095%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.246	−0.027%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.225	−0.050%	$315.4M	$281.1M	75x	as long as short
Gate HYPE_USDT	+0.0054%	4h	92.230	−0.044%	$44.3M	$54.8M	75x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	92.231	−0.043%	$12.5M	$2.7M	50x	as long as short
Derive HYPE-PERP	+0.0070%	1h	92.200	−0.077%	$16.0M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	92.190	−0.088%	$87.0M	$80.5M	100x	as long as short
Binance HYPEUSDT	+0.0076%	4h	92.208	−0.069%	$369.7M	$899.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.224	−0.051%	$112.8M	$301.6M	50x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	92.205	−0.072%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.385	+0.123%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.249	−0.024%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.248	−0.025%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.325	+0.058%	$68K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.210	−0.066%	$390K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.260	−0.012%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.332	+0.066%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.281	+0.011%	$2.01B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.366	+0.103%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.028%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.198	−0.079%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.200	−0.077%	$223.6M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.214	−0.062%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.123%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.209	−0.068%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.186	−0.092%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.228	−0.047%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.343	+0.078%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.325	+0.058%	$475K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.271	0.000%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.233	−0.041%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.388	+0.127%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.177	−0.102%	$18.1M	$43.5M	50x	as long as short
Bluefin HYPE-PERP	+0.0136%	1h	92.240	−0.034%	$78K	$169K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.790%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.420	+0.161%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0257%	8h	92.335	+0.069%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.268	−0.004%	$79K	$139K	15x	as long as short
BloFin HYPE-USDT	+0.0304%	4h	92.211	−0.065%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.279	+0.008%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.295	+0.026%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0606%	1h	92.337	+0.071%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.404	+0.144%	$3.1M	$6.4M	20x	as long as short