Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.1000%/8h= +109.5% APRpaid last 24h +0.204%

Price spread now: Perpl against Hibachi+0.106%7-day average +0.083% · you sell dearer than you buy

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

Long on Hibachi Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+1.462%+$146 on $10k

Price spread, last 3 days (all we have)−0.052%−$5 · spread now +0.106%, 7d avg +0.083%

Together, before fees+1.410%+ Points / potential airdropHibachi: Active · Perpl: Active · farm board+$141 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$30 a day on $10k at the current rate, and Perpl is 0.023% dearer against Hibachi than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.083%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.619	−0.1000	get 0.0125% / 1h	24m 40s	$198K	$233K	7x
Short	Perpl HYPE	93.718	0	get 0.0000% / 43m	11m 40s	$23K	$337K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.106%Rate

Funding earned: $210
Price spread: +0.106% → +0.083%: $2.29
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $189.49
Costs to cover: 0.228%
Break-even: 0.7 days

Slippage unknown: Hibachi: live order book, 64 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 Hibachi live order book, 64 min ago	15.71 bp	25.8 bp −$26	43.8 bp −$438	doesn't fit	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 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	−0.1000%	1h	93.619	long leg	$198K	$233K	7x
Aftermath Perps HYPEUSD	−0.0294%	1h	93.602	−0.019%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0236%	1h	93.630	+0.012%	$702K	$935K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.066%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.721	+0.109%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.696	+0.082%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.656	+0.039%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.109%	$128K	$32K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.718	+0.106%	$23K	$337K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.730	+0.118%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0027%	4h	93.739	+0.129%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.744	+0.133%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.721	+0.109%	$326.4M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.686	+0.071%	$57K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.698	+0.084%	$176K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.131%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.769	+0.160%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.746	+0.136%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.751	+0.140%	$341K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.720	+0.108%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.702	+0.089%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.809	+0.203%	$2.04B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.746	+0.136%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.736	+0.125%	$386.7M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.706	+0.093%	$115.1M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.694	+0.080%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.728	+0.116%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.746	+0.136%	$46.6M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.733	+0.122%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.730	+0.118%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.749	+0.139%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	+0.035%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.006%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.079%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.686	+0.071%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.721	+0.109%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.746	+0.136%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.713	+0.100%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.753	+0.143%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.703	+0.090%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.678	+0.063%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.067%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.738	+0.127%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.687	+0.072%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.069%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0135%	8h	93.779	+0.171%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0187%	1h	93.805	+0.199%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.720	+0.108%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.704	+0.091%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.010%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0314%	4h	93.886	+0.285%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.732	+0.120%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.691	+0.077%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.753	+0.143%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.807	+0.200%	$19.2M	$26.0M	50x	as long as short