Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0908%/8h= +99.4% APRpaid last 24h +0.283%

Price spread now: Variational Omni against Hibachi+0.021%7-day average +0.045% · you sell dearer than you buy

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

Long on Hibachi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+1.192%+$119 on $10k

Price spread, last 4 days (all we have)−0.327%−$33 · spread now +0.021%, 7d avg +0.045%

Together, before fees+0.865%+ Points / potential airdropHibachi: Active · Variational Omni: Active · farm board+$86 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.024% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.021% now, against its 7-day average of +0.045%). If the spread goes back, that is −$2 on $10k: about 2 hours of funding at the current rate (+$27 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	95.071	−0.0808	get 0.0101% / 1h	15m 51s	$212K	$265K	7x
Short	Variational Omni HYPE	95.091	0.0100	get 0.0100% / 8h	7h 15m	$29.9M	$56.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.021%Rate

Funding earned: $190.68
Price spread: +0.021% → +0.045%: −$2.35
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $179.33
Costs to cover: 0.090%
Break-even: 0.4 days

Slippage unknown: Hibachi: live order book, 18 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 18 min ago	11.01 bp	15.5 bp −$16	34.9 bp −$349	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.42 bp	doesn't fit	7.2 bp −$72	23.4 bp −$2,337	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	−0.0808%	1h	95.071	long leg	$212K	$265K	7x
Bluefin HYPE-PERP	−0.0538%	1h	95.082	+0.012%	$79K	$148K	20x	as long as short
Phemex HYPEUSDT	−0.0274%	8h	95.037	−0.036%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	94.997	−0.077%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0202%	1h	95.129	+0.061%	$113K	$577K	20x	as long as short
dYdX HYPE-USD	−0.0134%	1h	95.162	+0.096%	$130K	$93K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0131%	1h	95.070	−0.001%	$705K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.137	+0.070%	$90K	$356K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.086	+0.016%	$1.0M	$3.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.130	+0.062%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.108	+0.039%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0024%	8h	95.066	−0.005%	$319.5M	$288.8M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	95.081	+0.011%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.095	+0.025%	$148K	$670K	20x	as long as short
Gate HYPE_USDT	−0.0004%	4h	95.072	+0.001%	$52.6M	$56.3M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.192	+0.128%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.131	+0.063%	$19K	$274K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.158	+0.092%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.051	−0.021%	$212K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.958%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.150	+0.083%	$4.7M	$5.8M	50x	as long as short
Vest HYPE-PERP	+0.0032%	1h	95.214	+0.151%	—	$126K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0038%	8h	95.060	−0.011%	$118.6M	$323.9M	50x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	95.077	+0.007%	$228.2M	$95.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0049%	8h	95.142	+0.075%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0059%	1h	95.058	−0.013%	$7.6M	$10.1M	20x	as long as short
SoDEX HYPE-USD	+0.0094%	1h	95.112	+0.043%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.106	+0.037%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.083	+0.013%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.101	+0.032%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.120	+0.052%	$40K	$1.5M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	95.084	+0.014%	$5.1M	$31.0M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.096	+0.027%	$6.6M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.219	+0.156%	$2.10B	$677.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	95.091	+0.022%	$8.9M	$36.8M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	95.137	+0.070%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.084	+0.013%	$382.8M	$916.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	+0.059%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.080	+0.010%	$98.3M	$88.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.078	+0.008%	$47.4M	$18.6M	75x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	95.091	+0.021%	$29.9M	$56.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.104	+0.035%	$7.7M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.976	−0.100%	$356K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.146	+0.079%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.120	+0.052%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.054	−0.018%	$33K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.262	+0.201%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.037	−0.036%	$18.3M	$42.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.115	+0.046%	$402K	$148K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0118%	1h	95.189	+0.124%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.192	+0.128%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.325%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.093	+0.023%	$83K	$97K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.204	+0.140%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.158	+0.092%	$17.2M	$12.4M	75x	as long as short