Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0068%/8h= −7.5% APRpaid last 24h −0.057%

Price spread now: Bybit against Hyperliquid−0.026%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.026%, 7d avg −0.030%

Together, before fees−0.100%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	92.824	0.0100	pay 0.0013% / 1h	34m 44s	$2.02B	$665.8M	10x
Short	Bybit HYPEUSDT	92.800	0.0032	get 0.0032% / 8h	3h 34m	$315.8M	$281.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$14.34
Price spread: −0.026% → −0.030%: $0.42
Slippage, 4 orders: −$2.42
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$36.34
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Bybit: live order book, 4 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 Hyperliquid live order book, 9 min ago	0.05 bp	4.6 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	6.0 bp −$6	7.8 bp −$78	17.0 bp −$1,696	36.9 bp −$18.5K

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-P	−0.1328%	1h	92.718	−0.114%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	92.858	+0.036%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.762	−0.067%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.812	−0.013%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.827	+0.003%	$147K	$679K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.819	−0.005%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.816	−0.009%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.847	+0.025%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.975	+0.163%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDTshort	+0.0032%	8h	92.800	−0.026%	$315.8M	$281.9M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0037%	1h	92.750	−0.080%	$699K	$1.1M	10x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	92.845	+0.023%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.831	+0.008%	$87K	$361K	20x	as long as short
Bullet HYPE-USD	+0.0049%	1h	92.824	0.000%	$111K	$578K	20x	as long as short
Bitget HYPEUSDT	+0.0060%	4h	92.813	−0.012%	$224.8M	$99.1M	75x	as long as short
Gate HYPE_USDT	+0.0062%	4h	92.795	−0.031%	$44.9M	$54.0M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.815	−0.010%	$69K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	92.901	+0.083%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.809	−0.016%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.818	−0.006%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.822	−0.002%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.780	−0.047%	$36K	$1.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.807	−0.018%	$8.7M	$36.1M	300x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.796	−0.031%	$7.6M	$45.9M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	92.824	long leg	$2.02B	$665.8M	10x
Pacifica HYPE	+0.0100%	1h	92.826	+0.002%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.800	−0.026%	$373.0M	$904.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.799	−0.027%	$113.7M	$304.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.923	+0.107%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.804	−0.022%	$86.9M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.785	−0.042%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.766	−0.062%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.825	+0.001%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.829	+0.005%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.831	+0.008%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.921	+0.104%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.901	+0.083%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.877	+0.058%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.862	+0.041%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.801	−0.025%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.805	−0.020%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.906	+0.088%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.807	−0.018%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.765	−0.063%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.827	+0.004%	$392K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0128%	4h	92.950	+0.136%	$1.4M	$6.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0136%	8h	92.871	+0.051%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.860	+0.039%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.877	+0.057%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.730	−0.101%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.828	+0.004%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.841	+0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.803	−0.023%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0364%	1h	92.895	+0.076%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.856	+0.035%	$3.2M	$6.4M	20x	as long as short