Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.053%

Price spread now: Nado against Hyperliquid−0.093%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Hyperliquid Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 7 days+0.111%+$11 · spread now −0.093%, 7d avg −0.007%

Together, before fees+0.041%+ Points / potential airdropHyperliquid: Season 2 · Nado: Active · farm board+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.086% cheaper against Hyperliquid than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	92.699	0.0100	pay 0.0013% / 1h	30m 45s	$2.02B	$666.2M	10x
Short	Nado HYPE-PERP	92.612	0.0100	get 0.0012% / 1h	30m 45s	$6.8M	$44.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.093%Rate

Funding earned: $0
Price spread: −0.093% → −0.007%: −$8.59
Slippage, 4 orders: −$1.83
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$26.42
Costs to cover: 0.178%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Nado: 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 Hyperliquid live order book, 3 min ago	0.38 bp	4.9 bp −$5	5.6 bp −$56	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	0.05 bp	4.0 bp −$4	6.8 bp −$68	29.8 bp −$2,981	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
Arcus HYPE-USD	−0.0948%	1h	92.613	−0.093%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0304%	1h	92.464	−0.254%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	92.406	−0.316%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.545	−0.166%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.571	−0.138%	$157K	$664K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.645	−0.058%	$87K	$356K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.698	−0.001%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.612	−0.094%	$22K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.611	−0.095%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0005%	1h	92.607	−0.099%	$111K	$580K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0020%	1h	92.560	−0.150%	$696K	$1.1M	10x	as long as short
Aster HYPEUSDT	+0.0024%	4h	92.689	−0.011%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.701	+0.002%	—	$53.4M	—	as long as short
Phemex HYPEUSDT	+0.0040%	8h	92.580	−0.128%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0043%	1h	92.278	−0.454%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0054%	8h	92.683	−0.017%	$316.7M	$281.9M	75x	as long as short
Gate HYPE_USDT	+0.0070%	4h	92.683	−0.017%	$44.5M	$55.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	92.705	+0.006%	$113.6M	$304.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.746	+0.050%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.719	+0.022%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.711	+0.013%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.605	−0.101%	$69K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.630	−0.074%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	92.612	−0.093%	$6.8M	$44.2M	10x
Hyperliquid HYPElong	+0.0100%	1h	92.699	long leg	$2.02B	$666.2M	10x
Pacifica HYPE	+0.0100%	1h	92.736	+0.040%	$10.0M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.702	+0.003%	$371.7M	$903.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.432%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.731	+0.035%	$87.7M	$80.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.701	+0.002%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.690	−0.010%	$224.8M	$98.2M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.626	−0.079%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.569	−0.140%	$28.5M	$57.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.290	−0.441%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.436	−0.284%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.553	−0.157%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.634	−0.070%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.621	−0.084%	$472K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.585	−0.123%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.577	−0.131%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.586	−0.122%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.615	−0.091%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.700	+0.001%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.227	−0.509%	$4.9M	$29.6M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.678	−0.023%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.594	−0.114%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.325%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.680	−0.020%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0248%	8h	92.705	+0.006%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.597	−0.110%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.609	−0.097%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.665	−0.037%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.607	−0.099%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0430%	1h	92.693	−0.006%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.755	+0.060%	$3.2M	$6.4M	20x	as long as short