Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.089%

Price spread now: Orderly against Hyperliquid−0.084%7-day average −0.058% · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 4 days (all we have)−0.287%−$29 · spread now −0.084%, 7d avg −0.058%

Together, before fees−0.528%+ Points / potential airdropHyperliquid: Season 2 · farm board−$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Orderly is 0.026% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	92.880	0.0100	pay 0.0013% / 1h	54m 58s	$2.02B	$659.1M	10x
Short	Orderly PERP_HYPE_USDC	92.802	−0.0062	pay 0.0031% / 4h	54m 58s	$158K	$663K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.084%Rate

Funding earned: −$33.92
Price spread: −0.084% → −0.058%: −$2.63
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$51.55
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 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 Hyperliquid live order book, 9 min ago	2.64 bp	12.7 bp −$13	14.2 bp −$142	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	92.690	−0.205%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0800%	1h	92.839	−0.044%	$195K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.809	−0.076%	$86K	$351K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0091%	1h	92.736	−0.155%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.869	−0.012%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	92.786	−0.101%	$111K	$579K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0062%	4h	92.802	−0.084%	$158K	$663K	20x
Ondo Perps HYPE-USD.P	−0.0030%	1h	92.340	−0.581%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0004%	4h	92.837	−0.047%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.870	−0.011%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.826	−0.058%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.835	−0.049%	$62K	—	150x	as long as short
Derive HYPE-PERP	+0.0010%	1h	92.778	−0.110%	$16.1M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0011%	8h	92.809	−0.076%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	92.584	−0.319%	$210K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.807	−0.079%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0039%	8h	92.800	−0.086%	$318.6M	$278.9M	75x	as long as short
Gate HYPE_USDT	+0.0052%	4h	92.807	−0.079%	$44.5M	$54.4M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.564%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.814	−0.071%	$113.4M	$301.2M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.823	−0.061%	$87.9M	$80.1M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.813	−0.072%	$373.3M	$891.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.851	−0.031%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.817	−0.068%	$16.1M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.822	−0.062%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.798	−0.088%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.820	−0.065%	$14K	$1.6M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	92.417	−0.499%	$5.0M	$29.1M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.790	−0.096%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	92.880	long leg	$2.02B	$659.1M	10x
Pacifica HYPE	+0.0100%	1h	92.832	−0.051%	$10.0M	$14.9M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.831	−0.053%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.811	−0.074%	$224.6M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.811	−0.074%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	−0.065%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.306%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.779	−0.109%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.823	−0.062%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.828	−0.056%	$469K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.861	−0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.794	−0.093%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.986	+0.114%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.810	−0.075%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.794	−0.092%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.802	−0.084%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.730	−0.161%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.850	−0.032%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.789	−0.098%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.884	+0.004%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	92.812	−0.073%	$16.9M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.822	−0.063%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.870	−0.011%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0407%	1h	92.891	+0.012%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.885	+0.006%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.3594%	1h	92.823	−0.061%	$79K	$169K	20x	as long as short