Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.070%

Price spread now: KuCoin against Injective−0.878%100s7-day average −0.166% · you buy dearer than you sell

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−2.234%−$223 on $10k

Price spread, last 4 days (all we have)+0.908%+$91 · spread now −0.878%, 7d avg −0.166%

Together, before fees−1.326%−$133 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and KuCoin is 0.712% cheaper against Injective than usual: you would sell low and buy high (−$71 if the spread goes back to its 7-day average of −0.166%). Swap the legs. The two prices were read 100 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.000	0.0150	pay 0.0019% / 1h	45m 33s	$30K	$339K	12x
Short	KuCoin HYPEUSDTM	92.183	0.0100	get 0.0050% / 4h	45m 33s	$45.7M	$18.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now −0.878%Rate

Funding earned: −$10.6
Price spread: −0.878% → −0.166%: −$71.22
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$93.84
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 14 min ago; KuCoin: live order book, 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 Injective live order book, 14 min ago	14.57 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	0.60 bp	11.7 bp −$12	17.8 bp −$178	doesn't fit	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	92.187	−0.874%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0648%	1h	92.231	−0.827%	$193K	$228K	7x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.184	−0.877%	$85K	$353K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0128%	1h	92.409	−0.636%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.174	−0.888%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0071%	4h	92.155	−0.909%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0058%	1h	92.163	−0.900%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0014%	1h	92.110	−0.957%	$696K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0013%	4h	92.197	−0.863%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.819%	$126K	$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	92.224	−0.834%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.192	−0.869%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.183	−0.878%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0040%	8h	92.190	−0.871%	$315.5M	$280.9M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.141	−0.924%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	−0.613%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.185	−0.876%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0064%	8h	92.224	−0.834%	$12.5M	$2.7M	50x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	92.182	−0.880%	$87.0M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0075%	4h	92.184	−0.877%	$369.6M	$897.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.193	−0.868%	$112.6M	$300.7M	50x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	92.205	−0.855%	$4.9M	$29.5M	30x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.201	−0.859%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.221	−0.838%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	−0.717%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.191	−0.870%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.185	−0.876%	$3.1M	$11.6M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.164	−0.899%	$390K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.160	−0.903%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.151	−0.912%	$5.7M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.209	−0.851%	$2.01B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.220	−0.839%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.215%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	92.183	−0.878%	$45.7M	$18.3M	75x
Bitget HYPEUSDT	+0.0100%	4h	92.199	−0.861%	$223.6M	$98.2M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.195	−0.866%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.905%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	−0.724%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.256	−0.800%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.224	−0.834%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.183	−0.878%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.250	−0.806%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.200	−0.860%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.300	−0.753%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.175	−0.887%	$18.1M	$43.5M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0150%	1h	93.000	long leg	$30K	$339K	12x
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.210	−0.849%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	92.280	−0.774%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.158	−0.906%	$78K	$140K	15x	as long as short
BloFin HYPE-USDT	+0.0311%	4h	92.180	−0.882%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.181	−0.880%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.255	−0.801%	$20.5M	$30.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0401%	1h	92.137	−0.928%	$78K	$169K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0542%	1h	92.294	−0.759%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.270	−0.785%	$3.1M	$6.4M	20x	as long as short