Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0139%/8h= −15.2% APRpaid last 24h −0.081%

Price spread now: OKX against Injective+0.004%7-day average −0.198% · you sell dearer than you buy

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

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.362%−$236 on $10k

Price spread, last 3 days (all we have)+0.066%+$7 · spread now +0.004%, 7d avg −0.198%

Together, before fees−2.296%−$230 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.202% dearer against Injective than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.198%): +$20 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 7 days (−2.362% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.070	0.0239	pay 0.0030% / 1h	36m 46s	$30K	$338K	12x
Short	OKX HYPE-USDT-SWAP	93.074	0.0100	get 0.0100% / 8h	1h 36m	$113.8M	$313.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$29.13
Price spread: +0.004% → −0.198%: $20.2
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$18.95
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: live order book, 47 min ago; OKX: live order book, 2 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, 47 min ago	15.46 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.9 bp −$69	15.8 bp −$1,584	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
Aftermath Perps HYPEUSD	−0.0362%	1h	93.223	+0.164%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0184%	1h	93.205	+0.145%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.101	+0.033%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.150	+0.086%	$700K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.161	+0.098%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.125	+0.059%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.189	+0.128%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.125	+0.059%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.144	+0.080%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.150	+0.086%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.081	+0.012%	$8.8M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.080	+0.011%	$323.0M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0033%	4h	93.112	+0.045%	$171K	$519K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.327%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.106	+0.039%	$111K	$579K	20x	as long as short
Gate HYPE_USDT	+0.0038%	4h	93.059	−0.012%	$43.8M	$57.9M	75x	as long as short
Derive HYPE-PERP	+0.0039%	1h	93.083	+0.014%	$16.3M	$7.1M	10x	as long as short
Binance HYPEUSDT	+0.0089%	4h	93.064	−0.007%	$382.6M	$892.7M	75x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	93.065	−0.005%	$89.8M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.138	+0.073%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.120	+0.054%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.143	+0.078%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.150	+0.086%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.120	+0.053%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.119	+0.053%	$2.02B	$670.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	+0.089%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	93.074	+0.004%	$113.8M	$313.5M	50x
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.344%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.104	+0.037%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.096	+0.028%	$225.7M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.068	−0.002%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.118	+0.052%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.305%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.268	+0.212%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.189%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.210	+0.150%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.183	+0.121%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	+0.095%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.116	+0.049%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.178	+0.116%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.105	+0.038%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.153	+0.089%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.050	−0.021%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.094	+0.026%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.228	+0.170%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.221	+0.162%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.190	+0.129%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0239%	1h	93.070	long leg	$30K	$338K	12x
Reya HYPERUSDPERP	+0.0247%	1h	93.100	+0.032%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.300	+0.247%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.204	+0.145%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0319%	1h	93.211	+0.151%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0329%	4h	93.087	+0.018%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.154	+0.091%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.200	+0.139%	$20.8M	$28.9M	50x	as long as short