Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0210%/8h= −23.0% APRpaid last 24h −0.100%

Price spread now: Orderly against Injective+0.109%58s7-day average −0.184% · you sell dearer than you buy

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−2.493%−$249 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now +0.109%, 7d avg −0.184%

Together, before fees−2.598%−$260 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.293% dearer against Injective than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of −0.184%): +$29 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 4.7 days. At the pace of the last 7 days (−2.493% in total) that is about 20 hours. The two prices were read 58 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	93.360	0.0285	pay 0.0036% / 1h	45m 29s	$30K	$231K	12x
Short	Orderly PERP_HYPE_USDC	93.462	0.0075	get 0.0037% / 4h	2h 45m	$180K	$536K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now +0.109%Rate

Funding earned: −$44.04
Price spread: +0.109% → −0.184%: $29.35
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$20.71
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: live order book, 43 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 Injective live order book, 43 min ago	36.79 bp	doesn't fit	doesn't fit	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
Hibachi HYPE/USDT-P	−0.1240%	1h	93.386	+0.028%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	93.330	−0.032%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0175%	1h	93.418	+0.063%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.422	+0.066%	$89K	$345K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.423	+0.067%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.154%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.520	+0.171%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.434	+0.080%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.494	+0.144%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.416	+0.060%	$8.9M	$36.1M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0017%	1h	93.397	+0.039%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0020%	1h	93.455	+0.102%	$112K	$583K	20x	as long as short
Gate HYPE_USDT	+0.0022%	4h	93.408	+0.051%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.390	+0.032%	$325.3M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	+0.051%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0075%	4h	93.462	+0.109%	$180K	$536K	20x
Lighter HYPE	+0.0096%	1h	93.459	+0.106%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.441	+0.087%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.397	+0.040%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.440	+0.086%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.396	+0.039%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.482	+0.131%	$2.04B	$669.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.428	+0.073%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.415	+0.059%	$385.8M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.391	+0.033%	$114.8M	$315.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.396	+0.039%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.026%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.407	+0.050%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.449	+0.095%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.416	+0.060%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.403	+0.046%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.475	+0.123%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	+0.017%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	+0.091%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	+0.103%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	+0.130%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.462	+0.109%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.447	+0.093%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.445	+0.091%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.496	+0.146%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.446	+0.092%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.429	+0.074%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.450	+0.097%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.388	+0.030%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.488	+0.137%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.435	+0.080%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.150%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.404	+0.048%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERPlong	+0.0285%	1h	93.360	long leg	$30K	$231K	12x
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.552	+0.206%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.499	+0.149%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.408	+0.051%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0388%	4h	93.628	+0.287%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.474	+0.122%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.537	+0.189%	$19.2M	$25.8M	50x	as long as short