Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.005%

Price spread now: Bybit against KuCoin−0.076%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 7 days+0.062%+$6 · spread now −0.076%, 7d avg −0.020%

Together, before fees+0.009%+$1 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 Bybit is 0.056% cheaper against KuCoin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	93.573	0.0100	pay 0.0050% / 4h	2h 30m	$46.4M	$18.8M	75x
Short	Bybit HYPEUSDT	93.502	0.0037	get 0.0037% / 8h	2h 30m	$325.7M	$287.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$13.22
Price spread: −0.076% → −0.020%: −$5.63
Slippage, 4 orders: −$5.67
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$47.51
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Bybit: live order book, 4 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 KuCoin live order book, 4 min ago	0.91 bp	7.8 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	6.0 bp −$6	7.6 bp −$76	16.6 bp −$1,655	41.6 bp −$20.8K

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	−0.1064%	1h	93.496	−0.083%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0275%	1h	93.536	−0.039%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.480	−0.099%	$701K	$941K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.559	−0.015%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.583	+0.011%	$89K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.511	−0.066%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.010%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.566	−0.007%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.475	−0.105%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.551	−0.024%	$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	+0.0020%	4h	93.563	−0.010%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.513	−0.064%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDTshort	+0.0037%	8h	93.502	−0.076%	$325.7M	$287.1M	75x
Orderly PERP_HYPE_USDC	+0.0068%	4h	93.527	−0.049%	$175K	$536K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	−0.026%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.547	−0.028%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.558	−0.016%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.540	−0.035%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.581	+0.008%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.003%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.546	−0.028%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.650	+0.082%	$2.04B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.575	+0.002%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.509	−0.068%	$385.8M	$887.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.501	−0.077%	$114.9M	$315.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.538	−0.037%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.540	−0.035%	$93.6M	$82.2M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	93.573	long leg	$46.4M	$18.8M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.529	−0.047%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.510	−0.067%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.587	+0.015%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.034%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	−0.078%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.572	−0.001%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.599	+0.028%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.600	+0.029%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.594	+0.022%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.520	−0.057%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.599	+0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.505	−0.073%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.546	−0.029%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.018%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.494	−0.085%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.550	−0.025%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.532	−0.044%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	93.629	+0.060%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.615	+0.045%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.600	+0.029%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.547	−0.028%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.490	−0.089%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0333%	4h	93.724	+0.161%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.563	−0.011%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.545	−0.030%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.615	+0.044%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.608	+0.037%	$19.2M	$26.0M	50x	as long as short