Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.012%

Price spread now: Perpl against KuCoin−0.035%47s7-day average +0.024% · you buy dearer than you sell

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

Long on KuCoin Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 3 days (all we have)+0.445%+$45 · spread now −0.035%, 7d avg +0.024%

Together, before fees+0.307%+ Points / potential airdropPerpl: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.059% cheaper against KuCoin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.024%). Swap the legs. The two prices were read 47 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	KuCoin HYPEUSDTM	93.704	0.0100	pay 0.0050% / 4h	2h 25m	$46.5M	$18.7M	75x
Short	Perpl HYPE	93.671	0	get 0.0000% / 43m	12m 40s	$23K	$337K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against KuCoin. 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 KuCoinbpFee PerplbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$21
Price spread: −0.035% → +0.024%: −$5.94
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$52.74
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 3 min ago; Perpl: 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 KuCoin live order book, 3 min ago	0.91 bp	9.9 bp −$10	14.4 bp −$144	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1016%	1h	93.493	−0.225%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	93.576	−0.137%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.630	−0.079%	$702K	$936K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.157%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.721	+0.018%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0035%	1h	93.676	−0.030%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.629	−0.080%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.018%	$128K	$32K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.671	−0.035%	$23K	$337K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.718	+0.015%	$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	+0.0024%	4h	93.703	−0.001%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.683	−0.022%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.690	−0.015%	$326.3M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.686	−0.019%	$57K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.677	−0.029%	$176K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.590	−0.122%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.732	+0.029%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.716	+0.013%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.708	+0.004%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.720	+0.017%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.055%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.770	+0.070%	$2.04B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.709	+0.005%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.699	−0.006%	$386.5M	$887.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.699	−0.005%	$115.1M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.664	−0.043%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.690	−0.015%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	93.704	long leg	$46.5M	$18.7M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.702	−0.002%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.685	−0.020%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.719	+0.016%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.174%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.097%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.170%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	−0.126%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.668	−0.039%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.696	−0.009%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.694	−0.011%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.696	−0.009%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.679	−0.027%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.656	−0.051%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.158%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.676	−0.030%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.677	−0.028%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.160%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.760	+0.060%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.783	+0.084%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.690	−0.015%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.665	−0.041%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.500	−0.218%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0316%	4h	93.850	+0.156%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.697	−0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.597	−0.114%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.753	+0.052%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.790	+0.091%	$19.2M	$26.0M	50x	as long as short