Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Variational Omni against KuCoin−0.338%7-day average −0.031% · you buy dearer than you sell

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

Long on KuCoin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.314%+$31 · spread now −0.338%, 7d avg −0.031%

Together, before fees+0.317%+ Points / potential airdropVariational Omni: Active · farm board+$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.307% cheaper against KuCoin than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	94.016	0.0100	pay 0.0050% / 4h	2h 18m	$46.5M	$18.9M	75x
Short	Variational Omni HYPE	93.699	0.0100	get 0.0100% / 8h	2h 18m	$28.6M	$56.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.338%Rate

Funding earned: $0
Price spread: −0.338% → −0.031%: −$30.68
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$42.68
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 6 min ago; Variational Omni: RFQ quote, 1 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 KuCoin live order book, 6 min ago	0.54 bp	8.1 bp −$8	14.0 bp −$140	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.42 bp	doesn't fit	4.9 bp −$49	20.5 bp −$2,054	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
Hibachi HYPE/USDT-P	−0.1376%	1h	93.862	−0.164%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0415%	1h	93.610	−0.432%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.007	−0.010%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0035%	1h	94.114	+0.104%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	94.120	+0.111%	$147K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.993	−0.025%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.049	+0.035%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.054	+0.040%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.160	+0.153%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.989	−0.029%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	94.042	+0.028%	$227.0M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	94.130	+0.121%	$319.4M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.624	−0.417%	$208K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.952	−0.068%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0049%	1h	93.930	−0.091%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.415%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.061	+0.048%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.052	+0.038%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.050	+0.036%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.023	+0.007%	$71K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.020	+0.004%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.007	−0.010%	$7.8M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.110	+0.100%	$2.06B	$672.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.140	+0.132%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.058	+0.045%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.128	+0.119%	$377.9M	$917.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.160	+0.153%	$116.0M	$314.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.700%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.108	+0.098%	$47.4M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.080	+0.068%	$90.6M	$81.7M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	94.016	long leg	$46.5M	$18.9M	75x
BingX HYPE-USDT	+0.0100%	4h	94.134	+0.126%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.021	+0.005%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.699	−0.338%	$28.6M	$56.2M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.788%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.839%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.924	−0.098%	$672K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.082	+0.070%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.046	+0.032%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.159	+0.152%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.933	−0.088%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.003	−0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.944	−0.077%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.100	+0.089%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.983	−0.035%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.948	−0.073%	$397K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.986	−0.032%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.080	+0.068%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.950	−0.070%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.041	+0.027%	$80K	$127K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0293%	1h	94.028	+0.013%	$7.5M	$4.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.127	+0.118%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0339%	1h	94.012	−0.004%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.930	−0.091%	$16.9M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.085	+0.073%	$3.2M	$6.3M	20x	as long as short