Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0081%/8h= −8.8% APRpaid last 24h +0.004%

Price spread now: Bybit against Nado−0.046%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 7 days+0.015%+$1 · spread now −0.046%, 7d avg −0.023%

Together, before fees+0.003%+ Points / potential airdropNado: Active · farm board$0 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 0.023% cheaper against Nado than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	93.925	0.0100	pay 0.0012% / 1h	7m 46s	$5.7M	$44.4M	10x
Short	Bybit HYPEUSDT	93.882	0.0019	get 0.0019% / 8h	7m 46s	$323.0M	$284.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. 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 NadobpFee BybitbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$16.93
Price spread: −0.046% → −0.023%: −$2.29
Slippage, 4 orders: −$1.89
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$39.11
Costs to cover: 0.199%
Break-even: never at this rate

Slippage from Nado: live order book, 1 min ago; Bybit: live order book, 1 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 Nado live order book, 1 min ago	0.05 bp	3.6 bp −$4	5.4 bp −$54	23.2 bp −$2,317	doesn't fit
Sell Bybit live order book, 1 min ago	0.53 bp	6.0 bp −$6	8.2 bp −$82	17.9 bp −$1,790	41.5 bp −$20.7K

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	−0.1296%	1h	93.798	−0.136%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0391%	1h	93.894	−0.034%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.830	−0.102%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	93.870	−0.059%	$705K	$917K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.936	+0.011%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.944	+0.020%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	93.958	+0.035%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.941	+0.017%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.964	+0.041%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.954	+0.030%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.919	−0.007%	$217K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0011%	1h	93.875	−0.054%	$16.4M	$7.2M	10x	as long as short
Aster HYPEUSDT	+0.0019%	4h	93.924	−0.001%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDTshort	+0.0019%	8h	93.882	−0.046%	$323.0M	$284.0M	75x
Phemex HYPEUSDT	+0.0037%	8h	93.880	−0.048%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.894	−0.034%	$88.4M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.899	−0.028%	$383.8M	$898.3M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.133%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.933	+0.008%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	93.909	−0.018%	$44.2M	$60.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	93.904	−0.023%	$115.9M	$322.7M	50x	as long as short
Bullet HYPE-USD	+0.0095%	1h	93.944	+0.020%	$113K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.954	+0.031%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.931	+0.006%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.929	+0.003%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.975	+0.052%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.920	−0.006%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	93.925	long leg	$5.7M	$44.4M	10x
Hyperliquid HYPE	+0.0100%	1h	94.013	+0.093%	$2.04B	$679.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.951	+0.027%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.039%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.928	+0.003%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.917	−0.009%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.900	−0.027%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.959	+0.036%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.811	−0.121%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.855	−0.075%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.071%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.956	+0.032%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.968	+0.045%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.959	+0.036%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.931	+0.006%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.960	+0.037%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.922	−0.004%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.516%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.899	−0.028%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.010	+0.090%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0155%	8h	93.977	+0.055%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.106	+0.192%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	93.947	+0.023%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.918	−0.008%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0271%	1h	94.029	+0.110%	$7.5M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.979	+0.057%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.962	+0.038%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.026	+0.107%	$21.0M	$29.5M	50x	as long as short