Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Variational Omni against Nado−0.127%7-day average −0.032% · you buy dearer than you sell

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.013%+$1 on $10k

Price spread, last 7 days+0.078%+$8 · spread now −0.127%, 7d avg −0.032%

Together, before fees+0.092%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board+$9 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 0.095% cheaper against Nado than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	93.322	0.0100	pay 0.0012% / 1h	12m 20s	$5.9M	$44.1M	10x
Short	Variational Omni HYPE	93.203	0.0100	get 0.0100% / 8h	1h 12m	$29.0M	$50.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now −0.127%Rate

Funding earned: $0
Price spread: −0.127% → −0.032%: −$9.48
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$16.48
Costs to cover: 0.070%
Break-even: 1693447581751893.8 days

Slippage unknown: Nado: live order book, 2 min ago; Variational Omni: RFQ quote, 2 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 Nado live order book, 2 min ago	0.05 bp	3.6 bp −$4	6.1 bp −$61	30.9 bp −$3,087	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	0.46 bp	doesn't fit	7.9 bp −$79	27.3 bp −$2,726	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
Aftermath Perps HYPEUSD	−0.0450%	1h	93.258	−0.068%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0376%	1h	93.322	+0.001%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.251	−0.076%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0122%	1h	93.260	−0.066%	$699K	$933K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.313	−0.009%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.348	+0.028%	$91K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	−0.015%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.317	−0.005%	$57K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.310	−0.012%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.351	+0.032%	$27K	—	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	+0.0004%	4h	93.321	0.000%	$8.9M	$35.8M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0019%	4h	93.339	+0.019%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.310	−0.012%	$323.2M	$283.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	−0.078%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.323	+0.001%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.257	−0.069%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.313	−0.009%	$44.0M	$58.7M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.321	−0.001%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.323	+0.002%	$383.1M	$889.8M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.161%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.369	+0.051%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.352	+0.033%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.315	−0.007%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.319	−0.003%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.300	−0.023%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	93.322	long leg	$5.9M	$44.1M	10x
Hyperliquid HYPE	+0.0100%	1h	93.353	+0.034%	$2.03B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.343	+0.023%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.309	−0.013%	$114.3M	$313.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.096%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.333	+0.012%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.345	+0.025%	$226.4M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.322	+0.001%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.339	+0.019%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.203	−0.127%	$29.0M	$50.5M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.131%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.181%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.317	−0.005%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.355	+0.036%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.351	+0.032%	$494K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.321	−0.001%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.349	+0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.310	−0.012%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.278	−0.047%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.284	−0.041%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.367	+0.049%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	+0.127%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0229%	4h	93.513	+0.205%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.420	+0.106%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.322	+0.001%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.316	−0.006%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.373	+0.055%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.349	+0.029%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0371%	1h	93.407	+0.092%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.439	+0.126%	$20.9M	$29.0M	50x	as long as short