Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.024%

Price spread now: Bulk against OKX−0.070%7-day average +0.058% · 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−$34as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on OKX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now −0.070%, 7d avg +0.058%

Together, before fees−0.011%−$1 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: Bulk is 0.128% cheaper against OKX than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	92.865	0.0097	pay 0.0097% / 8h	4h 03m	$113.9M	$303.9M	50x
Short	Bulk HYPE-USD	92.800	0.0100	get 0.0013% / 1h	3m 13s	$202K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against OKX. 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 OKXbpFee BulkbpOrdersPrice spread, now −0.070%Rate

Funding earned: $0.6
Price spread: −0.070% → +0.058%: −$12.78
Slippage, 4 orders: −$4.39
Fee OKX: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$33.57
Costs to cover: 0.214%
Break-even: 397.7 days

Slippage from OKX: live order book, 6 min ago; Bulk: live order book, 56 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 OKX live order book, 6 min ago	0.05 bp	6.2 bp −$6	8.7 bp −$87	18.3 bp −$1,828	doesn't fit
Sell Bulk live order book, 56 min ago	1.08 bp	4.9 bp −$5	6.3 bp −$63	12.0 bp −$1,198	35.1 bp −$17.5K

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
Arcus HYPE-USD	−0.0948%	1h	92.818	−0.051%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	−0.186%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.799	−0.071%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.865	0.000%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.837	−0.030%	$157K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	0.000%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.876	+0.012%	$87K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.879	+0.015%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.890	+0.027%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.851	−0.015%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0028%	1h	92.834	−0.033%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.862	−0.003%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0037%	1h	92.800	−0.070%	$697K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.118%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.860	−0.005%	$316.9M	$281.1M	75x	as long as short
Aster HYPEUSDT	+0.0063%	4h	92.867	+0.002%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0090%	4h	92.859	−0.006%	$224.8M	$98.6M	75x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	92.749	−0.125%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.886	+0.023%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.880	+0.016%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.885	+0.022%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.860	−0.005%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0097%	8h	92.865	long leg	$113.9M	$303.9M	50x
Katana Perps HYPE-USD	+0.0099%	8h	92.860	−0.005%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.859	−0.006%	$7.5M	$45.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.898	+0.036%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.886	+0.023%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.882	+0.018%	$373.2M	$902.2M	75x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	92.800	−0.070%	$202K	$13K	10x
Gate HYPE_USDT	+0.0100%	4h	92.859	−0.006%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.875	+0.011%	$88.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.886	+0.023%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.864	−0.001%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.190%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.096%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.773	−0.099%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.827	−0.041%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.888	+0.025%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.896	+0.033%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.850	−0.016%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.828	−0.039%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.846	−0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.871	+0.006%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.998	+0.143%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.840	−0.027%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.850	−0.016%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.102%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.930	+0.070%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.923	+0.062%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.860	−0.005%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0321%	1h	92.951	+0.093%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.859	−0.007%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.934	+0.075%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.869	+0.004%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.920	+0.059%	$3.2M	$6.4M	20x	as long as short