Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.033%

Price spread now: Deribit against OKX+0.106%56s7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.256% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)−0.093%−$9 · spread now +0.106%, 7d avg +0.063%

Together, before fees−0.073%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Deribit is 0.043% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.063%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.234	0.0100	pay 0.0100% / 8h	1h 38m	$113.9M	$313.9M	50x
Short	Deribit HYPE_USDC-PERPETUAL	93.333	0.0340	get 0.0043% / 1h	38m 28s	$7.4M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.106%Rate

Funding earned: $50.4
Price spread: +0.106% → +0.063%: $4.33
Slippage, 4 orders: −$8.62
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $29.12
Costs to cover: 0.256%
Break-even: 3.0 days

Slippage from OKX: live order book, 6 min ago; Deribit: 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 OKX live order book, 6 min ago	0.05 bp	5.2 bp −$5	7.5 bp −$75	17.2 bp −$1,718	doesn't fit
Sell Deribit live order book, 1 min ago	1.55 bp	7.5 bp −$8	12.3 bp −$123	doesn't fit	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	−0.0370%	1h	93.224	−0.010%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0160%	1h	93.305	+0.076%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.152	−0.088%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0094%	1h	93.190	−0.047%	$700K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.206	−0.030%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.248	+0.015%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.267	+0.035%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.224	−0.011%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.240	+0.007%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.269	+0.037%	$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	+0.0010%	4h	93.212	−0.023%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0028%	1h	93.201	−0.036%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.230	−0.004%	$323.7M	$286.7M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0034%	4h	93.240	+0.006%	$171K	$519K	20x	as long as short
Bullet HYPE-USD	+0.0034%	1h	93.235	+0.001%	$112K	$579K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.150%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.231	−0.003%	$43.9M	$57.9M	75x	as long as short
Binance HYPEUSDT	+0.0091%	4h	93.239	+0.005%	$383.3M	$892.2M	75x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	93.238	+0.004%	$90.2M	$81.7M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.248	+0.015%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.211	−0.025%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.214	−0.022%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.028%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.216	−0.019%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.277	+0.046%	$2.03B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.215	−0.020%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.234	long leg	$113.9M	$313.9M	50x
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.167%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.226	−0.009%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.207	−0.029%	$225.9M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.217	−0.018%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.255	+0.023%	$7.9M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.129%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.350	+0.124%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.130%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.288	+0.058%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.272	+0.041%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.244	+0.011%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.255	+0.023%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.271	+0.040%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.228	−0.006%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.282	+0.051%	$12.7M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.338	+0.111%	$5.1M	$29.5M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.222	−0.013%	$18.2M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.180	−0.058%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.371	+0.147%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	+0.039%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.150	−0.090%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.231	−0.004%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0263%	4h	93.426	+0.206%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.256	+0.024%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.252	+0.019%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.264	+0.032%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0340%	1h	93.333	+0.106%	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.355	+0.130%	$20.9M	$28.8M	50x	as long as short