Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.004%

Price spread now: dYdX against OKX+0.023%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$740.742% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.124%−$12 · spread now +0.023%, 7d avg +0.018%

Together, before fees−0.193%−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.699	0.0100	pay 0.0100% / 8h	2h 25m	$115.1M	$315.9M	50x
Short	dYdX HYPE-USD	93.721	0	get 0.0000% / 1h	25m 32s	$128K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$21
Price spread: +0.023% → +0.018%: $0.55
Slippage, 4 orders: −$54.22
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$94.67
Costs to cover: 0.742%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; dYdX: live order book, 63 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, 4 min ago	0.05 bp	6.9 bp −$7	9.8 bp −$98	18.0 bp −$1,805	doesn't fit
Sell dYdX live order book, 63 min ago	26.01 bp	31.0 bp −$31	72.5 bp −$725	178.3 bp −$17.8K	1004.8 bp −$502.4K

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	−0.1016%	1h	93.493	−0.220%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	93.576	−0.132%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.630	−0.074%	$702K	$936K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.152%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.721	+0.023%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0035%	1h	93.676	−0.025%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.629	−0.075%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.721	+0.023%	$128K	$32K	5x
Perpl HYPE	0.0000%	43m	93.671	−0.030%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.718	+0.020%	$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	+0.0024%	4h	93.703	+0.004%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.683	−0.017%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.690	−0.010%	$326.3M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.686	−0.014%	$57K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.677	−0.023%	$176K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.590	−0.116%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.732	+0.035%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.716	+0.018%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.708	+0.010%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.720	+0.022%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.050%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.770	+0.076%	$2.04B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.709	+0.011%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.699	0.000%	$386.5M	$887.9M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.699	long leg	$115.1M	$315.9M	50x
Arcus HYPE-USD	+0.0100%	1h	93.664	−0.037%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.690	−0.010%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.704	+0.005%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.702	+0.003%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.685	−0.015%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.719	+0.021%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.169%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.092%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.164%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	−0.121%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.668	−0.033%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.696	−0.003%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.694	−0.005%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.696	−0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.679	−0.021%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.656	−0.046%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.152%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.676	−0.024%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.677	−0.023%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.154%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.760	+0.065%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.783	+0.090%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.690	−0.010%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.665	−0.036%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.500	−0.212%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0316%	4h	93.850	+0.161%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.697	−0.002%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.597	−0.109%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.753	+0.058%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.790	+0.097%	$19.2M	$26.0M	50x	as long as short