Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.004%

Price spread now: Perpl against OKX−0.006%7-day average +0.036% · you buy dearer than you sell

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

Long on OKX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)+1.172%+$117 · spread now −0.006%, 7d avg +0.036%

Together, before fees+1.085%+ Points / potential airdropPerpl: Active · farm board+$108 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 Perpl is 0.042% cheaper against OKX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.378	0.0076	pay 0.0076% / 8h	6h 05m	$114.6M	$303.0M	50x
Short	Perpl HYPE	93.373	0	get 0.0000% / 43m	10m 00s	$22K	$323K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$15.86
Price spread: −0.006% → +0.036%: −$4.18
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$43.84
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 4 min ago; Perpl: no order-book sample. 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 OKX live order book, 4 min ago	0.05 bp	5.7 bp −$6	7.8 bp −$78	18.1 bp −$1,813	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 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	−0.1120%	1h	93.308	−0.075%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.226	−0.163%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.052%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0074%	8h	93.318	−0.064%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0066%	1h	93.230	−0.158%	$699K	$904K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.327	−0.055%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.380	+0.002%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.488	+0.118%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	93.340	−0.041%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.389	+0.012%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPEshort	0.0000%	43m	93.373	−0.006%	$22K	$323K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.359	−0.021%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.348	−0.032%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0009%	1h	93.318	−0.064%	$7.4M	$10.4M	20x	as long as short
Gate HYPE_USDT	+0.0010%	4h	93.334	−0.047%	$44.2M	$55.4M	75x	as long as short
Bybit HYPEUSDT	+0.0012%	8h	93.343	−0.037%	$320.2M	$277.0M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	+0.049%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0070%	1h	93.352	−0.027%	$112K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.353	−0.027%	$88.1M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0072%	4h	93.378	0.000%	$379.9M	$880.9M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0076%	8h	93.378	long leg	$114.6M	$303.0M	50x
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.089%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.365	−0.014%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.352	−0.028%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.363	−0.016%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.335	−0.046%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.385	+0.007%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.330	−0.051%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.356	−0.023%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.451	+0.078%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	−0.002%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.046%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.359	−0.020%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.377	−0.001%	$225.9M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.031%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	+0.014%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.041%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.399	+0.022%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.396	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.379	+0.001%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.293	−0.091%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.311	−0.071%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.454	+0.081%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.345	−0.035%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.381	+0.003%	$18.3M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	+0.034%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.859%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0190%	4h	93.525	+0.157%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.434	+0.060%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.354	−0.026%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.395	+0.018%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.354	−0.025%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.433	+0.059%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.425	+0.051%	$20.8M	$29.8M	50x	as long as short