Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0264%/8h= +28.9% APRpaid last 24h +0.019%

Price spread now: KuCoin against Ondo Perps+0.090%7-day average +0.008% · you sell dearer than you buy

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

Long on Ondo Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 7 days+0.336%+$34 · spread now +0.090%, 7d avg +0.008%

Together, before fees+0.453%+ Points / potential airdropOndo Perps: Active · farm board+$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and KuCoin is 0.082% dearer against Ondo Perps than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.008%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.117% in total (about 6.1% 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	Ondo Perps HYPE-USD.P	94.180	−0.0164	get 0.0021% / 1h	36m 43s	$705K	$937K	10x
Short	KuCoin HYPEUSDTM	94.265	0.0100	get 0.0050% / 4h	3h 36m	$46.7M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Ondo Perps. 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 Ondo PerpsbpFee KuCoinbpOrdersPrice spread, now +0.090%Rate

Funding earned: $55.44
Price spread: +0.090% → +0.008%: $8.23
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $46.67
Costs to cover: 0.170%
Break-even: 1.1 days

Slippage unknown: Ondo Perps: no order-book sample; KuCoin: live order book, 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 2 min ago	0.37 bp	12.4 bp −$12	15.5 bp −$155	doesn't fit	doesn't fit

Ondo Perps: 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 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	−0.1464%	1h	94.187	+0.007%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.137	−0.046%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	94.196	+0.017%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	94.083	−0.103%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0193%	1h	94.245	+0.069%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0164%	1h	94.180	long leg	$705K	$937K	10x
Bullet HYPE-USD	−0.0087%	1h	94.221	+0.043%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.238	+0.062%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.245	+0.069%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.224	+0.047%	$323.8M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.248	+0.072%	$166K	$598K	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	94.235	+0.058%	$44.6M	$59.5M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.278	+0.105%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.252	+0.076%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0023%	4h	94.254	+0.079%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.007%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.249	+0.073%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.202	+0.023%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.255	+0.080%	$384.8M	$893.6M	75x	as long as short
Bluefin HYPE-PERP	+0.0055%	1h	94.245	+0.069%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.159%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.244	+0.068%	$116.3M	$319.7M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.224	+0.047%	$63K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.309	+0.137%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.278	+0.104%	$3.1M	$12.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.231	+0.054%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.281	+0.107%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	+0.042%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.228	+0.051%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.347	+0.177%	$2.06B	$675.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.263	+0.088%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.265	+0.090%	$46.7M	$18.2M	75x
Bitget HYPEUSDT	+0.0100%	4h	94.263	+0.088%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.236	+0.059%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.261	+0.086%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.180%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.143%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	−0.152%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.141%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	+0.071%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.244	+0.068%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.325	+0.154%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.244	+0.068%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.064%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.224	+0.046%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.280	+0.106%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	94.242	+0.066%	$17.1M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.305	+0.133%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.390	+0.223%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.272	+0.098%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.221	+0.044%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.268	+0.093%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0436%	4h	94.427	+0.262%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0439%	1h	94.340	+0.170%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.333	+0.162%	$21.1M	$29.7M	50x	as long as short