Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h +0.019%

Price spread now: Variational Omni against Ondo Perps+0.092%7-day average −0.020% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.065%+$6 on $10k

Price spread, last 7 days+0.134%+$13 · spread now +0.092%, 7d avg −0.020%

Together, before fees+0.199%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Variational Omni is 0.112% dearer against Ondo Perps than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.020%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.065% in total (about 7.4% 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	93.210	−0.0186	get 0.0023% / 1h	49m 08s	$700K	$943K	10x
Short	Variational Omni HYPE	93.295	0.0100	get 0.0100% / 8h	2h 49m	$28.8M	$49.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.092%Rate

Funding earned: $59.98
Price spread: +0.092% → −0.020%: $11.18
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $66.16
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 5 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 Variational Omni RFQ quote, 5 min ago	0.42 bp	doesn't fit	5.0 bp −$50	21.3 bp −$2,128	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	−0.1280%	1h	93.248	+0.041%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0186%	1h	93.210	long leg	$700K	$943K	10x
Aftermath Perps HYPEUSD	−0.0146%	1h	93.371	+0.173%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.419	+0.224%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.380	+0.182%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.376	+0.178%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.407	+0.212%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.497	+0.308%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.441	+0.248%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.420	+0.225%	$19K	—	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	93.405	+0.209%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.339	+0.138%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.393	+0.196%	$44.2M	$56.2M	75x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.377	+0.179%	$325.5M	$288.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	+0.212%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.408	+0.212%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	+0.116%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.440	+0.247%	$18.5M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.413	+0.218%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.399	+0.203%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	+0.225%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.398	+0.202%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.444	+0.251%	$2.03B	$668.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.432	+0.238%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.400	+0.204%	$386.2M	$890.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.379	+0.181%	$114.7M	$316.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.383	+0.186%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.135%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.378	+0.180%	$92.7M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.388	+0.191%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.399	+0.203%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.378	+0.180%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.418	+0.223%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.295	+0.092%	$28.8M	$49.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.336	+0.135%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.344	+0.144%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.438	+0.244%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.428	+0.234%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.391	+0.194%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.424	+0.230%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.378	+0.180%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.381	+0.183%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.427	+0.233%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.370	+0.172%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.400	+0.203%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	+0.071%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.460	+0.268%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.484	+0.294%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.392	+0.196%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.290	+0.086%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.425	+0.230%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.376	+0.178%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0398%	4h	93.581	+0.398%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.466	+0.275%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.479	+0.289%	$19.2M	$25.9M	50x	as long as short