Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h +0.043%

Price spread now: Aevo against Orderly−0.007%7-day average +0.008% · you buy dearer than you sell

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now −0.007%, 7d avg +0.008%

Together, before fees+0.154%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.412	0.0074	pay 0.0037% / 4h	2h 43m	$180K	$536K	20x
Short	Aevo HYPE-PERP	93.405	0.0104	get 0.0013% / 1h	43m 56s	$397K	$318K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee AevobpOrdersPrice spread, now −0.007%Rate

Funding earned: $6.27
Price spread: −0.007% → +0.008%: −$1.52
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$17.24
Costs to cover: 0.220%
Break-even: 26.2 days

Slippage unknown: Orderly: no order-book sample; Aevo: live order book, 45 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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo live order book, 45 min ago	6.65 bp	15.0 bp −$15	17.6 bp −$176	20.3 bp −$2,035	doesn't fit

Orderly: 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	−0.1240%	1h	93.370	−0.045%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	93.330	−0.088%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0193%	1h	93.399	−0.014%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.415	+0.003%	$89K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.388	−0.026%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	+0.017%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.484	+0.077%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.394	−0.019%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	+0.019%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.413	+0.001%	$8.9M	$36.0M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0016%	4h	93.430	+0.019%	$44.2M	$56.3M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.355	−0.061%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0030%	1h	93.411	−0.001%	$112K	$583K	20x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.418	+0.006%	$325.4M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.004%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDClong	+0.0074%	4h	93.412	long leg	$180K	$536K	20x
Lighter HYPE	+0.0096%	1h	93.460	+0.052%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.430	+0.019%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.390	−0.024%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.520	+0.116%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.397	−0.016%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.463	+0.055%	$2.04B	$669.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.391	−0.022%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.430	+0.019%	$385.9M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.423	+0.012%	$114.8M	$315.6M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.374	−0.041%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.082%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.425	+0.014%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.431	+0.020%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.452	+0.043%	$226.9M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.427	+0.016%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.427	+0.016%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.039%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	+0.035%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	+0.047%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	+0.074%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.440	+0.030%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.423	+0.012%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.011%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.439	+0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.389	−0.025%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	−0.005%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.411	−0.001%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.419	+0.008%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERPshort	+0.0104%	1h	93.405	−0.007%	$397K	$318K	20x
edgeX HYPEUSDC	+0.0107%	4h	93.435	+0.024%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.094%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0232%	1h	93.499	+0.093%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.400	−0.013%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.088%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.443	+0.033%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.007%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0373%	4h	93.536	+0.133%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.462	+0.054%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.491	+0.085%	$19.2M	$25.9M	50x	as long as short