Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h +0.022%

Price spread now: Aftermath Perps against Orderly+0.023%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Aftermath Perps is 0.023% dearer against Orderly than usual: you sell high and buy low (spread +0.023% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	92.745	−0.0063	get 0.0032% / 4h	53m 11s	$158K	$663K	20x
Short	Aftermath Perps HYPEUSD	92.767	−0.0109	pay 0.0014% / 1h	53m 11s	$22K	$21K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Orderly. 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 OrderlybpFee Aftermath PerpsbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$9.6
Price spread: +0.023% → 0.000%: $2.33
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$22.27
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aftermath Perps: 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 Orderly no order-book sample	—	—	—	—	—
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Orderly and Aftermath 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
Arcus HYPE-USD	−0.0948%	1h	92.680	−0.070%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0776%	1h	92.787	+0.045%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSDshort	−0.0109%	1h	92.767	+0.023%	$22K	$21K	10x
01 Exchange HYPEUSD	−0.0104%	1h	92.816	+0.077%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.803	+0.063%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0063%	4h	92.745	long leg	$158K	$663K	20x
Bullet HYPE-USD	−0.0057%	1h	92.785	+0.043%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	92.720	−0.027%	$699K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.870	+0.134%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.840	+0.102%	$23K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.806	+0.066%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0006%	8h	92.719	−0.028%	$12.5M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0007%	4h	92.785	+0.043%	$8.7M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0010%	1h	92.729	−0.017%	$16.1M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0031%	4h	92.717	−0.030%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.700	−0.049%	$318.2M	$278.9M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.119%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.722	−0.025%	$44.5M	$54.4M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.419%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.710	−0.038%	$113.3M	$301.0M	50x	as long as short
Binance HYPEUSDT	+0.0085%	4h	92.686	−0.064%	$372.8M	$891.8M	75x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	92.710	−0.038%	$87.9M	$80.1M	100x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.802	+0.061%	$68K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	92.792	+0.050%	$5.1M	$29.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.817	+0.077%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.755	+0.010%	$16.0M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.758	+0.014%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.810	+0.070%	$14K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.787	+0.046%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.768	+0.025%	$2.02B	$657.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.823	+0.084%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.059%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.788	+0.046%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.695	−0.054%	$224.3M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.698	−0.051%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	+0.081%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.161%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.854	+0.118%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.840	+0.103%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.832	+0.094%	$469K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.839	+0.101%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.757	+0.013%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.873	+0.138%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.734	−0.012%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.787	+0.045%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.275%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.840	+0.102%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.801	+0.060%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.857	+0.121%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.787	+0.045%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.813	+0.074%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.793	+0.052%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	92.865	+0.129%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.149%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.2119%	1h	92.750	+0.005%	$79K	$169K	20x	as long as short