Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0320%/8h= −35.1% APRpaid last 24h +0.026%

Price spread now: Bullet against Orderly+0.025%7-day average +0.015% · you sell dearer than you buy

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

Long on Orderly Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.025%, 7d avg +0.015%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.042% in total (about 4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	95.191	−0.0039	get 0.0020% / 4h	1h 58m	$148K	$645K	20x
Short	Bullet HYPE-USD	95.215	−0.0360	pay 0.0045% / 1h	58m 49s	$114K	$582K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$67.25
Price spread: +0.025% → +0.015%: $1.01
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$80.23
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bullet: live order book, 53 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 Bullet live order book, 53 min ago	0.37 bp	6.9 bp −$7	10.8 bp −$108	doesn't fit	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 54 exchanges

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	−0.1336%	1h	95.197	+0.006%	$212K	$261K	7x	as long as short
Bullet HYPE-USDshort	−0.0360%	1h	95.215	+0.025%	$114K	$582K	20x
Phemex HYPEUSDT	−0.0271%	8h	95.161	−0.032%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.225	+0.036%	$18.6M	$35.3M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	95.203	+0.013%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0137%	1h	95.172	−0.020%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	95.140	−0.054%	$690K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.228	+0.039%	$92K	$346K	20x	as long as short
Popdex HYPEUSDT	−0.0104%	1h	95.202	+0.012%	$274K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	0.000%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0076%	4h	95.280	+0.093%	$54.6M	$53.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.200	+0.009%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDClong	−0.0039%	4h	95.191	long leg	$148K	$645K	20x
Aster HYPEUSDT	−0.0025%	4h	95.267	+0.080%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.259	+0.072%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.245	+0.057%	$119.2M	$304.5M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.072%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.233	+0.044%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.216	+0.026%	$100K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0012%	1h	95.299	+0.113%	$7.5M	$4.3M	50x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	+0.001%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	+0.014%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	95.286	+0.100%	$229.0M	$87.4M	75x	as long as short
SoDEX HYPE-USD	+0.0024%	1h	95.222	+0.033%	$2.1M	$373K	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.271	+0.084%	$321.4M	$266.8M	75x	as long as short
Vest HYPE-PERP	+0.0045%	1h	95.267	+0.080%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.262	+0.074%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.085%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.286	+0.100%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.160	−0.033%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.205	+0.015%	$7.3M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.359	+0.176%	$2.11B	$649.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.286	+0.100%	$10.3M	$13.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.267	+0.080%	$382.8M	$859.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.256	+0.068%	$91.0M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.272	+0.085%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.279	+0.092%	—	$48.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.264	+0.077%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.051%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	−0.087%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.136	−0.058%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.218	+0.028%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.242	+0.054%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.223	+0.034%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.301	+0.116%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.307	+0.122%	$1.4M	$5.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.214	+0.024%	$18.4M	$40.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.200	+0.010%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.275	+0.088%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.246	+0.058%	$3.1M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.168	−0.024%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.246	+0.057%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.205	+0.015%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.220%	$31K	$334K	12x	as long as short