Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0138%/8h= +15.1% APRpaid last 24h +0.021%

Price spread now: Coinbase International against Orderly−0.040%7-day average −0.025% · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now −0.040%, 7d avg −0.025%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: +$4 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	93.908	0.0014	pay 0.0007% / 4h	56m 56s	$176K	$526K	20x
Short	Coinbase International HYPE-PERP-INTX	93.870	0.0152	get 0.0019% / 1h	56m 56s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.040%Rate

Funding earned: $28.95
Price spread: −0.040% → −0.025%: −$1.5
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $11.46
Costs to cover: 0.160%
Break-even: 4.2 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 2 min ago	3.73 bp	9.1 bp −$9	14.1 bp −$141	35.0 bp −$3,505	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	−0.0504%	1h	93.735	−0.184%	$198K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0486%	1h	93.638	−0.288%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.768	−0.149%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.840	−0.072%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0002%	1h	93.800	−0.115%	$701K	$903K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	+0.004%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.882	−0.027%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.922	+0.015%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDClong	+0.0014%	4h	93.908	long leg	$176K	$526K	20x
Bybit HYPEUSDT	+0.0018%	8h	93.900	−0.009%	$324.8M	$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
Aster HYPEUSDT	+0.0020%	4h	93.911	+0.003%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.110%	$215K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0063%	1h	93.839	−0.073%	$16.4M	$6.9M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.911	+0.003%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.933	+0.027%	$90.8M	$80.3M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.937	+0.031%	$385.6M	$886.0M	75x	as long as short
Phemex HYPEUSDT	+0.0074%	8h	93.842	−0.070%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	93.744	−0.174%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.952	+0.046%	$19.0M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.934	+0.028%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	93.900	−0.009%	$91K	$355K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.847	−0.065%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.852	−0.060%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.845	−0.067%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.830	−0.083%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.844	−0.068%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.868	−0.043%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.910	+0.002%	$115.0M	$314.5M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.919	+0.012%	$47.2M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.915	+0.007%	$227.6M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.912	+0.004%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.926	+0.019%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.379%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.311%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.759	−0.159%	$393K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.783	−0.133%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.874	−0.037%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.911	+0.003%	$484K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.888	−0.021%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.903	−0.005%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.979	+0.076%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.904	−0.004%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.243%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.750	−0.168%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.896	−0.012%	$18.6M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.972	+0.068%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0152%	1h	93.870	−0.040%	$4.9M	$5.7M	50x
HTX HYPE-USDT	+0.0221%	4h	94.082	+0.185%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.885	−0.024%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0266%	4h	93.898	−0.011%	$17.0M	$12.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0272%	1h	93.995	+0.093%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.894	−0.015%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.877	−0.033%	$1.4M	—	100x	as long as short
Hyperliquid HYPE	+0.0540%	1h	93.938	+0.032%	$2.05B	$667.5M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.020	+0.119%	$21.0M	$29.0M	50x	as long as short