Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0351%/8h= +38.5% APRpaid last 24h +0.071%

Price spread now: Deribit against Orderly+0.082%7-day average +0.050% · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.082%, 7d avg +0.050%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.032% dearer against Orderly than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.050%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.139% in total (about 7.3% 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	Orderly PERP_HYPE_USDC	93.518	−0.0045	get 0.0023% / 4h	1h 42m	$156K	$629K	20x
Short	Deribit HYPE_USDC-PERPETUAL	93.595	0.0306	get 0.0038% / 1h	42m 02s	$7.5M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.082%Rate

Funding earned: $73.78
Price spread: +0.082% → +0.050%: $3.2
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $63.98
Costs to cover: 0.130%
Break-even: 0.9 days

Slippage unknown: Orderly: no order-book sample; Deribit: 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 Deribit live order book, 2 min ago	3.74 bp	7.9 bp −$8	12.5 bp −$125	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 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	93.378	−0.150%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.446	−0.077%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0178%	1h	93.498	−0.021%	$79K	$170K	20x	as long as short
Phemex HYPEUSDT	−0.0102%	8h	93.519	+0.001%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.485	−0.035%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0045%	4h	93.518	long leg	$156K	$629K	20x
Aftermath Perps HYPEUSD	−0.0041%	1h	93.435	−0.089%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.554	+0.038%	$85K	$345K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0010%	1h	93.500	−0.019%	$698K	$981K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.522	+0.005%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.568	+0.054%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.550	+0.034%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.567	+0.052%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.549	+0.033%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.508	−0.011%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.413	−0.112%	$322.2M	$277.0M	75x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.546	+0.030%	$112K	$578K	20x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.530	+0.013%	$44.6M	$54.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.497	−0.022%	$114.5M	$302.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.561	+0.046%	$16.4M	$61.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.551	+0.035%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.549	+0.033%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.535	+0.018%	$89.9M	$80.5M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.616	+0.104%	$340K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.527	+0.009%	$5.1M	$30.0M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.056%	$19K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.579	+0.066%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.607	+0.095%	$2.04B	$655.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.616	+0.105%	$10.1M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.463	−0.058%	$379.3M	$877.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.066%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.532	+0.015%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.504	−0.015%	$226.1M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.471	−0.050%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.192%	$31.1M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.288	−0.246%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.588	+0.075%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.522	+0.004%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.596	+0.084%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.567	+0.052%	$473K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.508	−0.010%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.616	+0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.524	+0.006%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.491	−0.029%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.529	+0.012%	$398K	$163K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.590	+0.077%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0202%	4h	93.738	+0.235%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.528	+0.010%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.609	+0.097%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0306%	1h	93.595	+0.082%	$7.5M	$4.4M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.557	+0.041%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.577	+0.063%	$17.0M	$11.7M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.644	+0.135%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.350	−0.180%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.592	+0.080%	$20.8M	$30.1M	50x	as long as short