Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0165%/8h= +18.0% APRpaid last 24h +0.031%

Price spread now: Derive against Orderly−0.008%7-day average −0.026% · you buy dearer than you sell

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

Long on Orderly Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.147%+$15 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now −0.008%, 7d avg −0.026%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: +$5 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	92.831	−0.0065	get 0.0032% / 4h	3m 51s	$157K	$658K	20x
Short	Derive HYPE-PERP	92.824	0.0100	get 0.0013% / 1h	3m 51s	$16.1M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.008%Rate

Funding earned: $34.58
Price spread: −0.008% → −0.026%: $1.84
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Derive: 3 bp × 2 orders: −$6
Net: $24.42
Costs to cover: 0.120%
Break-even: 2.1 days

Slippage unknown: Orderly: no order-book sample; Derive: 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 Derive no order-book sample	—	—	—	—	—

Orderly and Derive: 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	92.765	−0.071%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	−0.149%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.787	−0.047%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.797	−0.037%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0065%	4h	92.831	long leg	$157K	$658K	20x
01 Exchange HYPEUSD	−0.0008%	1h	92.841	+0.011%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	+0.036%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.825	−0.007%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.886	+0.059%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0027%	1h	92.815	−0.017%	$111K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0027%	8h	92.851	+0.022%	$12.5M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.710	−0.130%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.859	+0.030%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.082%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.850	+0.020%	$316.9M	$281.1M	75x	as long as short
Aster HYPEUSDT	+0.0063%	4h	92.858	+0.029%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0092%	4h	92.851	+0.022%	$224.7M	$98.6M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.729	−0.109%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.818	−0.014%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.870	+0.041%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.877	+0.050%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.823	−0.009%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	92.859	+0.030%	$113.9M	$303.8M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.790	−0.044%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.788	−0.046%	$7.3M	$45.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.892	+0.066%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.838	+0.008%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.862	+0.033%	$373.1M	$901.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.033%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.849	+0.019%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.866	+0.038%	$88.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.857	+0.028%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.864	+0.036%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.153%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.059%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.721	−0.118%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.694	−0.148%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.856	+0.027%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.870	+0.042%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.840	+0.010%	$79K	$168K	20x	as long as short
Derive HYPE-PERPshort	+0.0100%	1h	92.824	−0.008%	$16.1M	$7.5M	10x
SunX HYPE-USDT	+0.0100%	4h	92.779	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.859	+0.030%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.950	+0.128%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.825	−0.006%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.857	+0.028%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.182%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.900	+0.074%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.832	+0.001%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.841	+0.010%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.857	+0.028%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.913	+0.088%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.780	−0.055%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	92.954	+0.132%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.056%	$3.2M	$6.4M	20x	as long as short