Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0465%/8h= −50.9% APRpaid last 24h −0.195%

Price spread now: Hibachi against Orderly−0.073%7-day average −0.071% · you buy dearer than you sell

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

Long on Orderly Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.511%−$151 on $10k

Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.073%, 7d avg −0.071%

Together, before fees−1.441%+ Points / potential airdropHibachi: Active · farm board−$144 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.071%, so right now this pair is about funding alone: −$14 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	92.800	−0.0063	get 0.0032% / 4h	3h 53m	$157K	$653K	20x
Short	Hibachi HYPE/USDT-P	92.732	−0.0528	pay 0.0066% / 1h	53m 31s	$193K	$228K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.073%Rate

Funding earned: −$97.65
Price spread: −0.073% → −0.071%: −$0.21
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$112.86
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Hibachi: live order book, just now. 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 Hibachi live order book, just now	9.25 bp	13.8 bp −$14	37.0 bp −$370	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-Pshort	−0.0528%	1h	92.732	−0.073%	$193K	$228K	7x
Aftermath Perps HYPEUSD	−0.0264%	1h	92.838	+0.041%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.935	+0.145%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.919	+0.128%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0064%	4h	92.900	+0.108%	$44.6M	$53.6M	75x	as long as short
Orderly PERP_HYPE_USDClong	−0.0063%	4h	92.800	long leg	$157K	$653K	20x
dYdX HYPE-USD	0.0000%	1h	92.935	+0.146%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.977	+0.191%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.902	+0.109%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.892	+0.099%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0030%	8h	92.815	+0.016%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.968	+0.181%	$316.7M	$282.2M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.095%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	93.014	+0.231%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0079%	4h	92.940	+0.151%	$8.7M	$36.2M	300x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	92.806	+0.007%	$4.9M	$29.6M	30x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.978	+0.192%	$225.2M	$98.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0091%	1h	92.800	0.000%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0093%	1h	92.864	+0.069%	$111K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.935	+0.145%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.942	+0.153%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.982	+0.196%	$70K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.956	+0.168%	$339K	$163K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.980	+0.194%	$114.0M	$304.6M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.960	+0.172%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	+0.123%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.978	+0.192%	$2.03B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.959	+0.171%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.965	+0.177%	$373.9M	$903.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.153%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.925	+0.135%	$88.2M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.950	+0.162%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.971	+0.184%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.866	+0.071%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.098%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.036%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.797	−0.003%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	+0.036%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.939	+0.150%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.950	+0.162%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.833	+0.036%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.811	+0.011%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.937	+0.148%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.827	+0.029%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.995	+0.210%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.940	+0.151%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.826	+0.028%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.010	+0.226%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.913	+0.121%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.043%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.865	+0.070%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.880	+0.086%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	+0.119%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0375%	1h	92.922	+0.131%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.028	+0.246%	$3.2M	$6.4M	20x	as long as short