Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0055%/8h= −6.1% APRpaid last 24h −0.004%

Price spread now: Hotstuff against Orderly+0.014%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 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	93.316	−0.0025	get 0.0012% / 4h	2h 42m	$146K	$663K	20x
Short	Hotstuff HYPE-PERP	93.329	−0.0080	pay 0.0010% / 1h	42m 15s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$11.63
Price spread: +0.014% → 0.000%: $1.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$21.24
Costs to cover: 0.110%
Break-even: never at this rate

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

Orderly and Hotstuff: 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	−0.1776%	1h	93.218	−0.105%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0371%	1h	93.461	+0.156%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0096%	1h	93.300	−0.017%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	93.329	+0.014%	$3K	$331	25x
Orderly PERP_HYPE_USDClong	−0.0025%	4h	93.316	long leg	$146K	$663K	20x
01 Exchange HYPEUSD	−0.0024%	1h	93.342	+0.028%	$87K	$366K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0006%	1h	93.260	−0.060%	$702K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.409	+0.100%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.398	+0.088%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.334	+0.019%	$22K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.349	+0.036%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.300	−0.017%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	93.313	−0.003%	$225.7M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.300	−0.017%	$317.2M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.462	+0.156%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0032%	8h	93.352	+0.039%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.544	+0.244%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.372	+0.060%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.340	+0.026%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.342	+0.028%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.311	−0.005%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.320	+0.004%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.344	+0.031%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.374	+0.062%	$2.03B	$668.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.331	+0.016%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.350	+0.036%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.324	+0.009%	$374.2M	$912.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.289	−0.029%	$114.5M	$309.0M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.318	+0.002%	$46.5M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.332	+0.017%	$90.7M	$80.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.337	+0.023%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.286	−0.032%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.373	+0.061%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.419	+0.110%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	+0.163%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.432	+0.124%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.453	+0.147%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.393	+0.083%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.339	+0.025%	$502K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.325	+0.010%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.321	+0.005%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.299	−0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.331	+0.016%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.500	+0.197%	$1.4M	$6.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.030%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.307	−0.009%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.328	+0.012%	$395K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.330	+0.015%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.360	+0.047%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.306	−0.010%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.340	+0.025%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.333	+0.018%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.414	+0.105%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0457%	1h	93.433	+0.125%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.387	+0.076%	$3.2M	$6.2M	20x	as long as short