Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0291%/8h= +31.8% APRpaid last 24h +0.085%

Price spread now: Reya against Orderly−0.002%7-day average −0.017% · you buy dearer than you sell

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

Long on Orderly Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.002%, 7d avg −0.017%

Together, before fees+0.053%+ Points / potential airdropReya: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.071% in total (about 7.5% 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	93.329	−0.0022	get 0.0011% / 4h	2h 36m	$146K	$663K	20x
Short	Reya HYPERUSDPERP	93.327	0.0268	get 0.0034% / 1h	36m 58s	$80K	$131K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.002%Rate

Funding earned: $61.03
Price spread: −0.002% → −0.017%: $1.56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $50.59
Costs to cover: 0.120%
Break-even: 1.2 days

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

Orderly and Reya: 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	−0.1688%	1h	93.098	−0.247%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0370%	1h	93.313	−0.017%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0084%	1h	93.327	−0.002%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.256	−0.078%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.347	+0.019%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0022%	4h	93.329	long leg	$146K	$663K	20x
dYdX HYPE-USD	0.0000%	1h	93.297	−0.034%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.328	−0.001%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.370	+0.044%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.308	−0.023%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0013%	1h	93.170	−0.170%	$701K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	93.351	+0.024%	$225.6M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.331	+0.002%	$317.1M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.305	−0.026%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	93.348	+0.020%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.126	−0.217%	$4.9M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.386	+0.061%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.354	+0.027%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.350	+0.023%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.337	+0.009%	$76K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.210	−0.128%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.332	+0.004%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.381	+0.056%	$2.03B	$668.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.340	+0.012%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.347	+0.020%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.357	+0.030%	$374.1M	$914.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.336	+0.008%	$114.5M	$309.4M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.329	0.000%	$46.6M	$54.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.350	+0.023%	$89.9M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.342	+0.014%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.341	+0.013%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.380	+0.055%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.140	−0.203%	$28.5M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.194	−0.144%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.132	−0.211%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.228	−0.108%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.354	+0.027%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.345	+0.017%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.347	+0.019%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.320	−0.009%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.324	−0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.364	+0.038%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.491	+0.174%	$1.4M	$6.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.016%	$215K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0103%	8h	93.376	+0.050%	$1.8M	$5.7M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.312	−0.018%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.367	+0.041%	$395K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.290	−0.042%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.430	+0.108%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERPshort	+0.0268%	1h	93.327	−0.002%	$80K	$131K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.362	+0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.342	+0.014%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.422	+0.099%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0457%	1h	93.446	+0.125%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.406	+0.083%	$3.2M	$6.2M	20x	as long as short