Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0757%/8h= +82.9% APRpaid last 24h +0.086%

Price spread now: RISEx against Orderly+0.178%7-day average +0.025% · you sell dearer than you buy

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

Long on Orderly Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.183%+$18 on $10k

Price spread, last 4 days (all we have)−0.115%−$11 · spread now +0.178%, 7d avg +0.025%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and RISEx is 0.153% dearer against Orderly than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.025%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.183% in total (about 18.8% 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	92.240	−0.0070	get 0.0035% / 4h	43m 45s	$157K	$663K	20x
Short	RISEx HYPE/USDC	92.404	0.0687	get 0.0086% / 1h	43m 45s	$3.1M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.178%Rate

Funding earned: $158.95
Price spread: +0.178% → +0.025%: $15.31
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee RISEx: 3 bp × 2 orders: −$6
Net: $162.25
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; RISEx: live order book, 5 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 RISEx live order book, 5 min ago	1.62 bp	4.9 bp −$5	6.1 bp −$61	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
Arcus HYPE-USD	−0.0948%	1h	92.247	+0.008%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0568%	1h	92.240	0.000%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0155%	1h	92.323	+0.090%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.323	+0.090%	$85K	$354K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.319	+0.086%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0070%	4h	92.240	long leg	$157K	$663K	20x
Bullet HYPE-USD	−0.0060%	1h	92.260	+0.022%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0012%	4h	92.333	+0.101%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.316	+0.082%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.292	+0.057%	$22K	$310K	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	92.278	+0.041%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	92.230	−0.011%	$696K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.338	+0.106%	—	$53.2M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.206%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.330	+0.098%	$315.8M	$281.0M	75x	as long as short
Gate HYPE_USDT	+0.0054%	4h	92.332	+0.100%	$44.3M	$54.8M	75x	as long as short
Derive HYPE-PERP	+0.0060%	1h	92.227	−0.014%	$16.0M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	92.305	+0.070%	$12.5M	$2.7M	50x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	92.344	+0.113%	$87.1M	$80.5M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.336	+0.104%	$112.8M	$301.8M	50x	as long as short
Binance HYPEUSDT	+0.0076%	4h	92.349	+0.118%	$370.2M	$898.7M	75x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	92.205	−0.038%	$4.9M	$29.5M	30x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.293	+0.057%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.385	+0.157%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0094%	1h	92.216	−0.026%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.346	+0.115%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.346	+0.115%	$3.1M	$11.7M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.257	+0.018%	$390K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.260	+0.022%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.296	+0.061%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.374	+0.145%	$2.01B	$664.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.366	+0.137%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	+0.005%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.345	+0.114%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.330	+0.098%	$223.9M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.290	+0.054%	$7.3M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.089%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.094%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.228	−0.013%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.321	+0.088%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.304	+0.069%	$475K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.340	+0.108%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.273	+0.036%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.455	+0.233%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.307	+0.073%	$18.1M	$43.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.170	−0.076%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.370	+0.141%	$4.7M	$5.5M	50x	as long as short
Bluefin HYPE-PERP	+0.0206%	1h	92.230	−0.011%	$78K	$169K	20x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	92.294	+0.059%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.317	+0.084%	$78K	$140K	15x	as long as short
BloFin HYPE-USDT	+0.0299%	4h	92.165	−0.081%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.284	+0.047%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.343	+0.112%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0617%	1h	92.362	+0.132%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDCshort	+0.0687%	1h	92.404	+0.178%	$3.1M	$6.4M	20x