Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0147%/8h= +16.1% APRpaid last 24h +0.047%

Price spread now: Variational Omni against Orderly+0.061%7-day average −0.020% · you sell dearer than you buy

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

Long on Orderly Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.061%, 7d avg −0.020%

Together, before fees0.000%+ Points / potential airdropVariational Omni: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Variational Omni is 0.081% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.301	−0.0047	get 0.0024% / 4h	1h 16m	$154K	$652K	20x
Short	Variational Omni HYPE	93.358	0.0100	get 0.0100% / 8h	5h 16m	$31.1M	$53.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.061%Rate

Funding earned: $30.92
Price spread: +0.061% → −0.020%: $8.09
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $33
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	0.41 bp	doesn't fit	3.0 bp −$30	4.5 bp −$447	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-P	−0.1072%	1h	93.263	−0.041%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.212	−0.095%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0131%	1h	93.270	−0.033%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.319	+0.019%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.368	+0.071%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.336	+0.038%	$85K	$343K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0047%	4h	93.301	long leg	$154K	$652K	20x
Phemex HYPEUSDT	−0.0024%	8h	93.361	+0.064%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.320	+0.021%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.348	+0.050%	$23K	$319K	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	93.337	+0.038%	$63K	—	150x	as long as short
Bullet HYPE-USD	+0.0017%	1h	93.342	+0.044%	$112K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.405	+0.112%	$8.8M	$35.7M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.367	+0.071%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.358	+0.061%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	+0.0042%	8h	93.360	+0.063%	$321.5M	$277.2M	75x	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.364	+0.068%	$44.6M	$55.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.358	+0.061%	$114.0M	$300.7M	50x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.301	0.000%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.397	+0.103%	$16.3M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.388	+0.093%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.303	+0.002%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.359	+0.062%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.340	+0.042%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.316	+0.017%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.470	+0.181%	$2.04B	$653.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.356	+0.059%	$10.0M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.381	+0.086%	$378.9M	$877.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.380	+0.085%	$89.4M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.402	+0.108%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.387	+0.092%	$225.8M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.388	+0.093%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.358	+0.061%	$31.1M	$53.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.354	+0.056%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.412	+0.119%	$339K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.363	+0.066%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.368	+0.071%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.363	+0.066%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.299	−0.002%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.353	+0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.359	+0.062%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.217	−0.090%	$203K	$10K	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	93.298	−0.003%	$5.0M	$29.1M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.340	+0.042%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.323	+0.023%	$397K	$162K	20x	as long as short
HTX HYPE-USDT	+0.0154%	4h	93.464	+0.175%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.390	+0.095%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.291	−0.010%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.378	+0.083%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.338	+0.039%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.430	+0.138%	$7.4M	$4.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.320	+0.020%	$17.0M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.401	+0.107%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.460%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.426	+0.134%	$20.7M	$29.8M	50x	as long as short