Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0069%/8h= +7.5% APRpaid last 24h +0.033%

Price spread now: Vest against Orderly+0.101%52s7-day average −0.010% · you sell dearer than you buy

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

Long on Orderly Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.073%−$7 on $10k

Price spread, last 3 days (all we have)−0.134%−$13 · spread now +0.101%, 7d avg −0.010%

Together, before fees−0.207%+ Points / potential airdropVest: Active · farm board−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Vest is 0.111% dearer against Orderly than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.010%. Mind the row above: over the last 3 days funding on this pair cost −0.073%, so the current rate has only just turned in your favour. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.051	0.0031	pay 0.0016% / 4h	1h 35m	$171K	$519K	20x
Short	Vest HYPE-PERP	93.145	0.0100	get 0.0013% / 1h	35m 30s	—	$454K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpOrdersPrice spread, now +0.101%Rate

Funding earned: $14.43
Price spread: +0.101% → −0.010%: $11.1
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Vest: 1 bp × 2 orders: −$2
Net: $17.52
Costs to cover: 0.080%
Break-even: from the start

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

Orderly and Vest: 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
Aftermath Perps HYPEUSD	−0.0361%	1h	93.192	+0.152%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0192%	1h	93.147	+0.104%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.060	+0.010%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	93.070	+0.020%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.118	+0.072%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.101	+0.054%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.106	+0.059%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.114	+0.068%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.036	−0.016%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.046	−0.005%	$23K	$331K	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 −0.0001%	1h	93.060	+0.010%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	93.120	+0.074%	$323.1M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDClong	+0.0031%	4h	93.051	long leg	$171K	$519K	20x
Derive HYPE-PERP	+0.0031%	1h	92.993	−0.062%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.347%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.010	−0.044%	$111K	$579K	20x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.100	+0.053%	$43.9M	$58.0M	75x	as long as short
Binance HYPEUSDT	+0.0083%	4h	93.105	+0.058%	$382.7M	$893.0M	75x	as long as short
MEXC HYPE_USDT	+0.0088%	4h	93.074	+0.025%	$89.8M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.121	+0.075%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.065	+0.015%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.065	+0.015%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.140	+0.096%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.106	+0.059%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.058	+0.008%	$2.02B	$670.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.111	+0.065%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.131	+0.086%	$113.7M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.364%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.100	+0.053%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.163	+0.120%	$225.8M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.098	+0.051%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.011	−0.043%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.326%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.137	+0.092%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.210%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.047	−0.004%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERPshort	+0.0100%	1h	93.145	+0.101%	—	$454K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.147	+0.103%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.017	−0.037%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.069	+0.019%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.005	−0.049%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.047	−0.004%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.087	+0.039%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.998	−0.057%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.149	+0.105%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.120	+0.074%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.120	+0.074%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	+0.020%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.141	+0.097%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0257%	4h	93.200	+0.160%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.159	+0.117%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0329%	4h	93.087	+0.039%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.052	+0.001%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0416%	1h	93.131	+0.086%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.092	+0.044%	$20.8M	$28.9M	50x	as long as short