Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: 01 Exchange against Orderly−0.018%7-day average +0.034% · you buy dearer than you sell

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

Long on Orderly Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.023%+$2 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.018%, 7d avg +0.034%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: 01 Exchange is 0.052% cheaper against Orderly than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.911	−0.0056	get 0.0028% / 4h	2h 28m	$157K	$648K	20x
Short	01 Exchange HYPEUSD	93.894	−0.0056	pay 0.0007% / 1h	28m 05s	$85K	$350K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.018%Rate

Funding earned: $0.07
Price spread: −0.018% → +0.034%: −$5.19
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$18.12
Costs to cover: 0.130%
Break-even: 1894.6 days

Slippage unknown: Orderly: no order-book sample; 01 Exchange: live order book, 41 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 01 Exchange live order book, 41 min ago	0.16 bp	6.1 bp −$6	11.0 bp −$110	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 54 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	−0.0912%	1h	93.720	−0.203%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.743	−0.179%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	93.636	−0.293%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0137%	8h	93.909	−0.002%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.740	−0.182%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.826	−0.091%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0056%	4h	93.911	long leg	$157K	$648K	20x
01 Exchange HYPEUSDshort	−0.0056%	1h	93.894	−0.018%	$85K	$350K	20x
Backpack HYPE_USDC_PERP	−0.0045%	1h	93.914	+0.003%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0044%	4h	93.952	+0.044%	$44.5M	$54.9M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0005%	4h	93.923	+0.012%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	−0.046%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.940	+0.031%	$322.7M	$281.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.926	+0.016%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.956	+0.048%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0003%	4h	93.947	+0.038%	—	$53.7M	—	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.953	+0.045%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.273%	$5.1M	$30.1M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.219%	$211K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.911	0.000%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.957	+0.049%	$382.2M	$895.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.959	+0.051%	$115.6M	$310.5M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.908	−0.003%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.901	−0.011%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.972	+0.065%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.969	+0.062%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.877	−0.036%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.965	+0.058%	$400K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	−0.033%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.828	−0.088%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.072	+0.171%	$2.05B	$671.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.876	−0.037%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.958	+0.050%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.963	+0.055%	$227.3M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.320%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.472%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.269%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	−0.079%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.902	−0.010%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.950	+0.042%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	+0.019%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.933	+0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.957	+0.049%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.600%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.928	+0.018%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	94.010	+0.105%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	−0.129%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.923	+0.013%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0220%	4h	94.050	+0.148%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.904	−0.008%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.922	+0.012%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.929	+0.019%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0484%	1h	94.058	+0.157%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.051	+0.149%	$21.0M	$29.7M	50x	as long as short