Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.043%

Price spread now: Orderly against Pacifica−0.019%7-day average −0.025% · you buy dearer than you sell

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

Long on Pacifica Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 3 days (all we have)−0.064%−$6 · spread now −0.019%, 7d avg −0.025%

Together, before fees−0.152%+ Points / potential airdropPacifica: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica HYPE	93.430	0.0100	pay 0.0013% / 1h	39m 47s	$10.0M	$14.5M	20x
Short	Orderly PERP_HYPE_USDC	93.412	0.0073	get 0.0036% / 4h	2h 39m	$180K	$529K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Pacifica. 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 PacificabpFee OrderlybpOrdersPrice spread, now −0.019%Rate

Funding earned: −$5.72
Price spread: −0.019% → −0.025%: $0.54
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$19.18
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 4 min ago; Orderly: 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 Pacifica live order book, 4 min ago	0.11 bp	4.6 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.1200%	1h	93.360	−0.075%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0250%	1h	93.330	−0.107%	$700K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0217%	1h	93.397	−0.035%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.425	−0.005%	$89K	$345K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.404	−0.028%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.398	−0.034%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.404	−0.028%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.438	+0.008%	$20K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	93.363	−0.072%	$16.4M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.400	−0.032%	$8.9M	$35.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0014%	4h	93.385	−0.048%	$44.1M	$56.5M	75x	as long as short
Bullet HYPE-USD	+0.0026%	1h	93.400	−0.032%	$112K	$582K	20x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.355	−0.080%	$325.2M	$287.8M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.527	+0.104%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0073%	4h	93.412	−0.019%	$180K	$529K	20x
Popdex HYPEUSDT	+0.0088%	1h	93.406	−0.026%	$56K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.461	+0.034%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.434	+0.004%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.450	+0.021%	$40K	$1.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.449	+0.020%	$339K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.406	−0.026%	$6.0M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.423	−0.007%	$2.03B	$667.0M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.430	long leg	$10.0M	$14.5M	20x
Binance HYPEUSDT	+0.0100%	4h	93.371	−0.063%	$385.4M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.344	−0.092%	$114.8M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.389	−0.044%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.029%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.375	−0.059%	$92.7M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.421	−0.010%	$46.3M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.372	−0.062%	$226.7M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.368	−0.066%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.442	+0.013%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.058%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.413	−0.018%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.428	−0.002%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.428	−0.002%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.446	+0.017%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.446	+0.017%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.410	−0.021%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.447	+0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.389	−0.044%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.397	−0.035%	$12.7M	$2.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0103%	8h	93.527	+0.104%	$1.9M	$5.4M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.360	−0.075%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.371	−0.063%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.402	−0.030%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.510	+0.086%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.417	−0.014%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.270	−0.171%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0296%	1h	93.507	+0.082%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.453	+0.024%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.348	−0.088%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0353%	4h	93.575	+0.155%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.477	+0.050%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.490	+0.064%	$19.2M	$25.9M	50x	as long as short