Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Pacifica−0.221%7-day average −0.028% · you buy dearer than you sell

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

Long on Pacifica Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days+0.217%+$22 · spread now −0.221%, 7d avg −0.028%

Together, before fees+0.209%+ Points / potential airdropPacifica: Active · Variational Omni: Active · farm board+$21 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: Variational Omni is 0.193% cheaper against Pacifica than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica HYPE	94.346	0.0100	pay 0.0013% / 1h	8m 29s	$10.2M	$15.5M	20x
Short	Variational Omni HYPE	94.138	0.0100	get 0.0100% / 8h	1h 08m	$29.1M	$55.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.221%Rate

Funding earned: $0
Price spread: −0.221% → −0.028%: −$19.31
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$27.31
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 Pacifica live order book, 1 min ago	0.26 bp	4.7 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.43 bp	doesn't fit	6.7 bp −$67	19.8 bp −$1,983	doesn't fit

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	−0.1136%	1h	94.129	−0.230%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0154%	1h	94.262	−0.089%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	94.180	−0.176%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.313	−0.035%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	94.235	−0.118%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	94.338	−0.008%	$87K	$367K	20x	as long as short
Bluefin HYPE-PERP	−0.0034%	1h	94.277	−0.073%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.234	−0.119%	$146K	$686K	20x	as long as short
Bybit HYPEUSDT	−0.0005%	8h	94.300	−0.049%	$317.3M	$289.0M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.312	−0.036%	$129K	$26K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	94.268	−0.083%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.257	−0.095%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.170	−0.187%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	−0.130%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.347	+0.001%	$227.2M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0065%	8h	94.255	−0.096%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0071%	8h	94.371	+0.027%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.173	−0.183%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.298	−0.051%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	94.321	−0.026%	$116.4M	$320.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.294	−0.055%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.313	−0.035%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.315	−0.033%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	−0.070%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	−0.027%	$7.4M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.441	+0.101%	$2.08B	$686.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.323	−0.024%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPElong	+0.0100%	1h	94.346	long leg	$10.2M	$15.5M	20x
Binance HYPEUSDT	+0.0100%	4h	94.324	−0.023%	$377.5M	$931.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.173%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.310	−0.038%	$49.4M	$57.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.303	−0.046%	$90.0M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.303	−0.046%	$47.0M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.302	−0.047%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.260	−0.091%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.138	−0.221%	$29.1M	$55.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.189	−0.166%	$7.6M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.149	−0.209%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.193	−0.162%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.376	+0.032%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.375	+0.031%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.253	−0.099%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.269	−0.082%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.391	+0.048%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.294	−0.055%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.307	−0.041%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	−0.165%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.206	−0.148%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.090	−0.271%	$30K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.359	+0.014%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.332	−0.015%	$83K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.227	−0.126%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.323	−0.025%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.350	+0.005%	$3.2M	$6.4M	20x	as long as short