Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:14 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.020%

Price spread now: ApeX Omni against Perpl−0.162%7-day average −0.012% · you buy dearer than you sell

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

Long on Perpl Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.151%+$15 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.162%, 7d avg −0.012%

Together, before fees+0.133%+ Points / potential airdropPerpl: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.149% cheaper against Perpl than usual: you would sell low and buy high (spread −0.162% now, against its 7-day average of −0.012%). If the spread goes back, that is −$15 on $10k: about 5.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.246	0	get 0.0000% / 43m	3m 23s	$22K	$290K	10x
Short	ApeX Omni HYPEUSDT	93.095	0.0100	get 0.0013% / 1h	23m 23s	$341K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Perpl. 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 PerplbpFee ApeX OmnibpOrdersPrice spread, now −0.162%Rate

Funding earned: $21
Price spread: −0.162% → −0.012%: −$14.92
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$17.72
Costs to cover: 0.238%
Break-even: 12.9 days

Slippage unknown: Perpl: no order-book sample; ApeX Omni: live order book, 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 Perpl no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 1 min ago	2.04 bp	8.4 bp −$8	12.9 bp −$129	doesn't fit	doesn't fit

Perpl: 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	−0.1424%	1h	93.245	−0.001%	$197K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0377%	1h	93.214	−0.034%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.266	+0.022%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0061%	1h	93.199	−0.050%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.238	−0.008%	$145K	$672K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.211	−0.037%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.304	+0.062%	$128K	$29K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.246	long leg	$22K	$290K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.239	−0.008%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.171	−0.080%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.247	+0.001%	$225.0M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.230	−0.017%	$316.6M	$282.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.255	+0.010%	$207K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0032%	1h	93.240	−0.006%	$702K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0060%	8h	93.318	+0.078%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.101	−0.155%	$4.9M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.290	+0.048%	$339K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.288	+0.045%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.288	+0.045%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.191	−0.059%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.190	−0.060%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.210	−0.038%	$8.0M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.243	−0.003%	$2.03B	$665.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.227	−0.020%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.258	+0.014%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.226	−0.021%	$373.8M	$911.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.257	+0.012%	$114.4M	$309.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.017%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.208	−0.040%	$46.9M	$54.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.200	−0.049%	$90.4M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.193	−0.057%	$46.1M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.216	−0.032%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.341	+0.102%	$7.1M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.070	−0.189%	$28.4M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.294	+0.051%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDTshort	+0.0100%	1h	93.095	−0.162%	$341K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	93.345	+0.106%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.283	+0.040%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.208	−0.040%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.275	+0.031%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.258	+0.013%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.224	−0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.278	+0.035%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.450	+0.219%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.247	+0.001%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.249	+0.004%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.314	+0.073%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.140	−0.113%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.250	+0.005%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.183	−0.067%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.221	−0.026%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.312	+0.071%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.327	+0.087%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0436%	1h	93.348	+0.110%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.269	+0.025%	$3.2M	$6.2M	20x	as long as short