Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC+0.0208%/8h= +22.8% APRpaid last 24h −0.005%

Price spread now: Coinbase International against Perpl+0.050%7-day average −0.034% · you sell dearer than you buy

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

Long on Perpl Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 3 days (all we have)−0.249%−$25 · spread now +0.050%, 7d avg −0.034%

Together, before fees−0.202%+ Points / potential airdropPerpl: Active · farm board−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Coinbase International is 0.085% dearer against Perpl than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.034%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.048% in total (about 2.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.373	0	get 0.0000% / 43m	37m 14s	$23K	$343K	10x
Short	Coinbase International HYPE-PERP-INTX	93.420	0.0208	get 0.0026% / 1h	50m 14s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Perpl. 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 PerplbpFee Coinbase InternationalbpOrdersPrice spread, now +0.050%Rate

Funding earned: $43.68
Price spread: +0.050% → −0.034%: $8.45
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $28.33
Costs to cover: 0.238%
Break-even: 2.5 days

Slippage unknown: Perpl: no order-book sample; Coinbase International: live order book, 4 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 Coinbase International live order book, 4 min ago	3.21 bp	8.9 bp −$9	13.9 bp −$139	36.2 bp −$3,622	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	−0.1280%	1h	93.248	−0.133%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0188%	1h	93.210	−0.175%	$700K	$949K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	93.337	−0.038%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.395	+0.024%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.301	−0.077%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0034%	1h	93.332	−0.044%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.407	+0.037%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.446	+0.078%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPElong	0.0000%	43m	93.373	long leg	$23K	$343K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.398	+0.027%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0006%	4h	93.348	−0.027%	$8.9M	$36.3M	300x	as long as short
Gate HYPE_USDT	+0.0008%	4h	93.352	−0.022%	$44.1M	$56.2M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.309	−0.069%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.343	−0.032%	$325.4M	$288.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.368	−0.005%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.370	−0.003%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.405	+0.034%	$18.5M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.375	+0.002%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.388	+0.016%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	−0.003%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.394	+0.022%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.407	+0.036%	$2.03B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.379	+0.006%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.370	−0.003%	$386.1M	$890.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.354	−0.020%	$114.7M	$316.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.329	−0.047%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.040%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.356	−0.018%	$92.4M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.358	−0.016%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.363	−0.011%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.355	−0.019%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.368	−0.005%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.083%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.011%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.287	−0.092%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.344	−0.031%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.401	+0.030%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.392	+0.020%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.366	−0.007%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.389	+0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.342	−0.033%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.346	−0.029%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.377	+0.005%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.343	−0.032%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.361	−0.012%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.104%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0208%	1h	93.420	+0.050%	$4.9M	$5.7M	50x
Reya HYPERUSDPERP	+0.0245%	1h	93.358	−0.016%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.230	−0.153%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.449	+0.081%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.390	+0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.295	−0.084%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0403%	4h	93.550	+0.190%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.424	+0.055%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.446	+0.078%	$19.2M	$25.8M	50x	as long as short