Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.007%

Price spread now: Derive against Perpl−0.056%7-day average −0.029% · you buy dearer than you sell

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

Long on Perpl Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 3 days (all we have)−0.197%−$20 · spread now −0.056%, 7d avg −0.029%

Together, before fees−0.068%+ Points / potential airdropPerpl: Active · farm board−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Derive is 0.026% cheaper against Perpl than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of −0.029%). If the spread goes back, that is −$3 on $10k: about 21 hours 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	93.512	0	get 0.0000% / 43m	12m 16s	$24K	$346K	10x
Short	Derive HYPE-PERP	93.460	0.0100	get 0.0013% / 1h	8m 16s	$16.4M	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.056%Rate

Funding earned: $21
Price spread: −0.056% → −0.029%: −$2.63
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$1.43
Costs to cover: 0.198%
Break-even: 7.5 days

Slippage unknown: Perpl: no order-book sample; Derive: 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 Perpl no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Perpl and Derive: 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	−0.1432%	1h	93.259	−0.271%	$197K	$240K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.318	−0.207%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0020%	4h	93.497	−0.016%	$44.1M	$56.9M	75x	as long as short
Aftermath Perps HYPEUSD	−0.0014%	1h	93.463	−0.052%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.433	−0.085%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.430	−0.088%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPElong	0.0000%	43m	93.512	long leg	$24K	$346K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.544	+0.035%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.437	−0.080%	$9.0M	$36.7M	300x	as long as short
01 Exchange HYPEUSD	+0.0008%	1h	93.504	−0.009%	$89K	$342K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0049%	8h	93.487	−0.027%	$325.8M	$289.0M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0050%	1h	93.280	−0.248%	$700K	$950K	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.642	+0.139%	$18.8M	$24.6M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0080%	4h	93.528	+0.017%	$179K	$534K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.343	−0.181%	$215K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.436	−0.081%	$18.6M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.423	−0.095%	$3.1M	$12.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.468	−0.047%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.520	+0.009%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.445	−0.071%	$6.0M	$44.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.424	−0.094%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.510	−0.002%	$386.8M	$891.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.478	−0.036%	$114.8M	$317.6M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.410	−0.109%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.440	−0.077%	$204K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.520	+0.009%	$91.1M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.463	−0.052%	$46.4M	$19.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.518	+0.006%	$227.2M	$103.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.502	−0.011%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.384	−0.137%	$7.9M	$11.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.238	−0.293%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.300	−0.227%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.260	−0.269%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	−0.184%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.497	−0.016%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.546	+0.036%	$504K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.489	−0.025%	$112K	$582K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.535	+0.025%	$76K	$168K	20x	as long as short
Derive HYPE-PERPshort	+0.0100%	1h	93.460	−0.056%	$16.4M	$7.1M	10x
SunX HYPE-USDT	+0.0100%	4h	93.529	+0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.508	−0.004%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.335	−0.189%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.449	−0.067%	$339K	$172K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.500	−0.013%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.531	+0.020%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0120%	4h	93.294	−0.233%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.300	−0.227%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.534	+0.023%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	94.110	+0.639%	$31K	$182K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.525	+0.014%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.336	−0.188%	$17.2M	$12.7M	75x	as long as short
Hyperliquid HYPE	+0.0366%	1h	93.570	+0.062%	$2.04B	$672.1M	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0413%	1h	93.620	+0.115%	$7.4M	$4.7M	50x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.508	−0.004%	$2.7M	$6.9M	20x	as long as short
HTX HYPE-USDT	+0.0485%	4h	93.532	+0.021%	$1.5M	$7.6M	75x	as long as short