Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.072%

Price spread now: Hyperliquid against Perpl+0.035%7-day average +0.030% · you sell dearer than you buy

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

Long on Perpl Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.212%+$21 on $10k

Price spread, last 3 days (all we have)−0.332%−$33 · spread now +0.035%, 7d avg +0.030%

Together, before fees−0.119%+ Points / potential airdropPerpl: Active · Hyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.567	0	get 0.0000% / 43m	14m 58s	$23K	$330K	10x
Short	Hyperliquid HYPE	93.600	0.0100	get 0.0013% / 1h	1m 58s	$2.04B	$664.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.035%Rate

Funding earned: $21
Price spread: +0.035% → +0.030%: $0.51
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$1.29
Costs to cover: 0.228%
Break-even: 7.4 days

Slippage unknown: Perpl: no order-book sample; Hyperliquid: live order book, 12 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 Hyperliquid live order book, 12 min ago	0.16 bp	4.8 bp −$5	6.0 bp −$60	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
Aftermath Perps HYPEUSD	−0.0487%	1h	93.438	−0.137%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0448%	1h	93.546	−0.023%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.465	−0.109%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.560	−0.007%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.565	−0.002%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.568	+0.001%	$91K	$357K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	+0.051%	$127K	$32K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.567	long leg	$23K	$330K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.568	+0.002%	$28K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.542	−0.027%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0015%	4h	93.563	−0.004%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0015%	4h	93.561	−0.006%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.560	−0.007%	$323.7M	$280.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.118%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.507	−0.064%	$16.3M	$7.0M	10x	as long as short
Bullet HYPE-USD	+0.0063%	1h	93.546	−0.023%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.538	−0.031%	$44.1M	$59.0M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.542	−0.027%	$90.5M	$82.5M	100x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.415	−0.162%	$5.1M	$29.6M	30x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.549	−0.019%	$384.0M	$884.0M	75x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.513	−0.057%	$12.7M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.595	+0.030%	$18.6M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.580	+0.014%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.554	−0.014%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.564	−0.003%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.003%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.558	−0.009%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.600	+0.035%	$2.04B	$664.6M	10x
Pacifica HYPE	+0.0100%	1h	93.586	+0.021%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.564	−0.003%	$114.3M	$312.5M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.563	−0.004%	$47.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.553	−0.015%	$226.9M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.532	−0.037%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.550	−0.018%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	−0.229%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.114%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.382%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.581	+0.015%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.585	+0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.566	−0.001%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.533	−0.036%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.596	+0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.543	−0.025%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.307%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.521	−0.049%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.614	+0.050%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.590	+0.025%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.706	+0.149%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.490	−0.082%	$30K	$338K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.632	+0.070%	$7.4M	$4.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.541	−0.027%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0261%	4h	93.563	−0.004%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.590	+0.025%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.566	−0.001%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.658	+0.097%	$20.9M	$28.9M	50x	as long as short