Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:36 UTC+0.0285%/8h= +31.2% APRpaid last 24h +0.076%

Price spread now: Injective against Perpl−0.042%7-day average +0.183% · you buy dearer than you sell

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

Long on Perpl Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.458%+$246 on $10k

Price spread, last 3 days (all we have)−0.038%−$4 · spread now −0.042%, 7d avg +0.183%

Together, before fees+2.420%+ Points / potential airdropPerpl: Active · farm board+$242 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.225% cheaper against Perpl than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of +0.183%). If the spread goes back, that is −$23 on $10k: about 2.6 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+2.458% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.269	0	get 0.0000% / 43m	38m 03s	$23K	$343K	10x
Short	Injective HYPE/USDC PERP	93.230	0.0285	get 0.0036% / 1h	51m 03s	$30K	$231K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.042%Rate

Funding earned: $59.78
Price spread: −0.042% → +0.183%: −$22.51
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $23.46
Costs to cover: 0.138%
Break-even: 4.3 days

Slippage unknown: Perpl: no order-book sample; Injective: live order book, 38 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 Injective live order book, 38 min ago	36.79 bp	doesn't fit	doesn't fit	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	−0.1304%	1h	93.259	−0.012%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0191%	1h	93.210	−0.064%	$700K	$949K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0128%	1h	93.305	+0.039%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.334	+0.069%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.320	+0.054%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0039%	1h	93.271	+0.002%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.326	+0.060%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.387	+0.126%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPElong	0.0000%	43m	93.269	long leg	$23K	$343K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.336	+0.072%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0004%	4h	93.338	+0.074%	$44.1M	$56.2M	75x	as long as short
Aster HYPEUSDT	+0.0006%	4h	93.343	+0.079%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.253	−0.017%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.360	+0.097%	$325.5M	$288.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.368	+0.106%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0077%	4h	93.320	+0.054%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.379	+0.118%	$18.5M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.338	+0.074%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.291	+0.023%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	+0.022%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.302	+0.035%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.396	+0.136%	$2.03B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.308	+0.041%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.384	+0.123%	$386.2M	$890.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.373	+0.111%	$114.7M	$316.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.261	−0.009%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.071%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.362	+0.099%	$92.5M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.352	+0.089%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.348	+0.084%	$226.7M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.332	+0.067%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.368	+0.106%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	+0.016%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.122%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.287	+0.019%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	+0.076%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.341	+0.077%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.324	+0.059%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.305	+0.038%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.322	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.309	+0.043%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.325	+0.060%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.306	+0.040%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.305	+0.038%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.326	+0.061%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	+0.007%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.129%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.304	+0.038%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERPshort	+0.0285%	1h	93.230	−0.042%	$30K	$231K	12x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.331	+0.066%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.410	+0.151%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.295	+0.028%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0404%	4h	93.466	+0.211%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.358	+0.095%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.425	+0.167%	$19.2M	$25.8M	50x	as long as short