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 +0.020%

Price spread now: Variational Omni against Perpl−0.004%7-day average −0.033% · you buy dearer than you sell

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

Long on Perpl Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.069%+$7 on $10k

Price spread, last 3 days (all we have)−0.191%−$19 · spread now −0.004%, 7d avg −0.033%

Together, before fees−0.122%+ Points / potential airdropPerpl: Active · Variational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Variational Omni is 0.029% dearer against Perpl than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.978	0	get 0.0000% / 43m	29m 49s	$23K	$328K	10x
Short	Variational Omni HYPE	93.974	0.0100	get 0.0100% / 8h	33m 49s	$31.3M	$54.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational 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 Variational OmnibpOrdersPrice spread, now −0.004%Rate

Funding earned: $21
Price spread: −0.004% → −0.033%: $2.89
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $10.09
Costs to cover: 0.138%
Break-even: 3.6 days

Slippage unknown: Perpl: no order-book sample; Variational Omni: RFQ quote, just now. 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 Variational Omni RFQ quote, just now	0.45 bp	doesn't fit	3.4 bp −$34	18.6 bp −$1,856	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	−0.0768%	1h	93.809	−0.180%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0382%	1h	94.058	+0.085%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.854	−0.132%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.958	−0.021%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	93.860	−0.126%	$704K	$908K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.911	−0.071%	$87K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0004%	1h	93.850	−0.136%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.037	+0.063%	$128K	$30K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.978	long leg	$23K	$328K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.950	−0.030%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	+0.0005%	4h	93.919	−0.063%	$164K	$579K	20x	as long as short
Phoenix HYPE	+0.0009%	1h	94.133	+0.165%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.800	−0.190%	$322.8M	$282.6M	75x	as long as short
Aster HYPEUSDT	+0.0031%	4h	93.893	−0.090%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	93.961	−0.018%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.826	−0.162%	$87.9M	$81.5M	100x	as long as short
Binance HYPEUSDT	+0.0066%	4h	93.842	−0.145%	$383.8M	$891.9M	75x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.815	−0.174%	$44.3M	$58.8M	75x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.027	+0.052%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.970	−0.008%	$18.9M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.951	−0.029%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.929	−0.052%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.923	−0.059%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.955	−0.024%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.960	−0.019%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.921	−0.060%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.971	−0.008%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.832	−0.155%	$115.9M	$319.8M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.899	−0.084%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.849	−0.137%	$227.3M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.810	−0.179%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.924	−0.058%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.974	−0.004%	$31.3M	$54.0M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.080%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.014	+0.038%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.028	+0.053%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.963	−0.016%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.947	−0.033%	$491K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.905	−0.078%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.907	−0.076%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.968	−0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.915	−0.067%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.151%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.460%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.781	−0.210%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0135%	8h	94.047	+0.073%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.990	+0.013%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0221%	4h	94.140	+0.172%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.916	−0.066%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0264%	4h	93.962	−0.017%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.963	−0.016%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.939	−0.042%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0346%	1h	94.023	+0.048%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0362%	1h	93.919	−0.063%	$2.05B	$670.2M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.017	+0.041%	$21.0M	$29.3M	50x	as long as short