Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.010%

Price spread now: 01 Exchange against Perpl+0.021%7-day average +0.012% · you sell dearer than you buy

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

Long on Perpl Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.045%+$5 on $10k

Price spread, last 4 days (all we have)−1.209%−$121 · spread now +0.021%, 7d avg +0.012%

Together, before fees−1.163%+ Points / potential airdropPerpl: Active · farm board−$116 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: −$2 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	93.814	0	get 0.0000% / 43m	34m 19s	$22K	$326K	10x
Short	01 Exchange HYPEUSD	93.834	−0.0056	pay 0.0007% / 1h	29m 19s	$86K	$350K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.021%Rate

Funding earned: −$11.76
Price spread: +0.021% → +0.012%: $0.94
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$31.62
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; 01 Exchange: live order book, 40 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 01 Exchange live order book, 40 min ago	0.16 bp	6.1 bp −$6	11.0 bp −$110	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 54 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	−0.0904%	1h	93.685	−0.138%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.697	−0.125%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0151%	1h	93.587	−0.242%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0134%	8h	93.757	−0.061%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	93.600	−0.228%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	−0.105%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.776	−0.041%	$156K	$648K	20x	as long as short
01 Exchange HYPEUSDshort	−0.0056%	1h	93.834	+0.021%	$86K	$350K	20x
Gate HYPE_USDT	−0.0050%	4h	93.813	−0.001%	$44.5M	$54.8M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0048%	1h	93.796	−0.019%	$7.8M	$10.3M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0011%	4h	93.847	+0.035%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	−0.0001%	8h	93.795	−0.020%	$322.2M	$281.5M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	+0.057%	$129K	$31K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.814	long leg	$22K	$326K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.825	+0.011%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.805	−0.010%	—	$53.9M	—	as long as short
Bullet HYPE-USD	+0.0056%	1h	93.817	+0.003%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.828	+0.015%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.170%	$5.1M	$30.1M	30x	as long as short
Binance HYPEUSDT	+0.0060%	4h	93.810	−0.005%	$381.6M	$897.7M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.116%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.815	+0.001%	$115.3M	$309.9M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.770	−0.048%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.856	+0.045%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.829	+0.016%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.816	+0.002%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.818	+0.004%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.806	−0.009%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	−0.015%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.808	−0.006%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.921	+0.114%	$2.05B	$671.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.837	+0.024%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.822	+0.008%	$46.3M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.799	−0.016%	$226.9M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.217%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.369%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.166%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.762	−0.056%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.857	+0.046%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.843	+0.031%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.783	−0.033%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.883	+0.073%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.790	−0.026%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.497%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.765	−0.053%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.850	+0.038%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	−0.026%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.864	+0.053%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.979	+0.176%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.813	−0.002%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.872	+0.062%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.825	+0.012%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.893	+0.084%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.883	+0.073%	$21.0M	$29.9M	50x	as long as short