Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.024%

Price spread now: KuCoin against Reya−0.048%49s7-day average +0.002% · you buy dearer than you sell

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

Long on Reya Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 3 days (all we have)−0.331%−$33 · spread now −0.048%, 7d avg +0.002%

Together, before fees−0.326%+ Points / potential airdropReya: Active · farm board−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.050% cheaper against Reya than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.002%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	93.304	0.0246	pay 0.0031% / 1h	6m 34s	$78K	$158K	15x
Short	KuCoin HYPEUSDTM	93.259	0.0100	get 0.0050% / 4h	2h 06m	$46.1M	$18.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Reya. 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 ReyabpFee KuCoinbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$30.61
Price spread: −0.048% → +0.002%: −$5
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$53.61
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; KuCoin: live order book, 2 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 Reya no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 2 min ago	1.07 bp	8.1 bp −$8	13.1 bp −$131	doesn't fit	doesn't fit

Reya: 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	−0.0856%	1h	93.329	+0.028%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0258%	1h	93.394	+0.097%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.210	−0.100%	$700K	$934K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.237	−0.071%	$90K	$358K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.072%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0035%	1h	93.223	−0.086%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.274	−0.031%	$111K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	−0.025%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.323	+0.021%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.316	+0.013%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0011%	4h	93.238	−0.070%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.220	−0.090%	$324.6M	$287.2M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.227	−0.082%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.232	−0.077%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0053%	4h	93.288	−0.017%	$165K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.345	+0.044%	$215K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0089%	1h	93.255	−0.052%	$2.0M	$2.0M	10x	as long as short
Vest HYPE-PERP	+0.0094%	1h	93.335	+0.034%	—	$454K	5x	as long as short
Lighter HYPE	+0.0096%	1h	93.270	−0.036%	$18.6M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.250	−0.057%	$3.1M	$12.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0099%	1h	93.277	−0.028%	$75K	$168K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.244	−0.063%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.057%	$36K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	+0.002%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.351	+0.051%	$2.03B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.264	−0.042%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.219	−0.091%	$384.7M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.215	−0.095%	$114.5M	$314.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.199	−0.112%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.020%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.219	−0.091%	$93.0M	$82.4M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	93.259	−0.048%	$46.1M	$18.8M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.234	−0.075%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.221	−0.088%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.303	−0.001%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.044%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.304	0.000%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	−0.030%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	+0.039%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.338	+0.037%	$493K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.300	−0.004%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.303	−0.001%	$12.7M	$2.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0101%	8h	93.392	+0.095%	$1.9M	$5.2M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.206	−0.104%	$18.4M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.275	−0.030%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.268	−0.038%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.093%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0221%	1h	93.371	+0.072%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERPlong	+0.0246%	1h	93.304	long leg	$78K	$158K	15x
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.650%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.477	+0.186%	$1.5M	$7.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.331	+0.029%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.275	−0.031%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.292	−0.012%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.395	+0.098%	$19.1M	$26.2M	50x	as long as short