Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.052%

Price spread now: Perpl against Reya+0.065%7-day average +0.026% · you sell dearer than you buy

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

Long on Reya Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.085%−$8 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now +0.065%, 7d avg +0.026%

Together, before fees−0.118%+ Points / potential airdropReya: Active · Perpl: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.039% dearer against Reya than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of +0.026%): +$4 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 3 days (−0.085% in total) that is about 37 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.085% in total (about -9.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	92.223	0.0260	pay 0.0033% / 1h	47m 28s	$78K	$140K	15x
Short	Perpl HYPE	92.283	0	get 0.0000% / 43m	18m 28s	$22K	$310K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Reya. 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 ReyabpFee PerplbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$54.69
Price spread: +0.065% → +0.026%: $3.88
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$70.62
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Perpl: no order-book sample. 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 Perpl no order-book sample	—	—	—	—	—

Reya and 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
Arcus HYPE-USD	−0.0948%	1h	92.199	−0.026%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0648%	1h	92.231	+0.008%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0124%	1h	92.461	+0.258%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.209	−0.016%	$86K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.187	−0.039%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.190	−0.036%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	92.248	+0.027%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0040%	1h	92.170	−0.058%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0011%	4h	92.220	−0.004%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	+0.016%	$126K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPEshort	0.0000%	43m	92.283	+0.065%	$22K	$310K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.260	+0.040%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.240	+0.018%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.201	−0.024%	$315.6M	$280.8M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.169	−0.059%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.224%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.242	+0.020%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	92.223	0.000%	$12.4M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.201	−0.024%	$112.6M	$300.5M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.241	+0.019%	$87.1M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.242	+0.020%	$370.8M	$896.4M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.257	+0.037%	$67K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	92.311	+0.095%	$4.9M	$29.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.253	+0.032%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	+0.119%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.201	−0.025%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.212	−0.012%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.220	−0.004%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.287	+0.068%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.277	+0.058%	$2.01B	$663.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.260	+0.040%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.625%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.242	+0.020%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.204	−0.021%	$223.2M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.153	−0.076%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.266%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.112%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.258	+0.038%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.271	+0.052%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.267	+0.047%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.222	−0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.174	−0.053%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.350	+0.137%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.224	+0.001%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.215	−0.009%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.842%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.240	+0.018%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERPlong	+0.0260%	1h	92.223	long leg	$78K	$140K	15x
Kalshi KXHYPEPERP	+0.0261%	8h	92.370	+0.159%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0316%	4h	92.252	+0.031%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.254	+0.033%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.212	−0.012%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	92.269	+0.050%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0527%	1h	92.201	−0.024%	$78K	$169K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.349	+0.136%	$3.1M	$6.4M	20x	as long as short