Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0170%/8h= −18.6% APRpaid last 24h −0.042%

Price spread now: Variational Omni against Reya−0.091%7-day average −0.008% · you buy dearer than you sell

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

Long on Reya Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)−0.160%−$16 · spread now −0.091%, 7d avg −0.008%

Together, before fees−0.169%+ Points / potential airdropReya: Active · Variational Omni: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.084% cheaper against Reya than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	95.230	0.0270	pay 0.0034% / 1h	57m 50s	$85K	$100K	15x
Short	Variational Omni HYPE	95.143	0.0100	get 0.0100% / 8h	5h 57m	$30.0M	$53.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.091%Rate

Funding earned: −$35.64
Price spread: −0.091% → −0.008%: −$8.37
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$50.01
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	0.44 bp	doesn't fit	10.1 bp −$101	30.1 bp −$3,009	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 54 exchanges

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	−0.1320%	1h	95.200	−0.031%	$212K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0400%	1h	95.257	+0.029%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	95.237	+0.008%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.280	+0.053%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.192	−0.039%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.242	+0.013%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	95.140	−0.094%	$690K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.259	+0.031%	$92K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.040%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.270	+0.042%	$54.7M	$53.0M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.310	+0.084%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.248	+0.019%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.274	+0.047%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.259	+0.031%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.261	+0.033%	$119.3M	$304.6M	50x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	95.251	+0.023%	$274K	$1.0M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.031%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	+0.056%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.303	+0.078%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.040%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.027%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.269	+0.041%	$229.0M	$87.2M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.280	+0.053%	$321.2M	$266.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0044%	1h	95.363	+0.140%	$7.5M	$4.3M	50x	as long as short
Vest HYPE-PERP	+0.0054%	1h	95.309	+0.084%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.262	+0.034%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.126%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.291	+0.065%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.180	−0.052%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.288	+0.062%	$7.3M	$52.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.286	+0.059%	$10.3M	$13.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.283	+0.056%	$382.9M	$859.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.276	+0.049%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.269	+0.041%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.280	+0.053%	—	$48.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.326	+0.101%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	95.143	−0.091%	$30.0M	$53.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	−0.128%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.136	−0.098%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.226	−0.004%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.290	+0.063%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.278	+0.051%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.372	+0.150%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.281	+0.054%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.397	+0.176%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.239	+0.010%	$18.4M	$40.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.272	+0.045%	$403K	$130K	20x	as long as short
Hyperliquid HYPE	+0.0107%	1h	95.370	+0.147%	$2.11B	$649.9M	10x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.349	+0.125%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	+0.055%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERPlong	+0.0270%	1h	95.230	long leg	$85K	$100K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.246	+0.017%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.205	−0.026%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.179%	$31K	$334K	12x	as long as short