Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0649%/8h= −71.0% APRpaid last 24h −0.060%

Price spread now: Bybit against RISEx−0.096%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on RISEx Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.149%−$15 on $10k

Price spread, last 7 days+0.090%+$9 · spread now −0.096%, 7d avg −0.017%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.079% cheaper against RISEx than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.149% in total (about -15.3% 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	RISEx HYPE/USDC	92.479	0.0687	pay 0.0086% / 1h	50m 13s	$3.1M	$6.4M	20x
Short	Bybit HYPEUSDT	92.390	0.0038	get 0.0038% / 8h	4h 50m	$317.1M	$279.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against RISEx. 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 RISExbpFee BybitbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$136.21
Price spread: −0.096% → −0.017%: −$7.89
Slippage, 4 orders: −$4.84
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$165.93
Costs to cover: 0.218%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; Bybit: live order book, 4 min ago.

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 RISEx live order book, 4 min ago	0.59 bp	3.6 bp −$4	5.8 bp −$58	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	6.8 bp −$7	9.6 bp −$96	19.5 bp −$1,952	42.0 bp −$21.0K

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	92.287	−0.208%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0728%	1h	92.519	+0.043%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0112%	1h	92.647	+0.181%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.387	−0.099%	$85K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.501	+0.024%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0067%	4h	92.385	−0.102%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0053%	1h	92.394	−0.092%	$110K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0047%	1h	92.360	−0.129%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.415	−0.069%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.417	−0.067%	$127K	$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 HYPE	0.0000%	43m	92.413	−0.072%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.436	−0.046%	$61K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.367	−0.121%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.405	−0.080%	—	$53.2M	—	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.433	−0.050%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDTshort	+0.0038%	8h	92.390	−0.096%	$317.1M	$279.2M	75x
Phoenix HYPE	+0.0043%	1h	92.855	+0.407%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.404	−0.081%	$44.4M	$54.5M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.395	−0.091%	$67K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.387	−0.099%	$112.9M	$300.6M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.394	−0.092%	$87.5M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.398	−0.088%	$371.5M	$893.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.507	+0.030%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.411	−0.074%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.410	−0.075%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.370	−0.118%	$13K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.400	−0.086%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.452	−0.029%	$2.01B	$658.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.441	−0.041%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.347%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.414	−0.070%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.403	−0.082%	$223.6M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.435	−0.048%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	−0.011%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.346%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.847	+0.398%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.569	+0.097%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.481	+0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.438	−0.044%	$467K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.463	−0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.406	−0.079%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.600	+0.131%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.321%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.372	−0.116%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.434	−0.049%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.430	−0.053%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.480	+0.001%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.391	−0.095%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0262%	8h	92.513	+0.037%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0317%	4h	92.544	+0.070%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.424	−0.059%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.439	−0.043%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0464%	1h	92.500	+0.023%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDClong	+0.0687%	1h	92.479	long leg	$3.1M	$6.4M	20x
Bluefin HYPE-PERP	+0.1078%	1h	92.386	−0.101%	$78K	$169K	20x	as long as short