Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0427%/8h= −46.7% APRpaid last 24h −0.055%

Price spread now: GRVT against RISEx−0.266%7-day average +0.015% · 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−$44as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on RISEx Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.133%−$13 on $10k

Price spread, last 7 days+0.260%+$26 · spread now −0.266%, 7d avg +0.015%

Together, before fees+0.128%+ Points / potential airdropGRVT: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and GRVT is 0.281% cheaper against RISEx than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.133% in total (about -13.2% 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	RISEx HYPE/USDC	94.230	0.0527	pay 0.0066% / 1h	16m 49s	$3.2M	$6.3M	20x
Short	GRVT HYPE_USDT_Perp	93.979	0.0100	get 0.0050% / 4h	2h 16m	$7.7M	$48.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.266%Rate

Funding earned: −$89.57
Price spread: −0.266% → +0.015%: −$28.05
Slippage, 4 orders: −$1.1
Fee RISEx: 3 bp × 2 orders: −$6
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$133.72
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from RISEx: live order book, 2 min ago; GRVT: live order book, 2 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, 2 min ago	0.43 bp	3.4 bp −$3	5.6 bp −$56	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	0.05 bp	4.6 bp −$5	5.4 bp −$54	doesn't fit	doesn't fit

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	−0.1360%	1h	94.017	−0.226%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0415%	1h	93.714	−0.547%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.140	−0.095%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0031%	1h	94.130	−0.106%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.111	−0.126%	$147K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.094	−0.144%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.181	−0.051%	$87K	$371K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.170	−0.063%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.147	−0.087%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.142	−0.093%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	94.141	−0.094%	$227.0M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0021%	8h	94.154	−0.080%	$12.8M	$2.8M	50x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.095	−0.143%	$319.3M	$284.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	−0.059%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0052%	1h	94.070	−0.169%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.641%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.184	−0.049%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.172	−0.061%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.172	−0.061%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.169	−0.064%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	−0.106%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.110	−0.126%	$7.6M	$48.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.209	−0.022%	$2.06B	$674.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.158	−0.075%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.150	−0.084%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.131	−0.105%	$377.9M	$918.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.129	−0.107%	$116.2M	$315.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.925%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.119	−0.117%	$47.5M	$54.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.118	−0.118%	$90.5M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.117	−0.119%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.107	−0.130%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.172	−0.061%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.563%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perpshort	+0.0100%	4h	93.979	−0.266%	$7.7M	$48.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.939	−0.308%	$345K	$993K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.019	−0.223%	$673K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.198	−0.033%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.177	−0.056%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.127	−0.109%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.113	−0.124%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.183	−0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.155	−0.079%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.298	+0.073%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.068	−0.172%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.131	−0.104%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.118	−0.118%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.085%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.160	−0.074%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0260%	1h	94.201	−0.030%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.133	−0.102%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.148	−0.087%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.242	+0.013%	$21.1M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.137	−0.098%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDClong	+0.0527%	1h	94.230	long leg	$3.2M	$6.3M	20x