Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0544%/8h= −59.6% APRpaid last 24h −0.106%

Price spread now: Orderly against RISEx−0.127%7-day average −0.028% · you buy dearer than you sell

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

Long on RISEx Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.203%−$20 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.127%, 7d avg −0.028%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Orderly is 0.099% cheaper against RISEx than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	94.226	0.0527	pay 0.0066% / 1h	16m 07s	$3.2M	$6.3M	20x
Short	Orderly PERP_HYPE_USDC	94.107	−0.0018	pay 0.0009% / 4h	2h 16m	$147K	$678K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.127%Rate

Funding earned: −$114.25
Price spread: −0.127% → −0.028%: −$9.89
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$136.14
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 3 min ago; Orderly: 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 RISEx live order book, 3 min ago	0.43 bp	3.4 bp −$3	5.6 bp −$56	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1344%	1h	94.079	−0.157%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0409%	1h	93.796	−0.457%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.130	−0.102%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0026%	1h	94.146	−0.085%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0018%	4h	94.107	−0.127%	$147K	$678K	20x
dYdX HYPE-USD	0.0000%	1h	94.183	−0.046%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.178	−0.051%	$87K	$371K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.160	−0.071%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.160	−0.071%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.129	−0.103%	$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	94.116	−0.117%	$227.0M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.108	−0.126%	$319.3M	$283.9M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	94.153	−0.078%	$12.8M	$2.8M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	−0.056%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0058%	1h	94.070	−0.166%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.637%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.178	−0.052%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.132	−0.101%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.136	−0.096%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.161	−0.070%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	−0.102%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.119	−0.114%	$7.3M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.208	−0.020%	$2.06B	$674.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.145	−0.087%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.183	−0.046%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.133	−0.099%	$377.9M	$918.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.130	−0.102%	$116.2M	$315.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.922%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.127	−0.106%	$48.0M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.140	−0.092%	$90.5M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.143	−0.089%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.121	−0.112%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.162	−0.068%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.560%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.263%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.939	−0.305%	$345K	$993K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	−0.070%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.213	−0.014%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.173	−0.057%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.135	−0.097%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.114	−0.119%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	−0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.128	−0.105%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.282	+0.059%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.090	−0.145%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.137	−0.095%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	94.194	−0.034%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.089%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.150	−0.081%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0207%	1h	94.198	−0.030%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.141	−0.090%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.154	−0.077%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.206	−0.022%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.137	−0.095%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDClong	+0.0527%	1h	94.226	long leg	$3.2M	$6.3M	20x