Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:31 UTC−0.0527%/8h= −57.7% APRpaid last 24h −0.070%

Price spread now: Perpl against RISEx−0.034%7-day average −0.003% · you buy dearer than you sell

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

Long on RISEx Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.214%−$21 on $10k

Price spread, last 4 days (all we have)+0.345%+$34 · spread now −0.034%, 7d avg −0.003%

Together, before fees+0.131%+ Points / potential airdropPerpl: Active · farm board+$13 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 Perpl is 0.030% cheaper against RISEx than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.691	0.0527	pay 0.0066% / 1h	57m 08s	$3.2M	$6.3M	20x
Short	Perpl HYPE	93.659	0	get 0.0000% / 43m	37m 08s	$22K	$290K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$110.57
Price spread: −0.034% → −0.003%: −$3.03
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$133.4
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 2 min ago; 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 RISEx live order book, 2 min ago	0.91 bp	3.9 bp −$4	5.8 bp −$58	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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
Hibachi HYPE/USDT-P	−0.1888%	1h	93.432	−0.276%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0356%	1h	93.413	−0.296%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.476	−0.229%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0061%	1h	93.617	−0.079%	$112K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0038%	4h	93.621	−0.075%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.677	−0.015%	$88K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.530	−0.172%	$128K	$29K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.659	−0.034%	$22K	$290K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.668	−0.025%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.600	−0.097%	$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
Phemex HYPEUSDT	+0.0017%	8h	93.599	−0.098%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	93.640	−0.054%	$226.6M	$99.1M	75x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	93.630	−0.065%	$318.5M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.546	−0.155%	$209K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.639	−0.055%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.649	−0.044%	$16.1M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.651	−0.043%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.653	−0.041%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	93.351	−0.363%	$5.0M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0098%	4h	93.630	−0.065%	$46.3M	$53.7M	75x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.610	−0.086%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.041%	$7.0M	$47.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.690	−0.001%	$2.04B	$666.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.640	−0.055%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.612	−0.085%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.641	−0.053%	$375.5M	$910.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.643	−0.051%	$115.1M	$308.5M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.360	−0.353%	$703K	$1.2M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.387%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.656	−0.037%	$92.0M	$80.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.633	−0.062%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.638	−0.057%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.674	−0.018%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.333%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.423	−0.286%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.617	−0.079%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.465	−0.241%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.654	−0.039%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.650	−0.044%	$491K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.618	−0.078%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.619	−0.077%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.673	−0.019%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.641	−0.053%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.800	+0.116%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.615	−0.081%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.645	−0.050%	$396K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.410	−0.300%	$30K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0141%	8h	93.635	−0.060%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.700	+0.010%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.628	−0.067%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.654	−0.040%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.718	+0.028%	$20.9M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.052%	$16.9M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0455%	1h	93.735	+0.047%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDClong	+0.0527%	1h	93.691	long leg	$3.2M	$6.3M	20x