Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0498%/8h= −54.5% APRpaid last 24h −0.039%

Price spread now: Variational Omni against RISEx−0.098%49s7-day average −0.026% · you buy dearer than you sell

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

Long on RISEx Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.121%−$12 on $10k

Price spread, last 7 days+0.077%+$8 · spread now −0.098%, 7d avg −0.026%

Together, before fees−0.043%+ Points / potential airdropVariational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Variational Omni is 0.072% cheaper against RISEx than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.026%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.121% in total (about -12.6% 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	92.950	0.0598	pay 0.0075% / 1h	58m 41s	$3.2M	$6.4M	20x
Short	Variational Omni HYPE	92.859	0.0100	get 0.0100% / 8h	3h 58m	$28.5M	$57.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.098%Rate

Funding earned: −$104.52
Price spread: −0.098% → −0.026%: −$7.19
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$117.71
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 5 min ago; Variational Omni: RFQ quote, 1 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 RISEx live order book, 5 min ago	0.75 bp	4.2 bp −$4	6.6 bp −$66	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.44 bp	doesn't fit	6.3 bp −$63	21.9 bp −$2,188	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
Arcus HYPE-USD	−0.0948%	1h	92.862	−0.095%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0440%	1h	92.759	−0.206%	$193K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	92.840	−0.119%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.891	−0.063%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.856	−0.101%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	−0.092%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.889	−0.066%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.903	−0.051%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0007%	1h	92.856	−0.101%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	92.858	−0.099%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0036%	4h	92.829	−0.130%	—	$53.6M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.952	+0.002%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0044%	8h	92.810	−0.151%	$316.4M	$281.2M	75x	as long as short
Aster HYPEUSDT	+0.0071%	4h	92.835	−0.123%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0086%	4h	92.809	−0.152%	$224.6M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.871	−0.085%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.896	−0.058%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.836	−0.123%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.847	−0.111%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.882	−0.073%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.824	−0.136%	$113.9M	$303.6M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	−0.075%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.892	−0.062%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.877	−0.079%	$2.02B	$663.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.935	−0.016%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.824	−0.136%	$373.0M	$902.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.850	−0.108%	$698K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.161%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.812	−0.148%	$44.4M	$53.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.830	−0.129%	$88.1M	$79.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.856	−0.101%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.838	−0.120%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.859	−0.098%	$28.5M	$57.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.903	−0.051%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.856	−0.101%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.890	−0.065%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.941	−0.010%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.926	−0.026%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.877	−0.079%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.850	−0.107%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.857	−0.100%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.866	−0.090%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.034	+0.090%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.799	−0.162%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.885	−0.070%	$393K	$164K	20x	as long as short
01 Exchange HYPEUSD	+0.0136%	1h	92.909	−0.044%	$87K	$362K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.950	0.000%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.919	−0.033%	$20.6M	$30.4M	50x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	92.935	−0.016%	$1.8M	$5.4M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.870	−0.086%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.865	−0.092%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.881	−0.074%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.887	−0.068%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0396%	1h	92.952	+0.002%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDClong	+0.0598%	1h	92.950	long leg	$3.2M	$6.4M	20x