Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0052%/8h= −5.6% APRpaid last 24h −0.043%

Price spread now: Orderly against SoDEX−0.001%7-day average −0.004% · you buy dearer than you sell

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

Long on SoDEX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.055%−$5 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.001%, 7d avg −0.004%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.972	0.0045	pay 0.0006% / 1h	58m 38s	$2.0M	$2.0M	10x
Short	Orderly PERP_HYPE_USDC	93.971	−0.0007	pay 0.0003% / 4h	3h 58m	$169K	$594K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against SoDEX. 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 SoDEXbpFee OrderlybpOrdersPrice spread, now −0.001%Rate

Funding earned: −$10.82
Price spread: −0.001% → −0.004%: $0.27
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$24.55
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SoDEX: live order book, 5 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 SoDEX live order book, 5 min ago	0.75 bp	7.9 bp −$8	13.1 bp −$131	99.8 bp −$9,979	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	−0.1416%	1h	93.956	−0.017%	$199K	$229K	7x	as long as short
dYdX HYPE-USD	−0.0717%	1h	93.909	−0.067%	$128K	$30K	5x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.855	−0.125%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0339%	1h	93.995	+0.024%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.967	−0.005%	$86K	$367K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0087%	1h	93.810	−0.172%	$705K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.955	−0.018%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0051%	1h	93.986	+0.015%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	−0.0015%	1h	93.908	−0.068%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0007%	4h	93.971	−0.001%	$169K	$594K	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	94.012	+0.042%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.001	+0.031%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	+0.151%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.944	−0.030%	$8.9M	$36.2M	300x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	93.967	−0.005%	$60K	$1.2M	50x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	94.030	+0.062%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.951	−0.022%	$383.8M	$899.7M	75x	as long as short
SoDEX HYPE-USDlong	+0.0045%	1h	93.972	long leg	$2.0M	$2.0M	10x
MEXC HYPE_USDT	+0.0046%	4h	93.952	−0.021%	$88.2M	$81.1M	100x	as long as short
edgeX HYPEUSDC	+0.0053%	4h	93.991	+0.021%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	93.965	−0.007%	$116.0M	$322.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.996	+0.025%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.963	−0.010%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.004	+0.034%	$400K	$190K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.001	+0.031%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.040	+0.072%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.023	+0.055%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.056	+0.089%	$2.05B	$680.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.975	+0.003%	$10.1M	$14.6M	20x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	93.930	−0.045%	$323.2M	$283.6M	75x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.950	−0.023%	$44.3M	$58.3M	75x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.957	−0.016%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.975	+0.003%	$227.7M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.955	−0.018%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.971	−0.001%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.972	0.000%	$31.4M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.085%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	+0.065%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	+0.080%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.043	+0.075%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.034	+0.066%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.016	+0.047%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.146	+0.185%	$1.5M	$7.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	−0.030%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.947	−0.027%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.080	+0.115%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0162%	8h	94.045	+0.078%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0188%	4h	93.972	0.000%	$17.0M	$12.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.990	+0.019%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.006	+0.036%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.000	+0.030%	$77K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.998	+0.028%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	94.079	+0.114%	$7.5M	$4.7M	50x	as long as short
Bluefin HYPE-PERP	+0.0558%	1h	93.999	+0.029%	$76K	$171K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.089	+0.125%	$21.0M	$29.5M	50x	as long as short