Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Variational Omni against SoDEX+0.320%7-day average −0.025% · you sell dearer than you buy

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

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.319%−$32 · spread now +0.320%, 7d avg −0.025%

Together, before fees−0.317%+ Points / potential airdropVariational Omni: Active · farm board−$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.345% dearer against SoDEX than usual: you sell high and buy low, +$35 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	92.174	0.0100	pay 0.0013% / 1h	48m 19s	$2.0M	$2.0M	10x
Short	Variational Omni HYPE	92.469	0.0100	get 0.0100% / 8h	4h 48m	$28.5M	$57.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.320%Rate

Funding earned: $0
Price spread: +0.320% → −0.025%: $34.52
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $26.52
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SoDEX: live order book, 1 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 SoDEX live order book, 1 min ago	0.05 bp	7.2 bp −$7	12.0 bp −$120	101.0 bp −$10.1K	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.44 bp	doesn't fit	7.8 bp −$78	21.4 bp −$2,142	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	92.181	+0.008%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0680%	1h	92.323	+0.162%	$194K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.171	−0.003%	$86K	$352K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0116%	1h	92.540	+0.397%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.337	+0.177%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0074%	1h	92.177	+0.004%	$110K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0068%	4h	92.179	+0.005%	$157K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0051%	1h	92.230	+0.061%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0009%	4h	92.227	+0.058%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.322	+0.160%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.216	+0.045%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.214	+0.043%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.185	+0.012%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.184	+0.011%	$315.5M	$280.6M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.155	−0.021%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.278%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.179	+0.005%	$44.3M	$54.6M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	92.223	+0.053%	$12.4M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	92.182	+0.009%	$112.6M	$300.3M	50x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.175	+0.001%	$370.6M	$895.7M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.189	+0.016%	$87.1M	$80.3M	100x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.198	+0.026%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.288	+0.123%	$337K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.185	+0.012%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.268	+0.102%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.200	+0.028%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.266	+0.099%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.264	+0.098%	$2.01B	$662.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.287	+0.123%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.679%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.201	+0.029%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.170	−0.004%	$223.0M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.280	+0.115%	$7.3M	$10.2M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.469	+0.320%	$28.5M	$57.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.678%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.488	+0.341%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.373	+0.216%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.276	+0.111%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.241	+0.073%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.222	+0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	92.174	long leg	$2.0M	$2.0M	10x
HTX HYPE-USDT	+0.0100%	4h	92.350	+0.191%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.653%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.150	−0.026%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.166	−0.009%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.250	+0.082%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.240	+0.072%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.186	+0.013%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0261%	8h	92.370	+0.213%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0316%	4h	92.252	+0.085%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.205	+0.034%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.212	+0.041%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	92.269	+0.103%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0666%	1h	92.173	−0.001%	$78K	$168K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.338	+0.178%	$3.1M	$6.4M	20x	as long as short