Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.011%

Price spread now: Bybit against StandX−0.004%48s7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.246% of the position

Long on StandX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 7 days+0.004%$0 · spread now −0.004%, 7d avg −0.017%

Together, before fees−0.065%+ Points / potential airdropStandX: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX HYPE-USD	93.340	0.0100	pay 0.0013% / 1h	50m 41s	$675K	$2.4M	20x
Short	Bybit HYPEUSDT	93.336	0.0041	get 0.0041% / 8h	2h 50m	$325.4M	$288.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against StandX. 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 StandXbpFee BybitbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$12.46
Price spread: −0.004% → −0.017%: $1.28
Slippage, 4 orders: −$5.57
Fee StandX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$35.75
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from StandX: live order book, 3 min ago; Bybit: live order book, 3 min ago.

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 StandX live order book, 3 min ago	1.82 bp	5.8 bp −$6	5.8 bp −$58	12.0 bp −$1,199	doesn't fit
Sell Bybit live order book, 3 min ago	0.54 bp	6.0 bp −$6	7.8 bp −$78	16.7 bp −$1,672	38.7 bp −$19.4K

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	−0.1304%	1h	93.259	−0.087%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0191%	1h	93.210	−0.139%	$700K	$949K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0128%	1h	93.305	−0.037%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.334	−0.006%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.320	−0.021%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0039%	1h	93.271	−0.074%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.407	+0.072%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.387	+0.050%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.269	−0.076%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.336	−0.004%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0004%	4h	93.330	−0.011%	$44.1M	$56.2M	75x	as long as short
Aster HYPEUSDT	+0.0006%	4h	93.361	+0.022%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.253	−0.093%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDTshort	+0.0041%	8h	93.336	−0.004%	$325.4M	$288.3M	75x
Phoenix HYPE	+0.0068%	1h	93.368	+0.030%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0077%	4h	93.320	−0.021%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.405	+0.069%	$18.5M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.374	+0.036%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.291	−0.052%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	−0.054%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.302	−0.041%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.397	+0.061%	$2.03B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.379	+0.042%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.352	+0.013%	$386.0M	$890.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.348	+0.009%	$114.7M	$316.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.261	−0.085%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.005%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.355	+0.016%	$92.4M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.370	+0.032%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.359	+0.020%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.338	−0.002%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.368	+0.030%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	−0.059%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.046%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.287	−0.057%	$405K	$1.1M	50x	as long as short
StandX HYPE-USDlong	+0.0100%	1h	93.340	long leg	$675K	$2.4M	20x
Vest HYPE-PERP	+0.0100%	1h	93.341	+0.001%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.324	−0.017%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.305	−0.037%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.322	−0.019%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.309	−0.033%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.325	−0.016%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.377	+0.040%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.332	−0.008%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.326	−0.015%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.068%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.054%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.304	−0.038%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.230	−0.118%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.331	−0.010%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.410	+0.075%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.295	−0.048%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0404%	4h	93.466	+0.135%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.358	+0.019%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.425	+0.091%	$19.2M	$25.8M	50x	as long as short