Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.019%

Price spread now: Perpl against StandX−0.213%7-day average +0.002% · you buy dearer than you sell

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

Long on StandX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.154%−$15 on $10k

Price spread, last 3 days (all we have)+0.210%+$21 · spread now −0.213%, 7d avg +0.002%

Together, before fees+0.057%+ Points / potential airdropStandX: Active · Perpl: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.215% cheaper against StandX than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX HYPE-USD	93.838	0.0100	pay 0.0013% / 1h	17m 29s	$679K	$2.6M	20x
Short	Perpl HYPE	93.638	0	get 0.0000% / 43m	39m 29s	$23K	$326K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.213%Rate

Funding earned: −$21
Price spread: −0.213% → +0.002%: −$21.51
Slippage, 4 orders: no order book: not counted
Fee StandX: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$64.31
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: StandX: live order book, 1 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 StandX live order book, 1 min ago	2.30 bp	6.4 bp −$6	8.6 bp −$86	14.5 bp −$1,447	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	−0.1280%	1h	93.530	−0.328%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.508	−0.352%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0189%	1h	93.890	+0.055%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0145%	1h	93.580	−0.275%	$710K	$956K	10x	as long as short
dYdX HYPE-USD	−0.0106%	1h	93.615	−0.238%	$128K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.616	−0.237%	$85K	$360K	20x	as long as short
Bullet HYPE-USD	−0.0092%	1h	93.591	−0.263%	$113K	$581K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.627	−0.225%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0062%	4h	93.602	−0.251%	$44.3M	$60.1M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.603	−0.250%	$159K	$645K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	93.602	−0.251%	$321.5M	$280.3M	75x	as long as short
Aster HYPEUSDT	−0.0007%	4h	93.612	−0.241%	$8.9M	$36.1M	300x	as long as short
Perpl HYPEshort	0.0000%	43m	93.638	−0.213%	$23K	$326K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.620	−0.232%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	93.596	−0.258%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.171%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.609	−0.244%	$88.1M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.654	−0.197%	$382.0M	$894.3M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	+0.131%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	93.630	−0.222%	$115.7M	$316.3M	50x	as long as short
Bluefin HYPE-PERP	+0.0083%	1h	93.651	−0.199%	$76K	$170K	20x	as long as short
Phemex HYPEUSDT	+0.0094%	8h	93.679	−0.169%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.656	−0.194%	$19.1M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.661	−0.189%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.622	−0.230%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.596	−0.258%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.644	−0.207%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.286%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.650	−0.201%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.678	−0.171%	$2.04B	$675.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.648	−0.202%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.330%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.639	−0.212%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.638	−0.213%	$227.0M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.595	−0.259%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.688	−0.160%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.939	+0.108%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	+0.163%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	+0.109%	$340K	$1.1M	50x	as long as short
StandX HYPE-USDlong	+0.0100%	1h	93.838	long leg	$679K	$2.6M	20x
Vest HYPE-PERP	+0.0100%	1h	93.652	−0.198%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.656	−0.194%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.673	−0.176%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.653	−0.197%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.599	−0.255%	$18.7M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.590	−0.264%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0179%	4h	93.552	−0.305%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.695%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.668	−0.181%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.642	−0.209%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.622	−0.230%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0156%	1h	93.615	−0.238%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	93.850	+0.013%	$1.5M	$6.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0615%	1h	93.757	−0.086%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0673%	1h	93.761	−0.082%	$20.9M	$29.8M	50x	as long as short