Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.044%

Price spread now: Aftermath Perps against Variational Omni+0.138%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Aftermath Perps is 0.138% dearer against Variational Omni than usual: you sell high and buy low (spread +0.138% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	94.138	0.0100	pay 0.0100% / 8h	1h 08m	$29.1M	$55.3M	—
Short	Aftermath Perps HYPEUSD	94.267	−0.0155	pay 0.0019% / 1h	8m 09s	$22K	$21K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee Aftermath PerpsbpOrdersPrice spread, now +0.138%Rate

Funding earned: −$53.54
Price spread: +0.138% → 0.000%: $13.75
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$48.79
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Aftermath Perps: 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 Variational Omni RFQ quote, 1 min ago	0.43 bp	doesn't fit	3.9 bp −$39	21.6 bp −$2,160	doesn't fit
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Aftermath Perps: 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 54 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	−0.1136%	1h	94.129	−0.009%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSDshort	−0.0155%	1h	94.267	+0.138%	$22K	$21K	10x
Ondo Perps HYPE-USD.P	−0.0092%	1h	94.180	+0.045%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.313	+0.186%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	94.353	+0.229%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	94.338	+0.213%	$87K	$367K	20x	as long as short
Bluefin HYPE-PERP	−0.0031%	1h	94.364	+0.241%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.345	+0.220%	$146K	$686K	20x	as long as short
Bybit HYPEUSDT	−0.0005%	8h	94.360	+0.236%	$317.9M	$289.2M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.312	+0.185%	$129K	$26K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	94.435	+0.316%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.366	+0.243%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.370	+0.247%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.091%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.385	+0.263%	$227.3M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.373	+0.250%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0071%	8h	94.371	+0.248%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.173	+0.038%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.298	+0.170%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	94.381	+0.259%	$116.5M	$320.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.388	+0.266%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.391	+0.269%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.315	+0.188%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	+0.151%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	+0.194%	$7.4M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.489	+0.373%	$2.08B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.394	+0.272%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.346	+0.221%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.386	+0.264%	$377.7M	$931.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	+0.048%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.392	+0.270%	$49.4M	$57.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.387	+0.265%	$90.0M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.368	+0.245%	$47.0M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.374	+0.251%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.375	+0.252%	$7.5M	$10.4M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	94.138	long leg	$29.1M	$55.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.189	+0.055%	$7.6M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.149	+0.012%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.193	+0.059%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.376	+0.253%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.375	+0.252%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.388	+0.266%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.389	+0.267%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.385%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.342	+0.217%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.367	+0.244%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.350	+0.226%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.411	+0.291%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.090	−0.051%	$30K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.461	+0.344%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.332	+0.207%	$83K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.227	+0.095%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.436	+0.317%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.350	+0.226%	$3.2M	$6.4M	20x	as long as short