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 +0.003%

Price spread now: Backpack against Variational Omni+0.444%7-day average +0.279% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.025%+$3 on $10k

Price spread, last 7 days−0.485%−$49 · spread now +0.444%, 7d avg +0.279%

Together, before fees−0.460%+ Points / potential airdropVariational Omni: Active · farm board−$46 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: Backpack is 0.165% dearer against Variational Omni than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of +0.279%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	92.139	0.0100	pay 0.0100% / 8h	4h 32m	$28.2M	$57.4M	—
Short	Backpack HYPE_USDC_PERP	92.548	0.0100	get 0.0013% / 1h	32m 08s	$7.3M	$10.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.444%Rate

Funding earned: $0
Price spread: +0.444% → +0.279%: $16.51
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $6.51
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Backpack: live order book, 2 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 Variational Omni RFQ quote, 2 min ago	0.42 bp	doesn't fit	2.9 bp −$29	10.9 bp −$1,092	doesn't fit
Sell Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	72.9 bp −$7,290	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	92.452	+0.340%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0304%	1h	92.464	+0.353%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	92.363	+0.243%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.545	+0.441%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0067%	4h	92.521	+0.415%	$157K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	92.570	+0.468%	$87K	$356K	20x	as long as short
Bullet HYPE-USD	−0.0012%	1h	92.552	+0.448%	$111K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0009%	1h	92.480	+0.370%	$693K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.537	+0.432%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.522	+0.415%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.560	+0.457%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	92.550	+0.446%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0034%	4h	92.557	+0.454%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.278	+0.151%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0046%	8h	92.542	+0.438%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0056%	8h	92.542	+0.438%	$316.4M	$281.7M	75x	as long as short
Gate HYPE_USDT	+0.0068%	4h	92.559	+0.456%	$44.4M	$55.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	92.561	+0.458%	$113.3M	$303.8M	50x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	92.556	+0.453%	$87.4M	$80.7M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.580	+0.478%	$339K	$163K	20x	as long as short
Binance HYPEUSDT	+0.0096%	4h	92.565	+0.463%	$371.1M	$903.0M	75x	as long as short
Lighter HYPE	+0.0096%	1h	92.563	+0.460%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.565	+0.462%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.530	+0.424%	$69K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.490	+0.381%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.540	+0.436%	$6.8M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.592	+0.492%	$2.01B	$665.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.565	+0.462%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	+0.173%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.554	+0.451%	$45.9M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.542	+0.438%	$224.5M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.548	+0.444%	$7.3M	$10.8M	20x
Variational Omni HYPElong	+0.0100%	8h	92.139	long leg	$28.2M	$57.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.290	+0.164%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.281	+0.154%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.337	+0.215%	$661K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.564	+0.462%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.560	+0.457%	$476K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.520	+0.414%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.534	+0.428%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.534	+0.429%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.553	+0.449%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.679	+0.586%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.227	+0.096%	$4.9M	$29.6M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.528	+0.423%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.548	+0.444%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.380	+0.262%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.540	+0.435%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0249%	8h	92.588	+0.487%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.536	+0.431%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.560	+0.457%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0330%	4h	92.477	+0.367%	$16.7M	$11.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.600	+0.500%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	92.635	+0.538%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.603	+0.504%	$3.1M	$6.4M	20x	as long as short