Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Variational Omni−0.044%7-day average +0.061% · you buy dearer than you sell

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

Long on Variational Omni Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)+0.112%+$11 · spread now −0.044%, 7d avg +0.061%

Together, before fees+0.121%+ Points / potential airdropVariational Omni: Active · farm board+$12 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: Bulk is 0.105% cheaper against Variational Omni than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.861	0.0100	pay 0.0100% / 8h	11m 36s	$31.2M	$54.1M	—
Short	Bulk HYPE-USD	93.820	0.0100	get 0.0013% / 1h	11m 36s	$205K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.044%Rate

Funding earned: $0
Price spread: −0.044% → +0.061%: −$10.49
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$17.49
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Bulk: 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, 3 min ago	0.42 bp	doesn't fit	3.9 bp −$39	13.1 bp −$1,309	doesn't fit
Sell Bulk live order book, 2 min ago	0.53 bp	6.0 bp −$6	7.6 bp −$76	13.2 bp −$1,324	37.8 bp −$18.9K

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	−0.1232%	1h	93.765	−0.103%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0401%	1h	93.836	−0.027%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.730	−0.140%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0105%	1h	93.780	−0.087%	$705K	$916K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	+0.007%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.830	−0.033%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	93.908	+0.050%	$169K	$588K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.935	+0.078%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.866	+0.005%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.931	+0.074%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.919	+0.061%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.870	+0.009%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.820	−0.044%	$322.8M	$283.9M	75x	as long as short
Derive HYPE-PERP	+0.0027%	1h	93.859	−0.003%	$16.4M	$7.1M	10x	as long as short
Phemex HYPEUSDT	+0.0045%	8h	93.834	−0.029%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.870	+0.009%	$88.5M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	93.852	−0.009%	$383.2M	$898.0M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.065%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.826	−0.038%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.838	−0.025%	$44.1M	$59.9M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.908	+0.049%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	93.818	−0.046%	$115.8M	$322.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.908	+0.050%	$18.9M	$60.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.889	+0.029%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.913	+0.055%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.896	+0.037%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.810	−0.055%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.856	−0.005%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.933	+0.076%	$2.04B	$681.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.892	+0.032%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.820	−0.044%	$205K	$7K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	93.867	+0.006%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.832	−0.031%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.840	−0.023%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.938	+0.082%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.861	long leg	$31.2M	$54.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.848	−0.014%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.003%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.811	−0.054%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.880	+0.020%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.854	−0.008%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.915	+0.057%	$76K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.911	+0.053%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.883	+0.023%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.584%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.814	−0.051%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0151%	8h	93.951	+0.095%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.960	+0.105%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0193%	4h	94.050	+0.201%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.824	−0.040%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.809	−0.056%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.872	+0.011%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0314%	1h	93.991	+0.138%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.934	+0.077%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	93.981	+0.127%	$21.0M	$29.5M	50x	as long as short