Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.015%

Price spread now: Derive against Variational Omni−0.038%7-day average −0.001% · you buy dearer than you sell

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

Long on Variational Omni Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.129%+$13 · spread now −0.038%, 7d avg −0.001%

Together, before fees+0.110%+ Points / potential airdropVariational Omni: Active · farm board+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Derive is 0.037% cheaper against Variational Omni than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.811	0.0100	pay 0.0100% / 8h	11m 08s	$31.2M	$54.1M	—
Short	Derive HYPE-PERP	93.776	0.0027	get 0.0003% / 1h	11m 08s	$16.4M	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.038%Rate

Funding earned: −$15.29
Price spread: −0.038% → −0.001%: −$3.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Derive: 3 bp × 2 orders: −$6
Net: −$24.97
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Derive: 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, 3 min ago	0.42 bp	doesn't fit	3.9 bp −$39	13.1 bp −$1,309	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.1232%	1h	93.765	−0.050%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0406%	1h	93.852	+0.043%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.730	−0.087%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0105%	1h	93.780	−0.033%	$705K	$916K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	+0.060%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.830	+0.020%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	93.849	+0.040%	$169K	$588K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.935	+0.132%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.868	+0.060%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.862	+0.054%	$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	+0.115%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.854	+0.045%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.810	−0.001%	$322.7M	$283.9M	75x	as long as short
Derive HYPE-PERPshort	+0.0027%	1h	93.776	−0.038%	$16.4M	$7.1M	10x
Phemex HYPEUSDT	+0.0042%	8h	93.813	+0.002%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.813	+0.002%	$88.3M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	93.811	0.000%	$383.0M	$898.2M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.012%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.826	+0.016%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.819	+0.008%	$44.1M	$59.9M	75x	as long as short
Bullet HYPE-USD	+0.0087%	1h	93.823	+0.013%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	93.801	−0.011%	$115.8M	$322.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.858	+0.049%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.837	+0.027%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.828	+0.017%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.896	+0.091%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.810	−0.001%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.856	+0.048%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.914	+0.109%	$2.04B	$681.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.892	+0.086%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	+0.009%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.826	+0.016%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.811	0.000%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.814	+0.003%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.847	+0.038%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.811	long leg	$31.2M	$54.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.848	+0.039%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	+0.051%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.811	0.000%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.880	+0.073%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.854	+0.045%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.841	+0.032%	$76K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.859	+0.051%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.811	0.000%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.638%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.803	−0.008%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	+0.062%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	93.960	+0.158%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0193%	4h	94.000	+0.201%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	93.801	−0.011%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.809	−0.002%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.872	+0.065%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.863	+0.055%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0347%	1h	93.934	+0.131%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.925	+0.121%	$21.0M	$29.5M	50x	as long as short