Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.052%

Price spread now: Hyperliquid against Variational Omni+0.287%7-day average +0.035% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.064%+$6 on $10k

Price spread, last 7 days−0.265%−$26 · spread now +0.287%, 7d avg +0.035%

Together, before fees−0.200%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$20 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: Hyperliquid is 0.252% dearer against Variational Omni than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.352	0.0100	pay 0.0100% / 8h	1h 02m	$30.8M	$51.9M	—
Short	Hyperliquid HYPE	93.620	0.0100	get 0.0013% / 1h	2m 34s	$2.04B	$664.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.287%Rate

Funding earned: $0
Price spread: +0.287% → +0.035%: $25.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $16.18
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 12 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	0.44 bp	doesn't fit	2.5 bp −$25	21.3 bp −$2,133	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.16 bp	4.8 bp −$5	6.0 bp −$60	doesn't fit	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
Aftermath Perps HYPEUSD	−0.0488%	1h	93.406	+0.058%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0440%	1h	93.547	+0.208%	$198K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.465	+0.121%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.560	+0.222%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.565	+0.228%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.568	+0.231%	$91K	$357K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	+0.281%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.604	+0.270%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.593	+0.258%	$27K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.542	+0.203%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0015%	4h	93.596	+0.261%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.572	+0.235%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.540	+0.201%	$323.7M	$280.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	+0.111%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.532	+0.192%	$16.3M	$7.0M	10x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.564	+0.226%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.557	+0.219%	$44.1M	$59.0M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.554	+0.216%	$90.5M	$82.5M	100x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.415	+0.067%	$5.1M	$29.6M	30x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.541	+0.202%	$383.9M	$883.8M	75x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.559	+0.221%	$12.7M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.615	+0.281%	$18.6M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.592	+0.257%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.578	+0.241%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.564	+0.227%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.233%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.599	+0.265%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.620	+0.287%	$2.04B	$664.6M	10x
Pacifica HYPE	+0.0100%	1h	93.586	+0.250%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.542	+0.203%	$114.3M	$312.3M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.565	+0.228%	$47.1M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.543	+0.204%	$226.9M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.525	+0.185%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.580	+0.244%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.352	long leg	$30.8M	$51.9M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	+0.115%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.154%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.564	+0.227%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.601	+0.266%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.590	+0.255%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.565	+0.228%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.659	+0.328%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.564	+0.227%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.078%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.506	+0.165%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.658	+0.327%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.600	+0.265%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.731	+0.406%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.490	+0.147%	$30K	$338K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0241%	1h	93.656	+0.325%	$7.4M	$4.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.556	+0.218%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0261%	4h	93.563	+0.226%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.590	+0.255%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.580	+0.244%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.691	+0.363%	$21.0M	$28.9M	50x	as long as short