Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: SoDEX against Variational Omni+0.169%7-day average +0.024% · you sell dearer than you buy

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

Long on Variational Omni Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now +0.169%, 7d avg +0.024%

Together, before fees−0.170%+ Points / potential airdropVariational Omni: Active · farm board−$17 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: SoDEX is 0.145% dearer against Variational Omni than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.402	0.0100	pay 0.0100% / 8h	2h 33m	$28.9M	$49.8M	—
Short	SoDEX HYPE-USD	93.560	0.0100	get 0.0013% / 1h	33m 17s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.169%Rate

Funding earned: $0
Price spread: +0.169% → +0.024%: $14.54
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $6.54
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; SoDEX: live order book, 1 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, 1 min ago	0.44 bp	doesn't fit	3.9 bp −$39	12.2 bp −$1,216	doesn't fit
Sell SoDEX live order book, 1 min ago	0.27 bp	7.0 bp −$7	13.3 bp −$133	104.4 bp −$10.4K	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
Hibachi HYPE/USDT-P	−0.1088%	1h	93.453	+0.055%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0268%	1h	93.482	+0.086%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.450	+0.052%	$701K	$940K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.587	+0.198%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.527	+0.134%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.551	+0.160%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	+0.173%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.565	+0.175%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.507	+0.112%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.590	+0.202%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0017%	4h	93.562	+0.172%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.558	+0.167%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.550	+0.159%	$325.9M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	+0.158%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.561	+0.171%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.550	+0.159%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.568	+0.178%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.539	+0.147%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.578	+0.188%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.560	+0.169%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.550	+0.159%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.615	+0.228%	$2.04B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.574	+0.184%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.559	+0.168%	$385.8M	$888.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.561	+0.171%	$114.9M	$315.8M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.533	+0.141%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	+0.001%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.562	+0.172%	$92.8M	$82.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.574	+0.184%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.578	+0.189%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.545	+0.153%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.515	+0.121%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.402	long leg	$28.9M	$49.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	+0.106%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	+0.086%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.503	+0.108%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.577	+0.188%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.588	+0.199%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.589	+0.200%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.611	+0.224%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.560	+0.169%	$2.0M	$2.0M	10x
Phemex HYPEUSDT	+0.0100%	8h	93.474	+0.077%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.551	+0.160%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.577	+0.188%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.456	+0.058%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.583	+0.194%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0188%	1h	93.655	+0.271%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.002%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.562	+0.171%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.710	+0.330%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.662	+0.279%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.588	+0.200%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	+0.051%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.617	+0.230%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.667	+0.284%	$19.2M	$25.9M	50x	as long as short