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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.011%

Price spread now: Backpack against Vest−0.035%7-day average +0.015% · you buy dearer than you sell

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

Long on Vest Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.147%+$15 on $10k

Price spread, last 4 days (all we have)−0.505%−$50 · spread now −0.035%, 7d avg +0.015%

Together, before fees−0.358%+ Points / potential airdropVest: Active · farm board−$36 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 0.050% cheaper against Vest than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	92.831	0.0100	pay 0.0013% / 1h	53m 49s	—	$243K	5x
Short	Backpack HYPE_USDC_PERP	92.798	0.0100	get 0.0013% / 1h	53m 49s	$7.4M	$10.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Vest. 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 VestbpFee BackpackbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → +0.015%: −$4.99
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$16.99
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Backpack: live order book, just now. 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 Vest no order-book sample	—	—	—	—	—
Sell Backpack live order book, just now	0.05 bp	5.1 bp −$5	6.9 bp −$69	42.3 bp −$4,227	doesn't fit

Vest: 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
Arcus HYPE-USD	−0.0948%	1h	92.677	−0.166%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0792%	1h	92.817	−0.015%	$195K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.796	−0.037%	$86K	$351K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0104%	1h	92.753	−0.083%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0096%	1h	92.780	−0.055%	$111K	$579K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.804	−0.029%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.759	−0.077%	$158K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0034%	1h	92.340	−0.529%	$699K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.870	+0.042%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.776	−0.059%	$23K	$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	92.828	−0.003%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	92.823	−0.009%	$8.7M	$36.2M	300x	as long as short
Phemex HYPEUSDT	+0.0009%	8h	92.782	−0.052%	$12.5M	$2.7M	50x	as long as short
Derive HYPE-PERP	+0.0010%	1h	92.732	−0.107%	$16.1M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	92.584	−0.266%	$210K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.788	−0.046%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0039%	8h	92.790	−0.044%	$318.5M	$279.0M	75x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.793	−0.041%	$44.5M	$54.4M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.511%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.802	−0.031%	$113.4M	$301.3M	50x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	92.794	−0.040%	$88.0M	$80.1M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.794	−0.039%	$373.2M	$892.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.813	−0.019%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.807	−0.026%	$16.1M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.812	−0.020%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.781	−0.054%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.780	−0.055%	$14K	$1.6M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	92.417	−0.446%	$5.0M	$29.1M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.783	−0.051%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.856	+0.027%	$2.02B	$656.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.823	−0.008%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.033%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.819	−0.013%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.797	−0.036%	$224.5M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.798	−0.035%	$7.4M	$10.0M	20x
Variational Omni HYPE	+0.0100%	8h	92.820	−0.012%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.253%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.854	+0.025%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	92.831	long leg	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	92.830	−0.001%	$469K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.818	−0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.797	−0.036%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.954	+0.133%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.774	−0.061%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.787	−0.047%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.730	−0.108%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.840	+0.010%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.791	−0.043%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.855	+0.026%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	92.812	−0.020%	$16.9M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.814	−0.018%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.863	+0.035%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0375%	1h	92.881	+0.054%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.870	+0.043%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.2724%	1h	92.759	−0.077%	$79K	$169K	20x	as long as short