Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h +0.001%

Price spread now: Bybit against Vest−0.045%7-day average −0.023% · you buy dearer than you sell

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

Long on Vest Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.099%+$10 on $10k

Price spread, last 3 days (all we have)−0.280%−$28 · spread now −0.045%, 7d avg −0.023%

Together, before fees−0.181%+ Points / potential airdropVest: Active · farm board−$18 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 Bybit is 0.021% cheaper against Vest than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.023%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.099%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	93.462	0.0100	pay 0.0013% / 1h	43m 32s	—	$454K	5x
Short	Bybit HYPEUSDT	93.420	0.0039	get 0.0039% / 8h	2h 43m	$325.4M	$287.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Vest. 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 VestbpFee BybitbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$12.82
Price spread: −0.045% → −0.023%: −$2.13
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.95
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Bybit: live order book, 6 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 Vest no order-book sample	—	—	—	—	—
Sell Bybit live order book, 6 min ago	0.54 bp	6.0 bp −$6	7.0 bp −$70	19.6 bp −$1,955	44.1 bp −$22.0K

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
Hibachi HYPE/USDT-P	−0.1240%	1h	93.370	−0.098%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0223%	1h	93.330	−0.141%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0193%	1h	93.399	−0.067%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.450	−0.012%	$89K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.429	−0.035%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	−0.036%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.484	+0.024%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.394	−0.072%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	−0.034%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.423	−0.041%	$8.9M	$36.0M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0017%	1h	93.355	−0.114%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.415	−0.050%	$44.2M	$56.3M	75x	as long as short
Bullet HYPE-USD	+0.0030%	1h	93.411	−0.055%	$112K	$583K	20x	as long as short
Bybit HYPEUSDTshort	+0.0039%	8h	93.420	−0.045%	$325.4M	$287.9M	75x
Phoenix HYPE	+0.0068%	1h	93.408	−0.057%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0074%	4h	93.412	−0.053%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.475	+0.014%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.450	−0.012%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.425	−0.039%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	+0.009%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.424	−0.040%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.496	+0.036%	$2.04B	$669.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.432	−0.031%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.426	−0.038%	$385.9M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.418	−0.047%	$114.8M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.392	−0.074%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.135%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.421	−0.043%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.434	−0.030%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.441	−0.022%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.420	−0.045%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.427	−0.037%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.092%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.413	−0.052%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.428	−0.036%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.448	−0.015%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	93.462	long leg	—	$454K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.452	−0.010%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.064%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.439	−0.024%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.389	−0.078%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	−0.058%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.447	−0.016%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.414	−0.051%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.405	−0.060%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.402	−0.063%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.041%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0232%	1h	93.499	+0.040%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.427	−0.037%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.141%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.443	−0.020%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.061%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0373%	4h	93.536	+0.080%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.496	+0.037%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.491	+0.032%	$19.2M	$25.9M	50x	as long as short