Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Nado against Vest−0.026%7-day average +0.007% · you buy dearer than you sell

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

Long on Vest Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.108%+$11 on $10k

Price spread, last 4 days (all we have)+0.180%+$18 · spread now −0.026%, 7d avg +0.007%

Together, before fees+0.289%+ Points / potential airdropVest: Active · Nado: Active · farm board+$29 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: Nado is 0.033% cheaper against Vest than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	93.901	0.0100	pay 0.0013% / 1h	23m 13s	—	$243K	5x
Short	Nado HYPE-PERP	93.876	0.0100	get 0.0012% / 1h	23m 13s	$5.8M	$44.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.026%Rate

Funding earned: $0
Price spread: −0.026% → +0.007%: −$3.31
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$12.31
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Nado: 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 Vest no order-book sample	—	—	—	—	—
Sell Nado live order book, 1 min ago	0.05 bp	3.7 bp −$4	5.0 bp −$50	27.3 bp −$2,731	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 54 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	−0.1000%	1h	93.698	−0.216%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.729	−0.183%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0138%	8h	93.853	−0.051%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	93.810	−0.097%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.875	−0.027%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0078%	1h	93.850	−0.054%	$703K	$924K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.787	−0.121%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.844	−0.060%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0035%	1h	93.796	−0.111%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0030%	4h	93.860	−0.043%	$44.5M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.859	−0.044%	—	$53.6M	—	as long as short
Aster HYPEUSDT	−0.0002%	4h	93.840	−0.064%	$8.9M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.844	−0.060%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.859	−0.045%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.822	−0.084%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.810	−0.096%	$322.1M	$281.1M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.922	+0.023%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.854	−0.050%	$87.9M	$82.9M	100x	as long as short
Binance HYPEUSDT	+0.0069%	4h	93.842	−0.062%	$382.0M	$892.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.839	−0.066%	$115.3M	$308.3M	50x	as long as short
Bullet HYPE-USD	+0.0074%	1h	93.819	−0.087%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	+0.006%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.897	−0.003%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.839	−0.066%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.828	−0.077%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.836	−0.069%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.812	−0.094%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	−0.043%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.876	−0.026%	$5.8M	$44.8M	10x
Hyperliquid HYPE	+0.0100%	1h	93.948	+0.050%	$2.05B	$665.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.887	−0.014%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.835	−0.070%	$46.5M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.852	−0.052%	$227.4M	$98.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.009%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.947	+0.049%	$7.6M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.891	−0.010%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	−0.069%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	93.901	long leg	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.868	−0.035%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.774	−0.135%	$79K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.787	−0.121%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.947	+0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.798	−0.109%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.022%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.778	−0.131%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	+0.021%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.800	−0.107%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0205%	4h	93.976	+0.080%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.910	+0.010%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.820	−0.086%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.905	+0.005%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.836	−0.069%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.897	−0.004%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.902	+0.001%	$21.0M	$29.8M	50x	as long as short