Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0022%/8h= −2.5% APRpaid last 24h −0.018%

Price spread now: OKX against Vest−0.069%58s7-day average −0.020% · you buy dearer than you sell

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

Long on Vest Short on OKX

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 4 days (all we have)−0.455%−$45 · spread now −0.069%, 7d avg −0.020%

Together, before fees−0.356%+ Points / potential airdropVest: Active · farm board−$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.049% cheaper against Vest than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.020%). 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. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	93.395	0.0100	pay 0.0013% / 1h	36m 39s	—	$243K	5x
Short	OKX HYPE-USDT-SWAP	93.331	0.0078	get 0.0078% / 8h	5h 36m	$114.2M	$301.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$4.7
Price spread: −0.069% → −0.020%: −$4.93
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee OKX: 5 bp × 2 orders: −$10
Net: −$21.64
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.9 bp −$69	17.2 bp −$1,715	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
Hibachi HYPE/USDT-P	−0.1288%	1h	93.228	−0.179%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.254	−0.151%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0085%	1h	93.340	−0.059%	$699K	$982K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.343	−0.056%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.351	−0.048%	$85K	$344K	20x	as long as short
Phemex HYPEUSDT	−0.0056%	8h	93.365	−0.033%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0051%	1h	93.372	−0.025%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.351	−0.048%	$156K	$633K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.336	−0.064%	$111K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.037%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.398	+0.003%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.385	−0.011%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.367	−0.030%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.398	+0.003%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.379	−0.018%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.332	−0.068%	$321.2M	$277.2M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.375	−0.022%	$44.6M	$54.8M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0078%	8h	93.331	−0.069%	$114.2M	$301.8M	50x
Lighter HYPE	+0.0096%	1h	93.424	+0.031%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.397	+0.002%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.341	−0.058%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.386	−0.010%	$89.8M	$80.7M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.431	+0.038%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.346	−0.053%	$378.5M	$876.4M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.340	−0.059%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.299	−0.104%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.430	+0.037%	$2.04B	$653.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.412	+0.018%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.198%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.398	+0.003%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.382	−0.014%	$225.8M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.350	−0.049%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	−0.084%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.307	−0.095%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.310	−0.091%	$339K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.326	−0.074%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	93.395	long leg	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.390	−0.006%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.362	−0.036%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.341	−0.058%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.423	+0.030%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.352	−0.046%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.350	−0.049%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.338	−0.062%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.349	−0.050%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.400	+0.005%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0195%	4h	93.540	+0.155%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.346	−0.053%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0277%	8h	93.380	−0.016%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.398	+0.003%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.364	−0.034%	$17.0M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.441	+0.049%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.453	+0.061%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.180	−0.231%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.423	+0.030%	$20.7M	$29.9M	50x	as long as short