Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.042%

Price spread now: Orderly against Vest−0.075%7-day average +0.003% · you buy dearer than you sell

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

Long on Vest Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.075%, 7d avg +0.003%

Together, before fees+0.196%+ Points / potential airdropVest: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.079% cheaper against Vest than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.003%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.060%, 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	93.976	0.0100	pay 0.0013% / 1h	19m 14s	—	$243K	5x
Short	Orderly PERP_HYPE_USDC	93.905	−0.0018	pay 0.0009% / 4h	2h 19m	$146K	$672K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.075%Rate

Funding earned: −$24.81
Price spread: −0.075% → +0.003%: −$7.86
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$40.67
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Vest and Orderly: 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	−0.1376%	1h	93.862	−0.121%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0422%	1h	93.521	−0.484%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.906	−0.074%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0041%	1h	93.921	−0.058%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0018%	4h	93.905	−0.075%	$146K	$672K	20x
dYdX HYPE-USD	0.0000%	1h	93.915	−0.065%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.948	−0.029%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.951	−0.026%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.956	−0.021%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.888	−0.093%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.999	+0.025%	$226.9M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.970	−0.006%	$319.0M	$283.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.624	−0.374%	$208K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.952	−0.025%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0047%	1h	93.870	−0.112%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.372%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.987	+0.012%	$342K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.954	−0.023%	$16.2M	$63.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.960	−0.017%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.930	−0.049%	$73K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.750	−0.240%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.910	−0.069%	$7.8M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.052	+0.081%	$2.05B	$671.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.982	+0.007%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.970	−0.006%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.981	+0.005%	$376.9M	$916.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.993	+0.019%	$115.9M	$313.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.657%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.012	+0.039%	$47.4M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.000	+0.026%	$90.6M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.979	+0.004%	$46.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.981	+0.006%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.021	+0.048%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.295%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.746%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.797%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.924	−0.055%	$672K	$2.8M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	93.976	long leg	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.953	−0.024%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.959	−0.018%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.933	−0.045%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.003	+0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.944	−0.034%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.100	+0.132%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.925	−0.054%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.948	−0.030%	$397K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.986	+0.011%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.080	+0.111%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.950	−0.027%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	93.934	−0.044%	$80K	$127K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0293%	1h	94.028	+0.056%	$7.5M	$4.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.946	−0.031%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0339%	1h	94.012	+0.039%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.930	−0.049%	$16.9M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.956	−0.021%	$3.2M	$6.3M	20x	as long as short