Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:16 UTC+0.0112%/8h= +12.3% APRpaid last 24h +0.015%

Price spread now: Perpl against 01 Exchange+0.013%50s7-day average −0.010% · you sell dearer than you buy

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

Long on 01 Exchange Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.234%+$23 · spread now +0.013%, 7d avg −0.010%

Together, before fees+0.195%+ Points / potential airdropPerpl: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Perpl is 0.023% dearer against 01 Exchange than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.010%. The two prices were read 50 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	01 Exchange HYPEUSD	95.121	−0.0112	get 0.0014% / 1h	31m 32s	$98K	$340K	20x
Short	Perpl HYPE	95.133	0	get 0.0000% / 43m	12m 32s	$24K	$251K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against 01 Exchange. 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 01 ExchangebpFee PerplbpOrdersPrice spread, now +0.013%Rate

Funding earned: $23.52
Price spread: +0.013% → −0.010%: $2.34
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $5.06
Costs to cover: 0.208%
Break-even: 5.5 days

Slippage unknown: 01 Exchange: live order book, 16 min ago; Perpl: 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 01 Exchange live order book, 16 min ago	0.05 bp	9.3 bp −$9	13.8 bp −$138	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 exchanges

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	−0.0320%	1h	95.177	+0.059%	$218K	$274K	7x	as long as short
Phemex HYPEUSDT	−0.0252%	8h	95.109	−0.013%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.158	+0.039%	$18.5M	$34.9M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0207%	1h	95.176	+0.058%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0139%	1h	95.110	−0.012%	$687K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.105	−0.017%	$1.0M	$2.4M	10x	as long as short
01 Exchange HYPEUSDlong	−0.0112%	1h	95.121	long leg	$98K	$340K	20x
Gate HYPE_USDT	−0.0084%	4h	95.116	−0.005%	$55.1M	$53.6M	75x	as long as short
ApeX Omni HYPEUSDT	−0.0082%	1h	95.192	+0.075%	$343K	$901K	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.162	+0.043%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0079%	1h	95.132	+0.012%	$79K	$134K	20x	as long as short
Lighter HYPE	−0.0072%	1h	95.116	−0.006%	$16.4M	$58.0M	20x	as long as short
Aster HYPEUSDT	−0.0062%	4h	95.113	−0.008%	$9.0M	$32.7M	300x	as long as short
Bullet HYPE-USD	−0.0058%	1h	95.143	+0.024%	$113K	$580K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.140	+0.020%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	95.115	−0.006%	$148K	$642K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0020%	8h	95.093	−0.029%	$118.9M	$303.4M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.062	−0.062%	$201K	$1.1M	10x	as long as short
Perpl HYPEshort	0.0000%	43m	95.133	+0.013%	$24K	$251K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.169	+0.050%	$114K	—	150x	as long as short
Bitget HYPEUSDT	+0.0002%	4h	95.100	−0.022%	$228.6M	$85.6M	75x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	95.117	−0.004%	$277K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	95.120	−0.001%	$320.7M	$262.6M	75x	as long as short
dYdX HYPE-USD	+0.0041%	1h	95.064	−0.060%	$128K	$94K	5x	as long as short
edgeX HYPEUSDC	+0.0054%	4h	95.040	−0.085%	$5.1M	$28.8M	30x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	95.122	+0.001%	$90.1M	$84.0M	100x	as long as short
Binance HYPEUSDT	+0.0056%	4h	95.136	+0.015%	$382.6M	$848.8M	75x	as long as short
BingX HYPE-USDT	+0.0062%	4h	95.108	−0.014%	—	$48.9M	—	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0065%	1h	95.231	+0.116%	$7.5M	$4.3M	50x	as long as short
StandX HYPE-USD	+0.0069%	1h	95.054	−0.070%	$691K	$2.7M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	95.122	+0.001%	$339K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.145	+0.025%	$3.4M	$10.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.177	+0.059%	$402K	$130K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.050	−0.075%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.150	+0.030%	$7.3M	$51.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.148	+0.029%	$10.3M	$13.2M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.174	+0.056%	$230K	$17K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.141	+0.021%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.085	−0.038%	$7.0M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.201	+0.084%	$29.6M	$53.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.092	−0.031%	$7.7M	$40.5M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.180	+0.062%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.177	+0.059%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.170	+0.052%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.155	+0.036%	$2.1M	$334K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.263	+0.149%	$1.4M	$5.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.074	−0.049%	$18.3M	$39.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0129%	8h	95.129	+0.008%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.156	+0.037%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0209%	1h	95.274	+0.161%	$2.11B	$645.9M	10x	as long as short
BloFin HYPE-USDT	+0.0257%	4h	95.085	−0.038%	$17.4M	$11.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.074	−0.050%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.197	+0.080%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.398%	$31K	$334K	12x	as long as short