Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.027%

Price spread now: Variational Omni against 01 Exchange−0.216%7-day average −0.060% · you buy dearer than you sell

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

Long on 01 Exchange Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now −0.216%, 7d avg −0.060%

Together, before fees−0.044%+ Points / potential airdropVariational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.156% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.216% now, against its 7-day average of −0.060%). If the spread goes back, that is −$16 on $10k: about 2.7 days of funding at the current rate (+$6 a day). At the pace of the last 3 days (+0.036% in total) that is about 15 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.036% in total (about 3.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	94.024	−0.0096	get 0.0012% / 1h	43m 10s	$85K	$361K	20x
Short	Variational Omni HYPE	93.820	0.0100	get 0.0100% / 8h	7h 43m	$31.3M	$54.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against 01 Exchange. 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 01 ExchangebpFee Variational OmnibpOrdersPrice spread, now −0.216%Rate

Funding earned: $41.16
Price spread: −0.216% → −0.060%: −$15.64
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $18.52
Costs to cover: 0.070%
Break-even: 3.8 days

Slippage unknown: 01 Exchange: live order book, 31 min ago; Variational Omni: RFQ quote, 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 01 Exchange live order book, 31 min ago	0.16 bp	6.9 bp −$7	11.0 bp −$110	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.44 bp	doesn't fit	8.2 bp −$82	28.4 bp −$2,840	doesn't fit

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	−0.1456%	1h	93.806	−0.232%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.883	−0.150%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	93.932	−0.098%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.880	−0.153%	$703K	$926K	10x	as long as short
Phemex HYPEUSDT	−0.0167%	8h	94.025	+0.001%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0115%	1h	93.988	−0.038%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSDlong	−0.0096%	1h	94.024	long leg	$85K	$361K	20x
Gate HYPE_USDT	−0.0090%	4h	93.998	−0.028%	$44.4M	$59.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.986	−0.040%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0058%	1h	94.004	−0.021%	$128K	$29K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0048%	8h	94.015	−0.010%	$323.1M	$281.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.008	−0.017%	$169K	$593K	20x	as long as short
Derive HYPE-PERP	−0.0008%	1h	93.973	−0.054%	$16.4M	$7.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.988	−0.039%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.032	+0.009%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	94.023	−0.001%	$8.9M	$36.1M	300x	as long as short
Bluefin HYPE-PERP	+0.0028%	1h	94.025	+0.001%	$76K	$171K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.915	−0.116%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	94.035	+0.012%	$89.1M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0041%	4h	94.035	+0.011%	$383.7M	$894.0M	75x	as long as short
edgeX HYPEUSDC	+0.0051%	4h	93.859	−0.176%	$5.1M	$29.9M	30x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	94.001	−0.024%	$61K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.027	+0.003%	$116.0M	$319.5M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.062	+0.040%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.087	+0.067%	$18.9M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.059	+0.037%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.056	+0.034%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.020	−0.004%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	−0.034%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.077	+0.056%	$2.05B	$676.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	−0.004%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.221%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.051	+0.029%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.054	+0.032%	$228.2M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.050	+0.028%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.922	−0.108%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.820	−0.216%	$31.3M	$54.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.912	−0.119%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.169%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.913	−0.118%	$679K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.011	−0.014%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.015	−0.010%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.098	+0.079%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.035	+0.012%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.033	+0.009%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	−0.026%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0164%	4h	94.031	+0.007%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.067	+0.046%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.251%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.042	+0.019%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	93.986	−0.041%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.051	+0.029%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0391%	4h	94.200	+0.187%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0654%	1h	94.160	+0.145%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.148	+0.132%	$21.0M	$29.7M	50x	as long as short