Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Aevo−0.325%48s7-day average −0.028% · you buy dearer than you sell

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

Long on Aevo Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 3 days (all we have)+0.292%+$29 · spread now −0.325%, 7d avg −0.028%

Together, before fees+0.282%+ Points / potential airdropVariational Omni: Active · farm board+$28 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: Variational Omni is 0.297% cheaper against Aevo than usual: you would sell low and buy high, −$30 on $10k if it goes back to its 7-day average of −0.028%. The two prices were read 48 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	Aevo HYPE-PERP	93.236	0.0096	pay 0.0012% / 1h	20m 40s	$397K	$318K	20x
Short	Variational Omni HYPE	92.933	0.0100	get 0.0100% / 8h	1h 20m	$28.9M	$50.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aevo. 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 AevobpFee Variational OmnibpOrdersPrice spread, now −0.325%Rate

Funding earned: $0.84
Price spread: −0.325% → −0.028%: −$29.68
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$44.84
Costs to cover: 0.160%
Break-even: 380.7 days

Slippage unknown: Aevo: live order book, 63 min ago; Variational Omni: RFQ quote, 4 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 Aevo live order book, 63 min ago	4.37 bp	17.1 bp −$17	20.7 bp −$207	25.7 bp −$2,574	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.43 bp	doesn't fit	8.2 bp −$82	28.5 bp −$2,852	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
Aftermath Perps HYPEUSD	−0.0422%	1h	93.090	−0.157%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0320%	1h	93.155	−0.088%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.167	−0.074%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0127%	1h	93.140	−0.103%	$699K	$928K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	0.000%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.227	−0.010%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.209	−0.029%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	+0.042%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.230	−0.007%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.252	+0.017%	$8.9M	$35.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.277	+0.044%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.184	−0.056%	$323.0M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0022%	4h	93.253	+0.018%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.205	−0.033%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	−0.221%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.228	−0.009%	$43.9M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0058%	1h	93.239	+0.003%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.234	−0.003%	$90.3M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.209	−0.030%	$381.7M	$895.5M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.304%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.293	+0.061%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.257	+0.022%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERPlong	+0.0096%	1h	93.236	long leg	$397K	$318K	20x
Paradex HYPE-USD-PERP	+0.0099%	8h	93.246	+0.010%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	−0.028%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.209	−0.029%	$5.9M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.271	+0.037%	$2.03B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.261	+0.026%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.195	−0.044%	$113.8M	$314.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.005%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.247	+0.011%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	+0.002%	$226.0M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.231	−0.006%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.243	+0.007%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.933	−0.325%	$28.9M	$50.6M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.245%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.236%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	−0.146%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.238	+0.002%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.242	+0.006%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.260	+0.025%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.273	+0.039%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.249	+0.013%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.231	−0.006%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.202	−0.037%	$18.2M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0111%	8h	93.271	+0.037%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	−0.018%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.320	+0.090%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0242%	4h	93.400	+0.175%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.226	−0.011%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0257%	4h	93.255	+0.020%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.291	+0.059%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.267	+0.033%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0425%	1h	93.346	+0.118%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.372	+0.145%	$20.9M	$29.0M	50x	as long as short