Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.064%

Price spread now: Variational Omni against Aftermath Perps−0.068%7-day average — · you buy dearer than you sell

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

Long on Aftermath Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.068% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.068% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 30 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps HYPEUSD	95.434	−0.0080	get 0.0010% / 1h	9m 47s	$22K	$17K	10x
Short	Variational Omni HYPE	95.369	0.0100	get 0.0100% / 8h	4h 09m	$30.4M	$51.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Aftermath Perps. 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 Aftermath PerpsbpFee Variational OmnibpOrdersPrice spread, now −0.068%Rate

Funding earned: $37.86
Price spread: −0.068% → 0.000%: −$6.84
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $22.03
Costs to cover: 0.090%
Break-even: 2.9 days

Slippage unknown: Aftermath Perps: no order-book sample; Variational Omni: RFQ quote, 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	0.44 bp	doesn't fit	5.6 bp −$56	20.7 bp −$2,067	doesn't fit

Aftermath Perps: 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 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
Kraken Futures PF_HYPEUSD	−0.0280%	1h	95.343	−0.095%	$18.2M	$31.9M	50x	as long as short
Phemex HYPEUSDT	−0.0248%	8h	95.364	−0.073%	$13.0M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0190%	1h	95.293	−0.148%	$79K	$131K	20x	as long as short
Aster HYPEUSDT	−0.0105%	4h	95.403	−0.032%	$9.0M	$34.5M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0081%	4h	95.318	−0.122%	$146K	$642K	20x	as long as short
Aftermath Perps HYPEUSDlong	−0.0080%	1h	95.434	long leg	$22K	$17K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	95.137	−0.311%	$3K	$421	25x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	95.350	−0.088%	$4.7M	$5.4M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0053%	1h	95.290	−0.151%	$678K	$1.2M	10x	as long as short
Gate HYPE_USDT	−0.0042%	4h	95.400	−0.036%	$57.4M	$54.1M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX HYPE-USDT-SWAP	−0.0041%	8h	95.411	−0.024%	$119.2M	$304.5M	50x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	95.345	−0.093%	$101K	$355K	20x	as long as short
Phoenix HYPE	−0.0017%	1h	95.703	+0.282%	$197K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0016%	4h	95.436	+0.002%	$230.0M	$86.1M	75x	as long as short
Lighter HYPE	0.0000%	1h	95.412	−0.023%	$16.7M	$56.2M	20x	as long as short
Perpl HYPE	0.0000%	43m	95.370	−0.067%	$24K	$246K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	95.355	−0.083%	$66K	—	150x	as long as short
Backpack HYPE_USDC_PERP	+0.0019%	1h	95.296	−0.145%	$6.8M	$12.3M	20x	as long as short
edgeX HYPEUSDC	+0.0034%	4h	95.519	+0.089%	$5.1M	$28.2M	30x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	95.436	+0.002%	$88.9M	$84.7M	100x	as long as short
Binance HYPEUSDT	+0.0043%	4h	95.433	−0.001%	$388.2M	$844.2M	75x	as long as short
KuCoin HYPEUSDTM	+0.0044%	4h	95.410	−0.025%	$47.8M	$17.7M	75x	as long as short
BingX HYPE-USDT	+0.0046%	4h	95.393	−0.043%	—	$50.7M	—	as long as short
Bybit HYPEUSDT	+0.0050%	8h	95.440	+0.006%	$323.9M	$262.9M	75x	as long as short
Derive HYPE-PERP	+0.0063%	1h	95.280	−0.161%	$16.4M	$5.7M	10x	as long as short
Bullet HYPE-USD	+0.0082%	1h	95.354	−0.084%	$113K	$582K	20x	as long as short
dYdX HYPE-USD	+0.0089%	1h	95.399	−0.036%	$128K	$96K	5x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.432	−0.002%	$3.0M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.347	−0.091%	$246K	$1.1M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.325	−0.114%	$403K	$115K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	95.430	−0.005%	$341K	$30K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.310	−0.130%	$17K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.318	−0.121%	$5.3M	$50.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.482	+0.050%	$2.11B	$626.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.448	+0.015%	$10.3M	$12.5M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	95.413	−0.022%	$1.1M	$2.7M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.627	+0.202%	$230K	$20K	10x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	95.369	−0.068%	$30.4M	$51.9M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.541	+0.112%	$7.7M	$41.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.611	+0.185%	$335K	$922K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.375	−0.062%	$694K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.429	−0.005%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.351	−0.087%	$484K	$2.3M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.409	−0.026%	$33K	$1.3M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.334	−0.105%	$2.1M	$341K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.533	+0.104%	$1.4M	$5.1M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.361	−0.076%	$18.2M	$35.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0136%	8h	95.427	−0.007%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	95.372	−0.065%	$3.2M	$5.1M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0148%	1h	95.416	−0.019%	$7.6M	$4.3M	50x	as long as short
BloFin HYPE-USDT	+0.0191%	4h	95.400	−0.036%	$17.6M	$11.5M	75x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	95.306	−0.134%	$83K	$92K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	95.357	−0.081%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0336%	1h	95.316	−0.124%	$206K	$268K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.170	−0.277%	$31K	$334K	12x	as long as short