Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.022%

Price spread now: OKX against ApeX Omni−0.091%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on ApeX Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.091%, 7d avg −0.023%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.068% cheaper against ApeX Omni than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni HYPEUSDT	93.820	0.0100	pay 0.0013% / 1h	2m 57s	$340K	$1.1M	50x
Short	OKX HYPE-USDT-SWAP	93.735	0.0072	get 0.0072% / 8h	7h 02m	$115.7M	$314.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against ApeX Omni. 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 ApeX OmnibpFee OKXbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$5.96
Price spread: −0.091% → −0.023%: −$6.8
Slippage, 4 orders: −$7.18
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$39.93
Costs to cover: 0.272%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 1 min ago; OKX: live order book, 1 min ago.

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 ApeX Omni live order book, 1 min ago	3.20 bp	8.2 bp −$8	11.2 bp −$112	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.05 bp	5.1 bp −$5	8.8 bp −$88	18.2 bp −$1,821	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	−0.1120%	1h	93.805	−0.016%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.536	−0.303%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.890	+0.074%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	93.680	−0.149%	$710K	$957K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.646	−0.185%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.669	−0.161%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0079%	1h	93.695	−0.133%	$128K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0045%	1h	93.633	−0.200%	$113K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0037%	4h	93.616	−0.217%	$159K	$643K	20x	as long as short
Gate HYPE_USDT	−0.0036%	4h	93.651	−0.180%	$44.4M	$60.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	−0.0005%	8h	93.643	−0.189%	$12.8M	$2.6M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.663	−0.167%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.659	−0.171%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.698	−0.130%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.700	−0.128%	$322.1M	$279.0M	75x	as long as short
Derive HYPE-PERP	+0.0021%	1h	93.593	−0.242%	$16.3M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.071%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.577	−0.259%	$87.9M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.714	−0.113%	$382.7M	$895.1M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0072%	8h	93.735	−0.091%	$115.7M	$314.3M	50x
Bluefin HYPE-PERP	+0.0072%	1h	93.609	−0.225%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.041%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.609	−0.225%	$18.8M	$60.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.595	−0.240%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.643	−0.189%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.628	−0.204%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.681	−0.148%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.670	−0.160%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.675	−0.155%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.701	−0.127%	$2.04B	$669.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.686	−0.143%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.647	−0.184%	$46.5M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.754	−0.070%	$227.0M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.678	−0.151%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.594	−0.241%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.056%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.043%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	93.820	long leg	$340K	$1.1M	50x
StandX HYPE-USD	+0.0100%	1h	93.880	+0.064%	$670K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.658	−0.173%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.697	−0.131%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.625	−0.208%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.079%	$204K	$10K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	−0.104%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.730	−0.095%	$18.4M	$44.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.740	−0.085%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.570	−0.266%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.624	−0.209%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.706	−0.122%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0246%	8h	93.839	+0.020%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.624	−0.209%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.654	−0.177%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0358%	4h	93.800	−0.021%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0551%	1h	93.736	−0.090%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0674%	1h	93.695	−0.133%	$20.9M	$29.7M	50x	as long as short