Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Variational Omni against ApeX Omni+0.054%58s7-day average −0.019% · you sell dearer than you buy

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days−0.030%−$3 · spread now +0.054%, 7d avg −0.019%

Together, before fees−0.037%+ Points / potential airdropVariational Omni: Active · farm board−$4 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 0.073% dearer against ApeX Omni than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.019%. The two prices were read 58 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	ApeX Omni HYPEUSDT	94.028	0.0100	pay 0.0013% / 1h	18m 38s	$369K	$1.0M	50x
Short	Variational Omni HYPE	94.079	0.0100	get 0.0100% / 8h	18m 38s	$29.4M	$54.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.054%Rate

Funding earned: $0
Price spread: +0.054% → −0.019%: $7.28
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$2.72
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, just now; 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 ApeX Omni live order book, just now	2.86 bp	9.4 bp −$9	13.3 bp −$133	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.45 bp	doesn't fit	6.4 bp −$64	24.1 bp −$2,412	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	−0.1712%	1h	94.057	+0.031%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0406%	1h	94.325	+0.316%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.300	+0.289%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0214%	1h	94.332	+0.323%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.196	+0.179%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.488	+0.489%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.400	+0.396%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.351	+0.344%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.422	+0.419%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0040%	1h	94.425	+0.422%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.434	+0.432%	—	$52.7M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.443	+0.441%	$317.5M	$289.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.327	+0.318%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.387	+0.382%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.348	+0.340%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	+0.095%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.314	+0.304%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.364	+0.357%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0008%	1h	94.490	+0.491%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.446	+0.445%	$226.9M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0033%	8h	94.465	+0.465%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0040%	1h	94.489	+0.490%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.344	+0.336%	$12.9M	$2.9M	50x	as long as short
SoDEX HYPE-USD	+0.0043%	1h	94.355	+0.348%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.353%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.460	+0.459%	$117.8M	$325.4M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.417	+0.414%	$50.2M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.037%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.422	+0.419%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.442	+0.440%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	+0.438%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.443	+0.442%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.511	+0.514%	$2.08B	$687.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.436	+0.434%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.459	+0.459%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.440	+0.438%	$378.7M	$934.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	+0.297%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.438	+0.436%	$89.0M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.424	+0.421%	$46.9M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.378	+0.372%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.079	+0.054%	$29.4M	$54.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	+0.069%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	94.028	long leg	$369K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	94.315	+0.305%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.341	+0.333%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.502%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.420	+0.417%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.309	+0.299%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.411	+0.407%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.757%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0195%	1h	94.434	+0.432%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.387	+0.382%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.462	+0.462%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.451	+0.450%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.362	+0.355%	$17.2M	$12.4M	75x	as long as short