Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.047%

Price spread now: Orderly against Backpack−0.073%46s7-day average −0.022% · you buy dearer than you sell

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.234%−$23 on $10k

Price spread, last 3 days (all we have)+0.066%+$7 · spread now −0.073%, 7d avg −0.022%

Together, before fees−0.169%−$17 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 Orderly is 0.050% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.022%). Swap the legs. The two prices were read 46 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	Backpack HYPE_USDC_PERP	93.712	0.0100	pay 0.0013% / 1h	22m 19s	$7.9M	$11.7M	20x
Short	Orderly PERP_HYPE_USDC	93.644	0.0063	get 0.0031% / 4h	2h 22m	$175K	$536K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Backpack. 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 BackpackbpFee OrderlybpOrdersPrice spread, now −0.073%Rate

Funding earned: −$7.78
Price spread: −0.073% → −0.022%: −$5.04
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.82
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 2 min ago; Orderly: no order-book sample. 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 Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.2 bp −$62	74.0 bp −$7,404	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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	−0.1008%	1h	93.647	−0.070%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0291%	1h	93.660	−0.055%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.630	−0.088%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.679	−0.035%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.677	−0.037%	$90K	$343K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.638	−0.078%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.599	−0.120%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.009%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.651	−0.065%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.684	−0.030%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0029%	4h	93.673	−0.042%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.656	−0.060%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.639	−0.078%	$326.1M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0063%	4h	93.644	−0.073%	$175K	$536K	20x
Popdex HYPEUSDT	+0.0064%	1h	93.639	−0.078%	$57K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.032%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.700	−0.013%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.707	−0.005%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.687	−0.027%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.690	−0.023%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.638	−0.078%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.748	+0.038%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.680	−0.034%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.641	−0.075%	$386.3M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.632	−0.085%	$115.0M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.627	−0.091%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.640	−0.077%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.663	−0.052%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.646	−0.070%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.640	−0.077%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.712	long leg	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.652	−0.064%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.105%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.178%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.043%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.698	−0.015%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.685	−0.029%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.644	−0.073%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.698	−0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.724	+0.013%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.676	−0.038%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.166%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.628	−0.090%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.656	−0.060%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.168%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.775	+0.067%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.826	+0.122%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	+0.051%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.639	−0.078%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.109%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0310%	4h	93.864	+0.162%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.686	−0.028%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.715	+0.003%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.710	−0.002%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0571%	1h	93.849	+0.147%	$19.2M	$26.0M	50x	as long as short