Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Backpack−0.094%7-day average −0.284% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.030%−$3 on $10k

Price spread, last 7 days+1.519%+$152 · spread now −0.094%, 7d avg −0.284%

Together, before fees+1.489%+ Points / potential airdropVariational Omni: Active · farm board+$149 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 0.190% dearer against Backpack than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.284%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.621	0.0100	pay 0.0013% / 1h	58m 11s	$7.6M	$10.6M	20x
Short	Variational Omni HYPE	94.532	0.0100	get 0.0100% / 8h	7h 58m	$29.7M	$55.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.094%Rate

Funding earned: $0
Price spread: −0.094% → −0.284%: $19.04
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $9.04
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 1 min ago; 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 Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.0 bp −$60	26.5 bp −$2,654	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.44 bp	doesn't fit	6.3 bp −$63	21.7 bp −$2,167	doesn't fit

HYPE on 54 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	−0.1472%	1h	94.558	−0.067%	$207K	$268K	7x	as long as short
Phemex HYPEUSDT	−0.0602%	8h	94.659	+0.040%	$12.9M	$2.9M	50x	as long as short
Bluefin HYPE-PERP	−0.0302%	1h	94.672	+0.054%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0238%	1h	94.573	−0.051%	$22K	$20K	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.657	+0.038%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.658	+0.039%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.726	+0.111%	$87K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.698	+0.081%	$20.3M	$30.2M	50x	as long as short
Bybit HYPEUSDT	−0.0045%	8h	94.646	+0.026%	$318.0M	$288.7M	75x	as long as short
Gate HYPE_USDT	−0.0040%	4h	94.640	+0.020%	$50.7M	$53.5M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	−0.0031%	1h	94.610	−0.012%	$712K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.657	+0.038%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.666	+0.047%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.812	+0.202%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.057%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.669	+0.051%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.687	+0.070%	$124K	—	150x	as long as short
Derive HYPE-PERP	+0.0008%	1h	94.543	−0.083%	$16.3M	$7.3M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.631	+0.011%	$227.0M	$100.6M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.660	+0.041%	$4.7M	$6.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	94.707	+0.091%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.641	+0.021%	$118.0M	$327.0M	50x	as long as short
Lighter HYPE	+0.0064%	1h	94.660	+0.042%	$16.2M	$61.6M	20x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.735	+0.120%	—	$190K	5x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.170%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.672	+0.054%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.695	+0.078%	$85K	$1.2M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.674	+0.057%	$7.3M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.735	+0.120%	$2.08B	$689.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.657	+0.038%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.683	+0.066%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.685	+0.068%	$379.7M	$934.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	+0.067%	$219K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.662	+0.043%	$93.5M	$84.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.655	+0.036%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.649	+0.030%	—	$53.0M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	94.621	long leg	$7.6M	$10.6M	20x
Variational Omni HYPEshort	+0.0100%	8h	94.532	−0.094%	$29.7M	$55.0M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.577	−0.047%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.169%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.580	−0.043%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.746	+0.132%	$500K	$2.8M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.687	+0.070%	$112K	$575K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.764	+0.151%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.669	+0.051%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.764	+0.151%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.656	+0.037%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.719	+0.103%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.709	+0.093%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.231%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0246%	1h	94.764	+0.151%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.651	+0.031%	$83K	$121K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.705	+0.088%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.604	−0.018%	$17.1M	$12.4M	75x	as long as short