Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0027%/8h= −2.9% APRpaid last 24h −0.024%

Price spread now: OKX against Bulk−0.230%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on Bulk Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.230%, 7d avg −0.056%

Together, before fees−0.041%−$4 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 0.174% cheaper against Bulk than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.155	0.0100	pay 0.0013% / 1h	6m 58s	$203K	$10K	10x
Short	OKX HYPE-USDT-SWAP	92.941	0.0073	get 0.0073% / 8h	5h 06m	$113.3M	$298.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bulk. 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 BulkbpFee OKXbpOrdersPrice spread, now −0.230%Rate

Funding earned: −$5.63
Price spread: −0.230% → −0.056%: −$17.39
Slippage, 4 orders: −$3.33
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$43.36
Costs to cover: 0.203%
Break-even: never at this rate

Slippage from Bulk: live order book, 57 min ago; OKX: live order book, 2 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 Bulk live order book, 57 min ago	0.54 bp	4.0 bp −$4	4.8 bp −$48	9.8 bp −$983	21.5 bp −$10.8K
Sell OKX live order book, 2 min ago	0.05 bp	5.2 bp −$5	8.9 bp −$89	18.0 bp −$1,800	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	−0.0944%	1h	93.076	−0.085%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.875	−0.300%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0132%	1h	93.080	−0.080%	$698K	$1.0M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0085%	1h	93.185	+0.033%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.031	−0.133%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.973	−0.195%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	92.974	−0.194%	$154K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.069	−0.092%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.017	−0.148%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.017	−0.148%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0007%	1h	92.981	−0.187%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0009%	8h	93.023	−0.142%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0016%	4h	92.963	−0.206%	$8.8M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.059%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.957	−0.212%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.966	−0.203%	$44.4M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.936	−0.235%	$319.7M	$276.7M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0073%	8h	92.941	−0.230%	$113.3M	$298.2M	50x
Derive HYPE-PERP	+0.0087%	1h	92.962	−0.207%	$16.1M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.920	−0.252%	$89.3M	$81.3M	100x	as long as short
Binance HYPEUSDT	+0.0095%	4h	92.934	−0.237%	$375.9M	$879.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	92.979	−0.189%	$16.2M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.971	−0.197%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.965	−0.204%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.045	−0.118%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	−0.177%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	−0.182%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.025	−0.139%	$2.03B	$653.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.020	−0.145%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.958	−0.211%	$45.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.943	−0.227%	$224.7M	$96.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.959	−0.210%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	+0.045%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.018%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	−0.079%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.112	−0.046%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.035	−0.129%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.012	−0.153%	$470K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	−0.205%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.996	−0.171%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.965	−0.204%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.155	long leg	$203K	$10K	10x
Extended HYPE-USD	+0.0104%	1h	92.906	−0.267%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.974	−0.194%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	−0.034%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0120%	4h	93.150	−0.005%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	−0.113%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.961	−0.208%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.060	−0.102%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.001	−0.165%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0335%	4h	92.971	−0.197%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.076	−0.085%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.078	−0.083%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.252%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.031	−0.133%	$20.7M	$29.8M	50x	as long as short