Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Vest against Bulk+0.110%53s7-day average −0.043% · you sell dearer than you buy

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

Long on Bulk Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.125%−$13 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now +0.110%, 7d avg −0.043%

Together, before fees−0.105%+ Points / potential airdropVest: Active · farm board−$11 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: Vest is 0.152% dearer against Bulk than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.043%. The two prices were read 53 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	Bulk HYPE-USD	94.183	0.0100	pay 0.0013% / 1h	1m 32s	$217K	$15K	10x
Short	Vest HYPE-PERP	94.286	0.0100	get 0.0013% / 1h	1m 32s	—	$243K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest against Bulk. 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 BulkbpFee VestbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → −0.043%: $15.24
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Vest: 1 bp × 2 orders: −$2
Net: $6.24
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Bulk: live order book, 42 min ago; Vest: 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 Bulk live order book, 42 min ago	0.54 bp	4.0 bp −$4	5.9 bp −$59	13.0 bp −$1,300	31.4 bp −$15.7K
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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	−0.1088%	1h	94.070	−0.120%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	94.256	+0.077%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0098%	1h	94.130	−0.056%	$709K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	−0.0086%	1h	94.176	−0.007%	$80K	$155K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.214	+0.033%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0078%	1h	94.223	+0.043%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.143	−0.042%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.186	+0.003%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	94.130	−0.056%	$317.2M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.155	−0.030%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.263	+0.085%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.292	+0.116%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.242	+0.063%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.078%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.250	+0.071%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.230	+0.050%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	94.134	−0.052%	$226.4M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.205	+0.023%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0063%	8h	94.200	+0.018%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.160	−0.025%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.129	−0.057%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0091%	8h	94.146	−0.039%	$116.8M	$321.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.182	−0.001%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.192	+0.010%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.137	−0.049%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.024%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.136	−0.049%	$7.3M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.281	+0.104%	$2.07B	$688.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.154	−0.031%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.197	+0.015%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.139	−0.047%	$376.8M	$932.6M	75x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	94.183	long leg	$217K	$15K	10x
Gate HYPE_USDT	+0.0100%	4h	94.169	−0.015%	$49.4M	$57.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.168	−0.016%	$89.6M	$85.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.178	−0.005%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.177	−0.006%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.059%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.203	+0.021%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	−0.008%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.053%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERPshort	+0.0100%	1h	94.286	+0.110%	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	94.249	+0.070%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.314	+0.139%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.199	+0.017%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.391	+0.221%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.116	−0.071%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.210	+0.028%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.240	+0.061%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0023%	1h	94.262	+0.084%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	−0.035%	$30K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.297	+0.121%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.201	+0.020%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.215	+0.034%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.264	+0.086%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.271	+0.094%	$3.2M	$6.4M	20x	as long as short