Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0101%/8h= +11.0% APRpaid last 24h +0.004%

Price spread now: KuCoin against Bullet+0.074%7-day average −0.026% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Bullet Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)−0.381%−$38 · spread now +0.074%, 7d avg −0.026%

Together, before fees−0.369%−$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and KuCoin is 0.100% dearer against Bullet than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.003	−0.0001	get 0.0000% / 1h	15m 43s	$112K	$577K	20x
Short	KuCoin HYPEUSDTM	93.072	0.0100	get 0.0050% / 4h	3h 15m	$46.1M	$18.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bullet. 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 BulletbpFee KuCoinbpOrdersPrice spread, now +0.074%Rate

Funding earned: $21.14
Price spread: +0.074% → −0.026%: $9.99
Slippage, 4 orders: −$11.43
Fee Bullet: 4 bp × 2 orders: −$8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$0.3
Costs to cover: 0.314%
Break-even: 7.1 days

Slippage from Bullet: live order book, 38 min ago; KuCoin: live order book, 3 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 Bullet live order book, 38 min ago	0.05 bp	6.2 bp −$6	12.9 bp −$129	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	0.54 bp	10.7 bp −$11	14.4 bp −$144	doesn't fit	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	−0.1768%	1h	93.085	+0.088%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.964	−0.042%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.012	+0.009%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.219	+0.232%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.029	+0.028%	$146K	$674K	20x	as long as short
Bullet HYPE-USDlong	−0.0001%	1h	93.003	long leg	$112K	$577K	20x
dYdX HYPE-USD	0.0000%	1h	93.174	+0.183%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.039	+0.038%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.050	+0.051%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0015%	1h	93.000	−0.004%	$701K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	93.048	+0.048%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.923	−0.086%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.092	+0.095%	$317.5M	$284.2M	75x	as long as short
Phemex HYPEUSDT	+0.0032%	8h	93.082	+0.085%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.107	+0.111%	$225.3M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.018	+0.016%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.092	+0.095%	$45.3M	$54.6M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.807	−0.211%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.102	+0.106%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.116	+0.121%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.110	+0.115%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.040	+0.039%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.026	+0.025%	$7.1M	$46.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.138	+0.145%	$2.03B	$668.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.101	+0.105%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.106	+0.110%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.083	+0.086%	$374.6M	$910.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.108	+0.113%	$114.0M	$306.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.317%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.078	+0.080%	$91.3M	$81.4M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	93.072	+0.074%	$46.1M	$18.5M	75x
BingX HYPE-USDT	+0.0100%	4h	93.100	+0.104%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.098	+0.102%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.999	−0.005%	$28.6M	$56.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.866	−0.147%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.950	−0.057%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.234	+0.248%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.087	+0.090%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.052	+0.052%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.056	+0.057%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.032	+0.030%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.009	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.050	+0.050%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.200	+0.211%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.049	+0.049%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.042	+0.041%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.155	+0.163%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.050	+0.050%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.117	+0.122%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.130	+0.136%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.999	−0.004%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.024	+0.022%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.183	+0.193%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0545%	1h	93.143	+0.150%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.098	+0.101%	$3.2M	$6.3M	20x	as long as short