Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.037%

Price spread now: Orderly against Bullet−0.012%7-day average −0.014% · you buy dearer than you sell

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

Long on Bullet Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.133%−$13 · spread now −0.012%, 7d avg −0.014%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.014%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	92.826	−0.0002	get 0.0000% / 1h	3m 38s	$111K	$579K	20x
Short	Orderly PERP_HYPE_USDC	92.815	−0.0055	pay 0.0027% / 4h	1h 03m	$158K	$658K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.012%Rate

Funding earned: −$10.95
Price spread: −0.012% → −0.014%: $0.25
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$24.7
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 60 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 Bullet live order book, 60 min ago	0.48 bp	6.0 bp −$6	12.1 bp −$121	doesn't fit	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
Arcus HYPE-USD	−0.0899%	1h	92.466	−0.388%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0896%	1h	92.844	+0.019%	$195K	$227K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	92.530	−0.319%	$698K	$1.1M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0091%	1h	93.018	+0.207%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.572	−0.273%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	92.607	−0.236%	$86K	$349K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0055%	4h	92.815	−0.012%	$158K	$658K	20x
Bullet HYPE-USDlong	−0.0002%	1h	92.826	long leg	$111K	$579K	20x
dYdX HYPE-USD	0.0000%	1h	92.610	−0.232%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.818	−0.009%	$23K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.861	+0.038%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	92.623	−0.218%	$8.7M	$36.1M	300x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.879	+0.057%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	93.003	+0.191%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.557	−0.290%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0044%	8h	92.579	−0.266%	$318.0M	$278.7M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	92.560	−0.286%	$44.5M	$55.9M	75x	as long as short
Derive HYPE-PERP	+0.0067%	1h	92.818	−0.008%	$16.1M	$7.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	92.559	−0.287%	$113.1M	$299.3M	50x	as long as short
Binance HYPEUSDT	+0.0085%	4h	92.589	−0.255%	$374.5M	$888.6M	75x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	92.575	−0.270%	$87.9M	$81.7M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.559	−0.288%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.575	−0.270%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.537	−0.311%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.627	−0.214%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.600	−0.243%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.827	+0.002%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.576	−0.269%	$2.02B	$656.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.584	−0.260%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.571	−0.274%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.569	−0.277%	$224.1M	$97.1M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.867	+0.044%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.797	−0.031%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.816	−0.011%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.850	+0.026%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.886	+0.065%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.860	+0.037%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.865	+0.042%	$469K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.821	−0.005%	$79K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.921	+0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.891	+0.070%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.810	−0.017%	$202K	$13K	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	92.791	−0.037%	$5.0M	$29.0M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.553	−0.294%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.866	+0.044%	$395K	$162K	20x	as long as short
HTX HYPE-USDT	+0.0108%	4h	93.023	+0.212%	$1.4M	$6.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.920	+0.102%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.816	−0.010%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0267%	8h	92.902	+0.082%	$1.9M	$5.2M	2.3x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	92.824	−0.002%	$16.9M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	92.858	+0.035%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	92.983	+0.169%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	92.689	−0.147%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.608%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	92.955	+0.139%	$20.7M	$30.0M	50x	as long as short