Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0078%/8h= +8.5% APRpaid last 24h +0.017%

Price spread now: Backpack against Bybit−0.029%7-day average +0.264% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$11 on $10k

Price spread, last 7 days−0.689%−$69 · spread now −0.029%, 7d avg +0.264%

Together, before fees−0.575%−$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.293% cheaper against Bybit than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of +0.264%). If the spread goes back, that is −$29 on $10k: about 13 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.220	0.0022	pay 0.0022% / 8h	48m 52s	$325.1M	$281.2M	75x
Short	Backpack HYPE_USDC_PERP	94.193	0.0100	get 0.0013% / 1h	48m 52s	$7.9M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.029%Rate

Funding earned: $16.31
Price spread: −0.029% → +0.264%: −$29.27
Slippage, 4 orders: −$2.21
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.17
Costs to cover: 0.232%
Break-even: 22.5 days

Slippage from Bybit: live order book, 5 min ago; Backpack: live order book, 5 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 Bybit live order book, 5 min ago	0.53 bp	7.1 bp −$7	9.5 bp −$95	16.4 bp −$1,643	53.5 bp −$26.7K
Sell Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	7.3 bp −$73	82.9 bp −$8,287	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	−0.0608%	1h	94.035	−0.197%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0460%	1h	93.968	−0.268%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.042	−0.189%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.129	−0.097%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.136%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.114	−0.112%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.180	−0.042%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	−0.047%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.134	−0.091%	$176K	$526K	20x	as long as short
Bybit HYPEUSDTlong	+0.0022%	8h	94.220	long leg	$325.1M	$281.2M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0037%	4h	94.186	−0.037%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.020	−0.212%	$704K	$907K	10x	as long as short
Phemex HYPEUSDT	+0.0062%	8h	94.101	−0.126%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.226	+0.006%	$44.4M	$58.1M	75x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.232	+0.013%	$386.1M	$889.2M	75x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	94.231	+0.012%	$88.2M	$80.9M	100x	as long as short
01 Exchange HYPEUSD	+0.0080%	1h	94.124	−0.102%	$86K	$364K	20x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.085	−0.143%	$16.5M	$6.9M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.085	−0.143%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.209	−0.012%	$19.1M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.183	−0.039%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.135	−0.090%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.144	−0.081%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	−0.106%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.109	−0.117%	$5.8M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.152	−0.072%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.234	+0.015%	$116.1M	$318.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.132%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.193	−0.029%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.226	+0.006%	$228.2M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.225	+0.005%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	94.193	−0.029%	$7.9M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	94.073	−0.156%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.128	−0.097%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	−0.099%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.082	−0.146%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.169	−0.054%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.190	−0.032%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.160	−0.064%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.128	−0.098%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.193	−0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.160	−0.064%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.090	−0.138%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.200	−0.022%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.166	−0.057%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.192	−0.030%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.190	−0.032%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0231%	4h	94.317	+0.103%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.160	−0.064%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.166	−0.057%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0302%	1h	94.244	+0.025%	$7.4M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.117	−0.109%	$17.0M	$12.3M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.145	−0.079%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.256	+0.038%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0717%	1h	94.231	+0.012%	$2.05B	$667.1M	10x	as long as short