Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h +0.021%

Price spread now: Bulk against Bybit+0.156%7-day average +0.059% · 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−$11as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Bybit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.194%−$19 · spread now +0.156%, 7d avg +0.059%

Together, before fees−0.168%−$17 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 Bulk is 0.096% dearer against Bybit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.190	0.0016	pay 0.0016% / 8h	5h 59m	$319.6M	$275.9M	75x
Short	Bulk HYPE-USD	93.335	0.0100	get 0.0013% / 1h	59m 52s	$203K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.156%Rate

Funding earned: $17.68
Price spread: +0.156% → +0.059%: $9.61
Slippage, 4 orders: −$3.05
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $6.24
Costs to cover: 0.211%
Break-even: 4.5 days

Slippage from Bybit: live order book, 4 min ago; Bulk: live order book, 4 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, 4 min ago	0.54 bp	6.8 bp −$7	8.1 bp −$81	14.9 bp −$1,492	49.4 bp −$24.7K
Sell Bulk live order book, 4 min ago	0.54 bp	4.0 bp −$4	7.0 bp −$70	14.5 bp −$1,447	27.4 bp −$13.7K

HYPE on 54 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	−0.1128%	1h	93.234	+0.047%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.115	−0.080%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.229	+0.042%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0065%	1h	93.220	+0.032%	$698K	$904K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.146	−0.047%	$155K	$640K	20x	as long as short
Phemex HYPEUSDT	−0.0045%	8h	93.193	+0.003%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.227	+0.040%	$84K	$346K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.190	0.000%	$8.8M	$35.5M	300x	as long as short
Aftermath Perps HYPEUSD	−0.0003%	1h	93.396	+0.221%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.294	+0.111%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.200	+0.011%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.171	−0.021%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.191	+0.001%	—	$53.2M	—	as long as short
Gate HYPE_USDT	+0.0014%	4h	93.180	−0.011%	$44.4M	$55.9M	75x	as long as short
Bybit HYPEUSDTlong	+0.0016%	8h	93.190	long leg	$319.6M	$275.9M	75x
Backpack HYPE_USDC_PERP	+0.0023%	1h	93.134	−0.060%	$7.4M	$10.4M	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	+0.251%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.219	+0.031%	$114.3M	$301.0M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.191	+0.001%	$88.0M	$83.5M	100x	as long as short
Bullet HYPE-USD	+0.0079%	1h	93.155	−0.038%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0079%	4h	93.215	+0.027%	$379.2M	$875.1M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.380	+0.204%	$5.0M	$30.0M	30x	as long as short
Bluefin HYPE-PERP	+0.0085%	1h	93.109	−0.087%	$79K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.191	+0.001%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.180	−0.011%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.234	+0.047%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.271	+0.087%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	+0.064%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.222	+0.035%	$5.7M	$43.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.305	+0.123%	$2.04B	$658.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.254	+0.069%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.335	+0.156%	$203K	$10K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	93.172	−0.019%	$46.1M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.216	+0.028%	$225.5M	$96.9M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.031%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.246%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.390	+0.215%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.362	+0.185%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.272	+0.088%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.235	+0.048%	$474K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.137	−0.057%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.253	+0.068%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.156	−0.036%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.165	−0.026%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.154	−0.039%	$396K	$172K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.200	+0.011%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+1.062%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0204%	4h	93.350	+0.172%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.314	+0.133%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.150	−0.043%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.241	+0.055%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.178	−0.013%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.248	+0.062%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.244	+0.058%	$20.8M	$30.0M	50x	as long as short