Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0439%/8h= +48.0% APRpaid last 24h +0.039%

Price spread now: Deribit against Bybit+0.112%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 3 days (all we have)−0.082%−$8 · spread now +0.112%, 7d avg +0.069%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Deribit is 0.042% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.069%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.025% in total (about 1.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.050	−0.0030	get 0.0030% / 8h	7h 30m	$323.0M	$280.7M	75x
Short	Deribit HYPE_USDC-PERPETUAL	94.155	0.0409	get 0.0051% / 1h	30m 52s	$7.5M	$4.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.112%Rate

Funding earned: $92.14
Price spread: +0.112% → +0.069%: $4.24
Slippage, 4 orders: −$9.57
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $68.82
Costs to cover: 0.276%
Break-even: 1.8 days

Slippage from Bybit: live order book, 3 min ago; Deribit: 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 Bybit live order book, 3 min ago	0.53 bp	6.0 bp −$6	8.3 bp −$83	15.9 bp −$1,595	45.6 bp −$22.8K
Sell Deribit live order book, 3 min ago	1.54 bp	8.4 bp −$8	12.0 bp −$120	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	−0.1448%	1h	93.991	−0.063%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.997	−0.056%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0241%	1h	94.169	+0.126%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	94.030	−0.021%	$706K	$948K	10x	as long as short
dYdX HYPE-USD	−0.0159%	1h	94.048	−0.002%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0131%	8h	94.114	+0.068%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0097%	1h	94.060	+0.011%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.108	+0.062%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.090	+0.043%	$3K	$331	25x	as long as short
Bybit HYPEUSDTlong	−0.0030%	8h	94.050	long leg	$323.0M	$280.7M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.040	−0.011%	$159K	$648K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.097	+0.050%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.099	+0.052%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0004%	4h	94.056	+0.006%	$44.5M	$59.7M	75x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.056	+0.007%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	+0.310%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.059	+0.010%	$383.6M	$893.3M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.058	+0.009%	$89.5M	$82.5M	100x	as long as short
Derive HYPE-PERP	+0.0056%	1h	94.025	−0.026%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	+0.202%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0080%	8h	94.061	+0.012%	$116.0M	$318.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.107	+0.060%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.093	+0.046%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.098	+0.051%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.065	+0.016%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.137	+0.093%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	+0.074%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.102	+0.055%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.168	+0.125%	$2.05B	$677.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.118	+0.072%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.083	+0.035%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.079	+0.031%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.057	+0.007%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.079	+0.031%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.021%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	+0.235%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.169%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.018	−0.034%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.126	+0.081%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.111	+0.065%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.058	+0.009%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.176	+0.134%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.061	+0.012%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.074%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.041	−0.010%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.210	+0.170%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0193%	4h	94.099	+0.052%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	88.460	−5.944%	$29K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0219%	8h	94.162	+0.119%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.145	+0.101%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.079	+0.030%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	94.105	+0.058%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0409%	1h	94.155	+0.112%	$7.5M	$4.7M	50x
HTX HYPE-USDT	+0.0428%	4h	94.230	+0.191%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.172	+0.129%	$21.0M	$29.7M	50x	as long as short