Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0152%/8h= +16.6% APRpaid last 24h +0.032%

Price spread now: Extended against Bybit−0.028%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

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

costs, in and out, $10k−$190.188% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 7 days+0.036%+$4 · spread now −0.028%, 7d avg −0.011%

Together, before fees+0.124%+ Points / potential airdropExtended: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.300	−0.0048	get 0.0048% / 8h	7h 31m	$317.6M	$294.7M	75x
Short	Extended HYPE-USD	94.273	0.0104	get 0.0013% / 1h	31m 19s	$18.3M	$43.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.028%Rate

Funding earned: $31.91
Price spread: −0.028% → −0.011%: −$1.72
Slippage, 4 orders: −$2.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $11.38
Costs to cover: 0.188%
Break-even: 4.5 days

Slippage from Bybit: live order book, 3 min ago; Extended: 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	6.9 bp −$7	7.9 bp −$79	17.6 bp −$1,762	56.5 bp −$28.2K
Sell Extended live order book, 3 min ago	0.05 bp	2.6 bp −$3	3.2 bp −$32	20.9 bp −$2,090	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	−0.0824%	1h	94.246	−0.057%	$210K	$271K	7x	as long as short
Bluefin HYPE-PERP	−0.0615%	1h	94.289	−0.012%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0292%	1h	94.545	+0.260%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0258%	1h	94.287	−0.014%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0189%	1h	94.280	−0.021%	$701K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0120%	4h	94.314	+0.015%	$51.5M	$55.2M	75x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.304	+0.004%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.378	+0.083%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.175	−0.133%	$3K	$331	25x	as long as short
Bybit HYPEUSDTlong	−0.0048%	8h	94.300	long leg	$317.6M	$294.7M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.310	+0.011%	$18.8M	$35.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.274	−0.028%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.222	−0.082%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.337	+0.039%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.348	+0.051%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.344	+0.047%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	−0.012%	$209K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.330	+0.032%	$4.7M	$6.0M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.299	−0.001%	$226.7M	$98.6M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	+0.310%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.378	+0.083%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0043%	8h	94.240	−0.063%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0047%	8h	94.312	+0.013%	$117.7M	$327.6M	50x	as long as short
SoDEX HYPE-USD	+0.0059%	1h	94.305	+0.005%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0062%	1h	94.145	−0.164%	$7.5M	$10.4M	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	+0.063%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.245	−0.059%	$16.2M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.257	−0.046%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.368	+0.072%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.300	0.000%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	+0.021%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.452	+0.161%	$2.07B	$688.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.298	−0.002%	$9.6M	$38.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.269	−0.033%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.310	+0.010%	$379.8M	$937.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.280%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.365	+0.069%	$93.0M	$86.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.356	+0.059%	$47.1M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.318	+0.019%	—	$53.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	+0.339%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.364%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	−0.007%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	−0.006%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.418	+0.125%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.380	+0.085%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.053%	$1.4M	$6.9M	75x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	94.326	+0.028%	$12.9M	$2.9M	50x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	94.273	−0.028%	$18.3M	$43.4M	50x
Aevo HYPE-PERP	+0.0104%	1h	94.411	+0.117%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.361	+0.065%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.923%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.305	+0.006%	$85K	$104K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0312%	1h	94.412	+0.119%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.267	−0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.303	+0.003%	$17.2M	$12.6M	75x	as long as short