Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0079%/8h= +8.6% APRpaid last 24h +0.005%

Price spread now: KuCoin against Bybit+0.041%7-day average +0.020% · 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−$28as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Bybit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 7 days−0.021%−$2 · spread now +0.041%, 7d avg +0.020%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 0.021% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.091	0.0021	pay 0.0021% / 8h	40m 35s	$324.0M	$282.6M	75x
Short	KuCoin HYPEUSDTM	94.130	0.0100	get 0.0050% / 4h	40m 35s	$47.3M	$18.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.041%Rate

Funding earned: $16.56
Price spread: +0.041% → +0.020%: $2.15
Slippage, 4 orders: −$7.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$11.85
Costs to cover: 0.306%
Break-even: 12.0 days

Slippage from Bybit: live order book, 4 min ago; KuCoin: 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, 4 min ago	0.53 bp	6.0 bp −$6	6.7 bp −$67	15.7 bp −$1,565	47.4 bp −$23.7K
Sell KuCoin live order book, 3 min ago	1.11 bp	7.8 bp −$8	11.8 bp −$118	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	−0.0624%	1h	93.979	−0.119%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0420%	1h	94.098	+0.007%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.996	−0.101%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.065	−0.028%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0007%	1h	94.010	−0.086%	$704K	$908K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	+0.031%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.087	−0.004%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.119	+0.030%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0008%	4h	94.077	−0.015%	$164K	$578K	20x	as long as short
Phoenix HYPE	+0.0009%	1h	94.116	+0.027%	$215K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	94.071	−0.021%	$86K	$364K	20x	as long as short
Bybit HYPEUSDTlong	+0.0021%	8h	94.091	long leg	$324.0M	$282.6M	75x
Aster HYPEUSDT	+0.0034%	4h	94.106	+0.016%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	94.071	−0.021%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0070%	4h	94.121	+0.032%	$385.3M	$891.3M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	94.115	+0.026%	$88.9M	$81.2M	100x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.092	+0.001%	$44.6M	$58.7M	75x	as long as short
Derive HYPE-PERP	+0.0076%	1h	94.054	−0.039%	$16.5M	$7.1M	10x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.189	+0.104%	$5.1M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.178	+0.093%	$19.0M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.163	+0.077%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.084	−0.007%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.112	+0.022%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.105	+0.015%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	+0.031%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.053	−0.040%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.131	+0.042%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.076	−0.016%	$116.1M	$320.0M	50x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.130	+0.041%	$47.3M	$18.4M	75x
Bitget HYPEUSDT	+0.0100%	4h	94.131	+0.043%	$228.0M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.093	+0.002%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.154	+0.067%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	+0.119%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.106	+0.016%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.200	+0.116%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.151%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.097	+0.006%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.082	−0.010%	$491K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.070	−0.023%	$113K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.119	+0.030%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.054	−0.039%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.100	+0.010%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.031%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.339%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.049	−0.045%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	94.148	+0.061%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.150	+0.063%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.241	+0.159%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.052	−0.041%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.109	+0.020%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0296%	4h	94.070	−0.022%	$17.0M	$12.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.112	+0.022%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	94.201	+0.117%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0468%	1h	94.214	+0.131%	$2.05B	$669.0M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.213	+0.129%	$21.1M	$29.2M	50x	as long as short