Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC−0.0031%/8h= −3.4% APRpaid last 24h +0.009%

Price spread now: Perpl against Bybit−0.022%7-day average +0.038% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.437%+$44 · spread now −0.022%, 7d avg +0.038%

Together, before fees+0.355%+ Points / potential airdropPerpl: Active · farm board+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Perpl is 0.060% cheaper against Bybit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	95.190	0.0031	pay 0.0031% / 8h	6h 01m	$321.4M	$267.3M	75x
Short	Perpl HYPE	95.169	0	get 0.0000% / 43m	42m 14s	$24K	$254K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$6.49
Price spread: −0.022% → +0.038%: −$6
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$37.28
Costs to cover: 0.248%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; Perpl: no order-book sample. Net counts fees only.

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, 1 min ago	0.53 bp	7.1 bp −$7	9.2 bp −$92	16.9 bp −$1,686	48.5 bp −$24.2K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 exchanges

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	−0.1360%	1h	95.056	−0.141%	$212K	$261K	7x	as long as short
Bluefin HYPE-PERP	−0.0381%	1h	95.188	−0.002%	$79K	$136K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	95.185	−0.005%	$18.6M	$35.3M	50x	as long as short
Bullet HYPE-USD	−0.0278%	1h	95.174	−0.017%	$115K	$581K	20x	as long as short
Phemex HYPEUSDT	−0.0263%	8h	95.121	−0.072%	$13.0M	$2.5M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0206%	1h	95.070	−0.126%	$690K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	95.139	−0.054%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	95.134	−0.059%	$22K	$17K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	95.165	−0.026%	$92K	$347K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.138	−0.055%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0074%	4h	95.189	−0.001%	$54.5M	$55.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.152	−0.040%	$148K	$645K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.220	+0.032%	$4.7M	$5.5M	50x	as long as short
Aster HYPEUSDT	−0.0022%	4h	95.163	−0.029%	$9.0M	$33.1M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0008%	8h	95.160	−0.032%	$119.1M	$304.8M	50x	as long as short
Lighter HYPE	0.0000%	1h	95.138	−0.054%	$16.3M	$61.3M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.182	−0.009%	$129K	$94K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	95.169	−0.022%	$24K	$254K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.111	−0.084%	$99K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0012%	1h	95.270	+0.084%	$7.5M	$4.3M	50x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	+0.002%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	+0.015%	$201K	$1.0M	10x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	95.184	−0.006%	$228.7M	$87.3M	75x	as long as short
Vest HYPE-PERP	+0.0027%	1h	95.204	+0.015%	—	$80K	5x	as long as short
Bybit HYPEUSDTlong	+0.0031%	8h	95.190	long leg	$321.4M	$267.3M	75x
SoDEX HYPE-USD	+0.0035%	1h	95.180	−0.011%	$2.1M	$373K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0071%	8h	95.140	−0.053%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	95.128	−0.065%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.158	−0.034%	$3.3M	$10.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.154	−0.038%	$274K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.100	−0.095%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.125	−0.068%	$7.3M	$52.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.255	+0.068%	$2.11B	$649.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.182	−0.008%	$10.3M	$13.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.168	−0.024%	$382.4M	$859.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.157	−0.035%	$91.7M	$88.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.152	−0.040%	$48.0M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.191	+0.001%	—	$48.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.115	−0.079%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.183	−0.008%	$29.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	−0.086%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.180	−0.011%	$347K	$892K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.046	−0.151%	$691K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.189	−0.001%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.242	+0.055%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.300	+0.116%	$1.4M	$5.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.150	−0.042%	$18.4M	$40.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.150	−0.042%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	95.258	+0.071%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.198	+0.008%	$3.1M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.071	−0.126%	$86K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.207	+0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.188	−0.002%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.400	+0.221%	$31K	$335K	12x	as long as short