Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0502%/8h= +55.0% APRpaid last 24h +0.076%

Price spread now: RISEx against Bybit+0.102%7-day average +0.017% · 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−$14as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Bybit Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.165%+$16 on $10k

Price spread, last 7 days−0.115%−$12 · spread now +0.102%, 7d avg +0.017%

Together, before fees+0.050%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and RISEx is 0.084% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.017%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.165% in total (about 16.6% 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	93.529	0.0025	pay 0.0025% / 8h	2h 47m	$318.1M	$283.8M	75x
Short	RISEx HYPE/USDC	93.624	0.0527	get 0.0066% / 1h	47m 34s	$3.2M	$6.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.102%Rate

Funding earned: $105.39
Price spread: +0.102% → +0.017%: $8.44
Slippage, 4 orders: −$5.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee RISEx: 3 bp × 2 orders: −$6
Net: $91.71
Costs to cover: 0.221%
Break-even: 0.9 days

Slippage from Bybit: live order book, 2 min ago; RISEx: live order book, 1 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, 2 min ago	0.53 bp	7.0 bp −$7	9.6 bp −$96	16.3 bp −$1,632	47.5 bp −$23.7K
Sell RISEx live order book, 1 min ago	0.64 bp	5.4 bp −$5	6.6 bp −$66	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	−0.1848%	1h	93.418	−0.118%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0371%	1h	93.566	+0.040%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.617	+0.094%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0031%	4h	93.675	+0.156%	$146K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0029%	1h	93.707	+0.191%	$112K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.557	+0.030%	$88K	$366K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0017%	1h	93.570	+0.044%	$704K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.630	+0.108%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.704	+0.187%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.730	+0.215%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.534	+0.005%	$1.0M	$3.9M	10x	as long as short
Phemex HYPEUSDT	+0.0014%	8h	93.681	+0.163%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.558	+0.031%	$226.4M	$98.8M	75x	as long as short
Bybit HYPEUSDTlong	+0.0025%	8h	93.529	long leg	$318.1M	$283.8M	75x
Phoenix HYPE	+0.0026%	1h	93.701	+0.184%	$210K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.500	−0.031%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.649	+0.128%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.632	+0.110%	$16.2M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.616	+0.093%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.540	+0.012%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.540	+0.012%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.590	+0.066%	$7.8M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.663	+0.144%	$2.04B	$667.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.578	+0.053%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.623	+0.101%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.550	+0.022%	$375.1M	$911.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.530	+0.001%	$114.8M	$309.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.091%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.572	+0.046%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.607	+0.083%	$92.0M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.619	+0.096%	$46.9M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.561	+0.034%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.649	+0.128%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	+0.128%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.675	+0.156%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.596	+0.072%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.699	+0.182%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.622	+0.099%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.728	+0.213%	$491K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.701	+0.184%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.654	+0.134%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.687	+0.169%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.657	+0.137%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.800	+0.290%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.525	−0.004%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.704	+0.187%	$396K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.740	+0.226%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.440	−0.095%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.790	+0.279%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.697	+0.179%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.724	+0.209%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.733	+0.218%	$20.9M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.529	0.000%	$16.9M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0422%	1h	93.751	+0.237%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDCshort	+0.0527%	1h	93.624	+0.102%	$3.2M	$6.3M	20x