Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.012%

Price spread now: Vest against Bybit+0.079%7-day average +0.025% · you sell dearer than you buy

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

Long on Bybit Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.092%−$9 on $10k

Price spread, last 4 days (all we have)+0.159%+$16 · spread now +0.079%, 7d avg +0.025%

Together, before fees+0.067%+ Points / potential airdropVest: Active · farm board+$7 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 Vest is 0.054% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.025%. Mind the row above: over the last 3 days funding on this pair cost −0.092%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	92.910	0.0035	pay 0.0035% / 8h	3h 47m	$316.2M	$282.2M	75x
Short	Vest HYPE-PERP	92.984	0.0100	get 0.0013% / 1h	47m 46s	—	$243K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.079%Rate

Funding earned: $13.69
Price spread: +0.079% → +0.025%: $5.39
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Vest: 1 bp × 2 orders: −$2
Net: $6.09
Costs to cover: 0.130%
Break-even: 3.9 days

Slippage unknown: Bybit: live order book, 1 min ago; Vest: 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	0.54 bp	6.0 bp −$6	7.9 bp −$79	15.8 bp −$1,577	55.6 bp −$27.8K
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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 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	−0.0728%	1h	92.719	−0.205%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.926	+0.017%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.905	−0.005%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.925	+0.016%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.870	−0.043%	$157K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.948	+0.041%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.006	+0.103%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.980	+0.076%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.936	+0.028%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	93.032	+0.131%	$210K	$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
Bybit HYPEUSDTlong	+0.0035%	8h	92.910	long leg	$316.2M	$282.2M	75x
Phemex HYPEUSDT	+0.0040%	8h	92.910	0.000%	$12.5M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0054%	1h	92.920	+0.011%	$699K	$1.1M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.971	+0.066%	$87K	$362K	20x	as long as short
Bullet HYPE-USD	+0.0072%	1h	92.901	−0.009%	$112K	$578K	20x	as long as short
Bitget HYPEUSDT	+0.0078%	4h	92.922	+0.013%	$225.1M	$99.0M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.935	+0.027%	$4.9M	$29.6M	30x	as long as short
Aster HYPEUSDT	+0.0087%	4h	92.927	+0.018%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.944	+0.036%	$16.1M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.935	+0.027%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.939	+0.031%	$70K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.916	+0.006%	$44.7M	$53.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.016	+0.114%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.920	+0.011%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.984	+0.080%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.961	+0.055%	$2.03B	$665.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.009	+0.107%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.913	+0.004%	$373.7M	$904.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.920	+0.011%	$113.9M	$304.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.034%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.933	+0.025%	$87.4M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.932	+0.024%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.923	+0.014%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.921	+0.012%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.989	+0.085%	$28.6M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	+0.113%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.928	+0.019%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.904	−0.006%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERPshort	+0.0100%	1h	92.984	+0.079%	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	92.980	+0.075%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.876	−0.037%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.886	−0.025%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.997	+0.094%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.907	−0.003%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.897	−0.014%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.912	+0.002%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.970	+0.065%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0179%	4h	93.116	+0.222%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.978	+0.073%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.258%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.927	+0.018%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.926	+0.017%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.915	+0.005%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0363%	1h	93.002	+0.099%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.007	+0.104%	$3.2M	$6.4M	20x	as long as short