Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0044%/8h= −4.9% APRpaid last 24h −0.012%

Price spread now: 01 Exchange against Bybit+0.034%7-day average +0.054% · 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−$28as in the Price arb table

costs, in and out, $10k−$260.264% of the position

Long on Bybit Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now +0.034%, 7d avg +0.054%

Together, before fees+0.062%+$6 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 01 Exchange is 0.020% cheaper against Bybit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.571	0.0020	pay 0.0020% / 8h	1h 04m	$323.9M	$281.3M	75x
Short	01 Exchange HYPEUSD	93.603	−0.0024	pay 0.0003% / 1h	4m 04s	$91K	$358K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.034%Rate

Funding earned: −$9.32
Price spread: +0.034% → +0.054%: −$2
Slippage, 4 orders: −$8.41
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$37.73
Costs to cover: 0.264%
Break-even: never at this rate

Slippage from Bybit: live order book, 10 min ago; 01 Exchange: live order book, 15 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, 10 min ago	0.54 bp	6.0 bp −$6	7.9 bp −$79	17.1 bp −$1,709	78.6 bp −$39.3K
Sell 01 Exchange live order book, 15 min ago	0.11 bp	6.4 bp −$6	9.1 bp −$91	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
Aftermath Perps HYPEUSD	−0.0483%	1h	93.360	−0.226%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0424%	1h	93.420	−0.161%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.506	−0.069%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0127%	1h	93.500	−0.076%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.591	+0.021%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDshort	−0.0024%	1h	93.603	+0.034%	$91K	$358K	20x
dYdX HYPE-USD	0.0000%	1h	93.615	+0.047%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.593	+0.024%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.599	+0.030%	$27K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.571	0.000%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.588	+0.018%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.584	+0.014%	$176K	$524K	20x	as long as short
Bybit HYPEUSDTlong	+0.0020%	8h	93.571	long leg	$323.9M	$281.3M	75x
Phoenix HYPE	+0.0034%	1h	93.456	−0.123%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0059%	1h	93.569	−0.002%	$112K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.574	+0.003%	$90.4M	$82.4M	100x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.532	−0.041%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0063%	4h	93.210	−0.386%	$5.1M	$29.6M	30x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.587	+0.017%	$384.1M	$885.8M	75x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.571	0.000%	$44.1M	$58.9M	75x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.520	−0.055%	$12.7M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.626	+0.058%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.610	+0.042%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.579	+0.009%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.585	+0.015%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.600	+0.031%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.538	−0.035%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.615	+0.047%	$2.04B	$664.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.625	+0.058%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.587	+0.017%	$114.4M	$313.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.594	+0.025%	$47.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.603	+0.034%	$227.0M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.563	−0.009%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.601	+0.032%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	−0.234%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.271%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.387%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.453	−0.126%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.564	−0.007%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.588	+0.018%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.571	0.000%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.622	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.575	+0.004%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.311%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.581	+0.011%	$18.3M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.583	+0.013%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.660	+0.095%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.750	+0.191%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.350	−0.236%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0242%	4h	93.400	−0.183%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.556	−0.016%	$77K	$159K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.637	+0.070%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.593	+0.024%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0359%	1h	93.675	+0.111%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.696	+0.134%	$20.9M	$28.9M	50x	as long as short