Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h +0.010%

Price spread now: Bybit against Coinbase International−0.006%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)+0.028%+$3 · spread now −0.006%, 7d avg +0.005%

Together, before fees+0.065%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.220	0.0176	pay 0.0022% / 1h	20m 55s	$4.9M	$5.7M	50x
Short	Bybit HYPEUSDT	93.214	0.0022	get 0.0022% / 8h	1h 20m	$323.1M	$287.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$32.35
Price spread: −0.006% → +0.005%: −$1.11
Slippage, 4 orders: −$10.88
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$65.34
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Bybit: 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 Coinbase International live order book, 3 min ago	3.76 bp	9.5 bp −$9	15.6 bp −$156	38.5 bp −$3,847	doesn't fit
Sell Bybit live order book, 3 min ago	0.54 bp	6.9 bp −$7	9.2 bp −$92	18.5 bp −$1,848	41.9 bp −$20.9K

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	−0.0422%	1h	93.090	−0.140%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0320%	1h	93.155	−0.070%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.148	−0.077%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.150	−0.075%	$699K	$928K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.230	+0.011%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.224	+0.004%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.195	−0.027%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0008%	4h	93.253	+0.035%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	+0.060%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.230	+0.011%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.277	+0.061%	$20K	—	150x	as long as short
Bybit HYPEUSDTshort	+0.0022%	8h	93.214	−0.006%	$323.1M	$287.2M	75x
Orderly PERP_HYPE_USDC	+0.0022%	4h	93.253	+0.035%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.205	−0.016%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	−0.204%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.250	+0.032%	$43.9M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0058%	1h	93.239	+0.021%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.238	+0.019%	$90.4M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.241	+0.022%	$381.9M	$895.8M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.286%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.308	+0.094%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.286	+0.071%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.236	+0.018%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.246	+0.028%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.190	−0.032%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.209	−0.011%	$5.9M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.261	+0.044%	$2.03B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.252	+0.034%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.225	+0.005%	$113.9M	$314.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	−0.204%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.271	+0.055%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.244	+0.026%	$226.0M	$103.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.231	+0.012%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.243	+0.025%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.307%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.227%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.219%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	−0.129%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.238	+0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.242	+0.024%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.260	+0.043%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.273	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.249	+0.031%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.231	+0.012%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.210	−0.010%	$18.2M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0111%	8h	93.271	+0.055%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0176%	1h	93.220	long leg	$4.9M	$5.7M	50x
Injective HYPE/USDC PERP	+0.0239%	1h	93.320	+0.107%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0242%	4h	93.400	+0.193%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.226	+0.006%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0257%	4h	93.255	+0.038%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.277	+0.061%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.267	+0.050%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0425%	1h	93.346	+0.135%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.372	+0.163%	$20.9M	$29.0M	50x	as long as short