Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.052%

Price spread now: Orderly against Coinbase International0.000%7-day average +0.013% · you sell dearer than you buy

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now 0.000%, 7d avg +0.013%

Together, before fees−0.030%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: −$2 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	94.440	0.0064	pay 0.0008% / 1h	17m 49s	$4.7M	$6.2M	50x
Short	Orderly PERP_HYPE_USDC	94.440	−0.0009	pay 0.0004% / 4h	17m 49s	$147K	$686K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now 0.000%Rate

Funding earned: −$15.25
Price spread: 0.000% → +0.013%: −$1.35
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$32.6
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 1 min ago; Orderly: 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 Coinbase International live order book, 1 min ago	3.18 bp	8.9 bp −$9	12.7 bp −$127	33.6 bp −$3,361	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1712%	1h	94.261	−0.190%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0396%	1h	94.453	+0.014%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.300	−0.148%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	94.443	+0.003%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0148%	1h	94.242	−0.210%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.488	+0.051%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.400	−0.042%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.050%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.422	−0.019%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.434	−0.006%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0019%	4h	94.438	−0.002%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDCshort	−0.0009%	4h	94.440	0.000%	$147K	$686K	20x
dYdX HYPE-USD	0.0000%	1h	94.387	−0.056%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.516	+0.080%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.342%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.468	+0.030%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.489	+0.052%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0008%	1h	94.490	+0.053%	$498K	$2.8M	20x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	94.440	0.000%	$317.4M	$289.3M	75x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.434	−0.006%	$226.9M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0033%	8h	94.465	+0.027%	$338K	$154K	20x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.399	−0.043%	$12.9M	$2.9M	50x	as long as short
Vest HYPE-PERP	+0.0040%	1h	94.489	+0.051%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0051%	1h	94.459	+0.020%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0064%	1h	94.440	long leg	$4.7M	$6.2M	50x
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.460	+0.021%	$117.9M	$325.5M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.418	−0.023%	$50.2M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.473%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.450	+0.011%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.442	+0.002%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	0.000%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.443	+0.004%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.550	+0.116%	$2.08B	$687.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.442	+0.002%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.459	+0.020%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.448	+0.008%	$378.7M	$934.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.141%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.442	+0.002%	$89.0M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.433	−0.007%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.400	−0.042%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.383%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	−0.368%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.436%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.315	−0.132%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.526	+0.091%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.550	+0.116%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.403	−0.039%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.468	+0.030%	$399K	$154K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0110%	1h	94.540	+0.106%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.497	+0.060%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.318%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.476	+0.038%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.462	+0.023%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.451	+0.011%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.362	−0.083%	$17.2M	$12.4M	75x	as long as short