Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:57 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.019%

Price spread now: Perpl against Coinbase International−0.032%7-day average +0.024% · you buy dearer than you sell

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

Long on Coinbase International Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.075%+$7 · spread now −0.032%, 7d avg +0.024%

Together, before fees+0.022%+ Points / potential airdropPerpl: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Perpl is 0.057% cheaper against Coinbase International than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.790	0.0120	pay 0.0015% / 1h	54m 44s	$4.7M	$6.1M	50x
Short	Perpl HYPE	93.760	0	get 0.0000% / 43m	17m 44s	$22K	$285K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Coinbase International. 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 Coinbase InternationalbpFee PerplbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$25.2
Price spread: −0.032% → +0.024%: −$5.66
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$54.66
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 4 min ago; Perpl: 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, 4 min ago	2.13 bp	7.1 bp −$7	13.7 bp −$137	37.2 bp −$3,725	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1224%	1h	93.798	+0.009%	$199K	$243K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	94.002	+0.226%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0162%	1h	93.650	−0.149%	$707K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.992	+0.215%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.770	−0.021%	$86K	$372K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	93.724	−0.070%	$149K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.724	−0.070%	$129K	$29K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.760	−0.032%	$22K	$285K	10x
Bluefin HYPE-PERP	+0.0002%	1h	93.745	−0.048%	$79K	$166K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.781	−0.009%	$63K	—	150x	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	+0.0012%	4h	93.708	−0.087%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.634	−0.166%	$316.4M	$287.5M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.872	+0.087%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.665	−0.133%	$225.7M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0063%	8h	93.789	−0.001%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.922	+0.141%	$5.0M	$30.4M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.674	−0.124%	$1.0M	$4.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0088%	8h	93.680	−0.117%	$340K	$158K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	93.802	+0.013%	$348K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.653	−0.147%	$16.1M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.659	−0.140%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.750	−0.043%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.750	−0.043%	$20K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.782	−0.008%	$6.4M	$50.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.783	−0.007%	$2.05B	$680.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.677	−0.120%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.676	−0.122%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.655	−0.144%	$375.5M	$929.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.654	−0.145%	$115.7M	$316.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.452%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.684	−0.113%	$48.3M	$54.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.647	−0.152%	$88.9M	$83.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.647	−0.152%	$46.2M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.765	−0.027%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.759	−0.033%	$28.7M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.839	+0.052%	$7.7M	$47.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	+0.049%	$680K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.835	+0.048%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.784	−0.006%	$475K	$2.8M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.804	+0.015%	$112K	$581K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.731	−0.063%	$16.4M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.861	+0.076%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.752	−0.041%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.961	+0.182%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.676	−0.121%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.755	−0.037%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.838	+0.051%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0120%	1h	93.790	long leg	$4.7M	$6.1M	50x
Injective HYPE/USDC PERP	+0.0205%	1h	93.740	−0.053%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.738	−0.055%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0294%	1h	93.843	+0.057%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.784	−0.006%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.752	−0.041%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.828	+0.041%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.798	+0.009%	$3.2M	$6.4M	20x	as long as short