Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0448%/8h= −49.1% APRpaid last 24h −0.025%

Price spread now: Bybit against Deribit−0.125%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 3 days (all we have)+0.119%+$12 · spread now −0.125%, 7d avg −0.068%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bybit is 0.057% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.068%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.693	0.0466	pay 0.0058% / 1h	26m 35s	$7.4M	$4.6M	50x
Short	Bybit HYPEUSDT	93.576	0.0018	get 0.0018% / 8h	26m 35s	$321.6M	$283.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$94.13
Price spread: −0.125% → −0.068%: −$5.66
Slippage, 4 orders: −$4.65
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$122.44
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 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 Deribit live order book, 2 min ago	0.64 bp	5.8 bp −$6	10.9 bp −$109	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.53 bp	6.7 bp −$7	9.1 bp −$91	19.2 bp −$1,919	41.4 bp −$20.7K

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	−0.0872%	1h	93.521	−0.184%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0369%	1h	93.718	+0.027%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.480	−0.227%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.592	−0.108%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	93.550	−0.153%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.573	−0.128%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.529	−0.175%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	−0.032%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.575	−0.126%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.617	−0.081%	$166K	$583K	20x	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 −0.0003%	1h	93.620	−0.078%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	−0.006%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.608	−0.091%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDTshort	+0.0018%	8h	93.576	−0.125%	$321.6M	$283.3M	75x
Binance HYPEUSDT	+0.0056%	4h	93.596	−0.104%	$382.5M	$895.6M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.581	−0.120%	$87.7M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	−0.061%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.625	−0.073%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.566	−0.136%	$44.4M	$59.1M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.576	−0.125%	$112K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.638	−0.059%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.635	−0.062%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.589	−0.111%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.592	−0.107%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.597	−0.102%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.540	−0.163%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.576	−0.125%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.610	−0.089%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.570	−0.131%	$115.2M	$320.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.073%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.637	−0.060%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.557	−0.145%	$226.6M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.552	−0.150%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.639	−0.058%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.137%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.065%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	−0.050%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.649	−0.047%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.639	−0.057%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.604	−0.095%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.590	−0.110%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.615	−0.083%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.587	−0.113%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.765%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.538	−0.165%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.661	−0.034%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.670	−0.025%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0213%	4h	93.771	+0.083%	$1.5M	$7.8M	75x	as long as short
Hyperliquid HYPE	+0.0221%	1h	93.657	−0.038%	$2.03B	$676.4M	10x	as long as short
BloFin HYPE-USDT	+0.0229%	4h	93.600	−0.099%	$17.1M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.595	−0.105%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.601	−0.098%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.615	−0.083%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0466%	1h	93.693	long leg	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.674	−0.021%	$20.9M	$29.5M	50x	as long as short