Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0370%/8h= −40.5% APRpaid last 24h −0.033%

Price spread now: OKX against Deribit−0.060%46s7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.246% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now −0.060%, 7d avg −0.063%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.063%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% 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	93.124	0.0470	pay 0.0059% / 1h	48m 36s	$7.4M	$4.6M	50x
Short	OKX HYPE-USDT-SWAP	93.068	0.0100	get 0.0100% / 8h	1h 48m	$114.1M	$314.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$77.7
Price spread: −0.060% → −0.063%: $0.27
Slippage, 4 orders: −$7.55
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$101.98
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from Deribit: live order book, just now; OKX: live order book, 5 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, just now	2.04 bp	5.5 bp −$6	12.0 bp −$120	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.05 bp	5.1 bp −$5	9.8 bp −$98	19.6 bp −$1,956	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	−0.0298%	1h	93.027	−0.105%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.047	−0.083%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.992	−0.142%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0056%	1h	92.964	−0.172%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.139	+0.016%	$90K	$364K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0004%	1h	93.040	−0.090%	$697K	$924K	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.104	−0.022%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.090	−0.037%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.047	−0.083%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.957	−0.179%	$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	93.029	−0.102%	$20K	—	150x	as long as short
Derive HYPE-PERP	+0.0006%	1h	92.952	−0.185%	$16.3M	$7.1M	10x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.107	−0.018%	$57K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.061	−0.068%	$323.5M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	−0.091%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0040%	4h	92.991	−0.143%	$169K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0060%	4h	93.079	−0.048%	$44.0M	$57.4M	75x	as long as short
Bullet HYPE-USD	+0.0084%	1h	92.988	−0.146%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.127	+0.003%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.099	−0.027%	$3.0M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.113	−0.012%	$383.2M	$892.2M	75x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.076	−0.052%	$90.2M	$81.5M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.087	−0.040%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.070	−0.058%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.065	−0.063%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.091	−0.035%	$2.02B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.100	−0.026%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	93.068	−0.060%	$114.1M	$314.2M	50x
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.258%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.077	−0.050%	$47.1M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.090	−0.037%	$225.6M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.073	−0.055%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.134	+0.011%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.254%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.983	−0.152%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.116%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	−0.133%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.003	−0.130%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.007	−0.126%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.026	−0.105%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.035	−0.096%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.034	−0.097%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.102	−0.024%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.063	−0.066%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.016	−0.116%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	92.923	−0.215%	$5.0M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.950	−0.187%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.262%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.985	−0.149%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.154	+0.032%	$2.8M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0289%	4h	93.250	+0.135%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.072	−0.056%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.016	−0.116%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.165	+0.044%	$20.8M	$28.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0470%	1h	93.124	long leg	$7.4M	$4.6M	50x