Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0392%/8h= −43.0% APRpaid last 24h −0.083%

Price spread now: Orderly against Deribit−0.105%7-day average −0.052% · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.105%, 7d avg −0.052%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Orderly is 0.053% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.052%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.145% in total (about -7.5% 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	92.799	0.0332	pay 0.0041% / 1h	22m 33s	$7.5M	$4.5M	50x
Short	Orderly PERP_HYPE_USDC	92.702	−0.0060	pay 0.0030% / 4h	3h 22m	$145K	$681K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.105%Rate

Funding earned: −$82.41
Price spread: −0.105% → −0.052%: −$5.25
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$100.66
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 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 Deribit live order book, 2 min ago	0.05 bp	6.2 bp −$6	11.2 bp −$112	doesn't fit	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	−0.1696%	1h	92.615	−0.199%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0309%	1h	92.806	+0.008%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.606	−0.208%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.647	−0.164%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0060%	4h	92.702	−0.105%	$145K	$681K	20x
Bullet HYPE-USD	−0.0002%	1h	92.701	−0.106%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.661	−0.148%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.733	−0.071%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.738	−0.066%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	92.570	−0.247%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.652	−0.158%	$86K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.131%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.673	−0.136%	$315.2M	$282.9M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.644	−0.167%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	92.633	−0.179%	$224.3M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0055%	8h	92.716	−0.089%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0060%	4h	92.630	−0.182%	$45.0M	$54.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.041%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.653	−0.157%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.664	−0.145%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.674	−0.135%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.630	−0.182%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.626	−0.187%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.677	−0.132%	$2.02B	$665.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.640	−0.171%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.669	−0.140%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.688	−0.120%	$372.8M	$905.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.685	−0.123%	$113.8M	$303.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.097%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.638	−0.173%	$91.0M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.640	−0.171%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.637	−0.175%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.716	−0.089%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	−0.034%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.010%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.051%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.765	−0.037%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.736	−0.068%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.746	−0.057%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.704	−0.102%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.703	−0.103%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.740	−0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.706	−0.100%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.109%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.608	−0.206%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.698	−0.108%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.786	−0.014%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.730	−0.074%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.773	−0.028%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	−0.171%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.698	−0.109%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.739	−0.064%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0332%	1h	92.799	long leg	$7.5M	$4.5M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.682	−0.126%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.698	−0.109%	$3.1M	$6.4M	20x	as long as short