Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0161%/8h= −17.6% APRpaid last 24h −0.035%

Price spread now: Orderly against Derive+0.012%57s7-day average +0.026% · you sell dearer than you buy

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

Long on Derive Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now +0.012%, 7d avg +0.026%

Together, before fees−0.105%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	92.832	0.0100	pay 0.0013% / 1h	27m 29s	$16.0M	$7.5M	10x
Short	Orderly PERP_HYPE_USDC	92.844	−0.0061	pay 0.0030% / 4h	3h 27m	$145K	$681K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Derive. 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 DerivebpFee OrderlybpOrdersPrice spread, now +0.012%Rate

Funding earned: −$33.73
Price spread: +0.012% → +0.026%: −$1.37
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$47.1
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Derive and 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	−0.1568%	1h	92.719	−0.122%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0304%	1h	92.848	+0.016%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.823	−0.010%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.869	+0.039%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0061%	4h	92.844	+0.012%	$145K	$681K	20x
dYdX HYPE-USD	0.0000%	1h	92.906	+0.079%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.860	+0.029%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.880	+0.051%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0009%	1h	92.830	−0.003%	$112K	$577K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.917	+0.091%	$210K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0026%	1h	92.810	−0.024%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.860	+0.030%	$315.7M	$282.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	92.873	+0.044%	$86K	$363K	20x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.905	+0.078%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	92.858	+0.028%	$224.9M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	92.855	+0.024%	$70K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	92.853	+0.022%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.855	+0.025%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.879	+0.051%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.878	+0.049%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	+0.030%	$34K	$1.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	92.880	+0.051%	$339K	$163K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.850	+0.019%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.911	+0.084%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.867	+0.037%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.886	+0.058%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.851	+0.020%	$373.4M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.858	+0.028%	$113.9M	$304.0M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.864	+0.034%	$91.4M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.849	+0.018%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.858	+0.028%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.891	+0.063%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	+0.136%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.058%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.154%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.843	+0.011%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.911	+0.084%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.898	+0.071%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.849	+0.018%	$79K	$167K	20x	as long as short
Derive HYPE-PERPlong	+0.0100%	1h	92.832	long leg	$16.0M	$7.5M	10x
SunX HYPE-USDT	+0.0100%	4h	92.913	+0.087%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.879	+0.050%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.000	+0.180%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.067%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.828	−0.005%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.843	+0.012%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	+0.084%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0161%	8h	92.927	+0.102%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.934	+0.109%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.046%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.857	+0.026%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.876	+0.047%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0331%	1h	92.939	+0.115%	$7.5M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.881	+0.052%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.919	+0.093%	$3.2M	$6.4M	20x	as long as short