Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.009%

Price spread now: Bybit against dYdX−0.118%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 on $10k

Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.118%, 7d avg −0.025%

Together, before fees+0.248%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.093% cheaper against dYdX than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of −0.025%). If the spread goes back, that is −$9 on $10k: about 34 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.075% in total) that is about 8.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	93.100	0	get 0.0000% / 1h	58m 21s	$128K	$31K	5x
Short	Bybit HYPEUSDT	92.990	0.0009	get 0.0009% / 8h	5h 58m	$319.1M	$275.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.118%Rate

Funding earned: $1.93
Price spread: −0.118% → −0.025%: −$9.28
Slippage, 4 orders: −$5.28
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.63
Costs to cover: 0.263%
Break-even: 128.9 days

Slippage from dYdX: live order book, 6 min ago; Bybit: live order book, 6 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 dYdX live order book, 6 min ago	1.65 bp	6.7 bp −$7	18.2 bp −$182	211.8 bp −$21.2K	1354.7 bp −$677.4K
Sell Bybit live order book, 6 min ago	0.54 bp	6.1 bp −$6	8.3 bp −$83	18.7 bp −$1,874	37.8 bp −$18.9K

HYPE on 54 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	−0.1136%	1h	93.123	+0.025%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.959	−0.151%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0313%	1h	93.040	−0.064%	$698K	$902K	10x	as long as short
Bluefin HYPE-PERP	−0.0180%	1h	93.168	+0.073%	$79K	$170K	20x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.078	−0.024%	$84K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0095%	1h	93.007	−0.099%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.198	+0.105%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	92.992	−0.116%	$155K	$639K	20x	as long as short
Phemex HYPEUSDT	−0.0041%	8h	93.198	+0.105%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	93.074	−0.028%	$8.8M	$35.4M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USDlong	0.0000%	1h	93.100	long leg	$128K	$31K	5x
Perpl HYPE	0.0000%	43m	93.092	−0.008%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.025	−0.081%	$25K	—	150x	as long as short
Bybit HYPEUSDTshort	+0.0009%	8h	92.990	−0.118%	$319.1M	$275.7M	75x
Gate HYPE_USDT	+0.0012%	4h	92.999	−0.108%	$44.3M	$54.0M	75x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.020	−0.086%	—	$53.1M	—	as long as short
Aftermath Perps HYPEUSD	+0.0013%	1h	93.325	+0.242%	$22K	$21K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.318	+0.234%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.020	−0.086%	$114.2M	$300.1M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.017	−0.089%	$87.6M	$79.7M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	93.008	−0.099%	$378.2M	$873.5M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.167%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.097	−0.003%	$16.2M	$61.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.086	−0.015%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.062	−0.041%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.106	+0.006%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.090	−0.011%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.005	−0.101%	$5.7M	$43.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.138	+0.041%	$2.03B	$658.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.105	+0.005%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.253%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.081	−0.020%	$46.1M	$17.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.012	−0.094%	$225.2M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.155	+0.059%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.128%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.343%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.263	+0.175%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.218	+0.127%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.122	+0.024%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.054	−0.049%	$473K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.171	+0.076%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.298	+0.213%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.194	+0.101%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.034	−0.070%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.191	+0.098%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.230	+0.140%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0206%	4h	93.361	+0.280%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.002	−0.105%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.248	+0.159%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.023	−0.082%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.280	+0.193%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.157	+0.062%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.170	+0.075%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.276	+0.189%	$20.8M	$30.0M	50x	as long as short