Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0060%/8h= −6.5% APRpaid last 24h −0.021%

Price spread now: Orderly against dYdX+0.038%7-day average −0.012% · you sell dearer than you buy

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.038%, 7d avg −0.012%

Together, before fees−0.111%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.050% dearer against dYdX than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.012%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.8 days. At the pace of the last 7 days (−0.029% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	92.661	0	get 0.0000% / 1h	22m 04s	$127K	$29K	5x
Short	Orderly PERP_HYPE_USDC	92.697	−0.0060	pay 0.0030% / 4h	3h 22m	$145K	$681K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.038%Rate

Funding earned: −$12.52
Price spread: +0.038% → −0.012%: $5.05
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$23.47
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 32 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 dYdX live order book, 32 min ago	25.44 bp	30.4 bp −$30	42.8 bp −$428	124.5 bp −$12.4K	828.3 bp −$414.1K
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	−0.050%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.786	+0.134%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.606	−0.060%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.647	−0.016%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0060%	4h	92.697	+0.038%	$145K	$681K	20x
Bullet HYPE-USD	−0.0003%	1h	92.702	+0.044%	$112K	$577K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	92.661	long leg	$127K	$29K	5x
Perpl HYPE	0.0000%	43m	92.712	+0.054%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.735	+0.079%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	92.570	−0.099%	$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	−0.010%	$86K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.280%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.580	−0.088%	$314.9M	$283.0M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.644	−0.019%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	92.608	−0.058%	$224.2M	$98.9M	75x	as long as short
Phemex HYPEUSDT	+0.0060%	8h	92.700	+0.042%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0060%	4h	92.675	+0.015%	$45.1M	$54.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.189%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.717	+0.060%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.727	+0.071%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.674	+0.013%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.630	−0.034%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.626	−0.039%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.738	+0.083%	$2.02B	$666.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.617	−0.048%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.669	+0.008%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.644	−0.019%	$372.6M	$905.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.588	−0.079%	$113.7M	$303.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	+0.051%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.701	+0.043%	$91.1M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.700	+0.042%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.670	+0.009%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.693	+0.034%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.115%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.158%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.199%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.765	+0.112%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.736	+0.080%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.734	+0.078%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.702	+0.044%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.690	+0.031%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.670	+0.009%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.702	+0.044%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.812	+0.162%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.676	+0.016%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.691	+0.032%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.718	+0.061%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.770	+0.117%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.768	+0.115%	$20.6M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	−0.023%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.713	+0.055%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.738	+0.083%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.682	+0.022%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.797	+0.146%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.698	+0.039%	$3.1M	$6.4M	20x	as long as short