Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h −0.014%

Price spread now: Bybit against Extended+0.012%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.012%, 7d avg +0.009%

Together, before fees−0.117%+ Points / potential airdropExtended: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended HYPE-USD	93.319	0.0104	pay 0.0013% / 1h	12m 10s	$18.3M	$41.4M	50x
Short	Bybit HYPEUSDT	93.330	0.0033	get 0.0033% / 8h	2h 12m	$325.1M	$287.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$14.97
Price spread: +0.012% → +0.009%: $0.27
Slippage, 4 orders: −$1.57
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.27
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from Extended: live order book, 2 min ago; Bybit: live order book, 7 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 Extended live order book, 2 min ago	0.05 bp	2.6 bp −$3	4.1 bp −$41	23.1 bp −$2,312	doesn't fit
Sell Bybit live order book, 7 min ago	0.54 bp	6.0 bp −$6	8.1 bp −$81	17.4 bp −$1,735	38.0 bp −$19.0K

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	−0.0928%	1h	93.452	+0.142%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	93.583	+0.282%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	+0.097%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.359	+0.043%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.364	+0.048%	$90K	$348K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.011%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.364	+0.048%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.459	+0.150%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.395	+0.081%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.391	+0.078%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0015%	4h	93.333	+0.015%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.327	+0.008%	$43.9M	$57.6M	75x	as long as short
Bybit HYPEUSDTshort	+0.0033%	8h	93.330	+0.012%	$325.1M	$287.0M	75x
Popdex HYPEUSDT	+0.0040%	1h	93.347	+0.030%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0057%	4h	93.357	+0.041%	$162K	$541K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.306%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.376	+0.061%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.367	+0.051%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.377	+0.062%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	+0.065%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.345	+0.028%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.459	+0.150%	$2.04B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	+0.061%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.322	+0.003%	$385.3M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.327	+0.008%	$114.6M	$315.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.337	+0.019%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.397%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.333	+0.015%	$93.4M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.334	+0.016%	$46.3M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.346	+0.029%	$226.8M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.334	+0.016%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.378	+0.063%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.259%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.336%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.256%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.205%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.415	+0.103%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.406	+0.093%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.346	+0.029%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.409	+0.096%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.328	+0.010%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	+0.065%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USDlong	+0.0104%	1h	93.319	long leg	$18.3M	$41.4M	50x
Aevo HYPE-PERP	+0.0104%	1h	93.402	+0.089%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.442	+0.132%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.231%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.430	+0.119%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.348	+0.031%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	+0.087%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.550	+0.247%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.457	+0.148%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	+0.092%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.401	+0.088%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.422	+0.110%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.449	+0.140%	$19.1M	$26.1M	50x	as long as short