Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0311%/8h= +34.0% APRpaid last 24h +0.186%

Price spread now: Orderly against Hibachi+0.009%7-day average +0.076% · you sell dearer than you buy

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

Long on Hibachi Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+1.434%+$143 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now +0.009%, 7d avg +0.076%

Together, before fees+1.488%+ Points / potential airdropHibachi: Active · farm board+$149 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.067% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.076%). If the spread goes back, that is −$7 on $10k: about 17 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+1.434% in total) that is about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	92.985	−0.0288	get 0.0036% / 1h	23m 50s	$196K	$230K	7x
Short	Orderly PERP_HYPE_USDC	92.993	0.0023	get 0.0011% / 4h	1h 23m	$171K	$518K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HibachibpFee OrderlybpOrdersPrice spread, now +0.009%Rate

Funding earned: $65.26
Price spread: +0.009% → +0.076%: −$6.69
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: $43.57
Costs to cover: 0.150%
Break-even: 2.3 days

Slippage unknown: Hibachi: live order book, 60 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 Hibachi live order book, 60 min ago	15.97 bp	27.7 bp −$28	48.1 bp −$481	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
Aftermath Perps HYPEUSD	−0.0401%	1h	93.004	+0.021%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-Plong	−0.0288%	1h	92.985	long leg	$196K	$230K	7x
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.030	+0.049%	$698K	$926K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.985	0.000%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.950	−0.037%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.008	+0.025%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.999	+0.015%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0009%	4h	93.006	+0.023%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.101	+0.125%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.992	+0.008%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.022	+0.040%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	92.960	−0.027%	$322.3M	$287.4M	75x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0023%	4h	92.993	+0.009%	$171K	$518K	20x
Derive HYPE-PERP	+0.0033%	1h	92.937	−0.051%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	+0.049%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.974	−0.012%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0058%	1h	92.992	+0.008%	$111K	$580K	20x	as long as short
Binance HYPEUSDT	+0.0063%	4h	92.968	−0.018%	$381.4M	$895.7M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	92.970	−0.016%	$90.4M	$82.1M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.948	−0.039%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.052	+0.072%	$18.5M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.032	+0.051%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.975	−0.011%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.066	+0.088%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.040	+0.059%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.004	+0.021%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.000	+0.016%	$2.02B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.090	+0.114%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.938	−0.050%	$113.5M	$313.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.049%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.030	+0.049%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.950	−0.037%	$225.3M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.939	−0.049%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.005	+0.022%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.055%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.985	+0.001%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.976	−0.009%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	+0.016%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.033	+0.052%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.021	+0.039%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.977	−0.008%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.055	+0.076%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.999	+0.015%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.984	−0.001%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.963	−0.023%	$18.3M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.055	+0.076%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.038%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.850	−0.145%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.164	+0.193%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.978	−0.007%	$76K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0264%	4h	92.987	+0.002%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.076	+0.098%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.016	+0.033%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0341%	1h	93.089	+0.112%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.106	+0.130%	$20.8M	$29.0M	50x	as long as short