Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.004%

Price spread now: Orderly against Hotstuff−0.242%47s7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.242% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.242% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 13 days of funding at the current rate (+$2 a day). The two prices were read 47 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	Hotstuff HYPE-PERP	93.992	−0.0080	get 0.0010% / 1h	55m 32s	$3K	$331	25x
Short	Orderly PERP_HYPE_USDC	93.765	−0.0017	pay 0.0008% / 4h	1h 55m	$149K	$680K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hotstuff. 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 HotstuffbpFee OrderlybpOrdersPrice spread, now −0.242%Rate

Funding earned: $13.25
Price spread: −0.242% → 0.000%: −$24.15
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.9
Costs to cover: 0.110%
Break-even: 18.6 days

Slippage unknown: Hotstuff: 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff 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	−0.1224%	1h	93.798	−0.206%	$199K	$243K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	94.032	+0.042%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	93.992	long leg	$3K	$331	25x
01 Exchange HYPEUSD	−0.0072%	1h	93.770	−0.236%	$86K	$372K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	93.730	−0.279%	$707K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0017%	4h	93.765	−0.242%	$149K	$680K	20x
dYdX HYPE-USD	0.0000%	1h	93.813	−0.191%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.831	−0.171%	$22K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.823	−0.180%	$63K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0003%	1h	93.785	−0.220%	$79K	$166K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0012%	4h	93.781	−0.224%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.745	−0.263%	$316.8M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.872	−0.128%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.798	−0.206%	$226.0M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0060%	8h	93.818	−0.185%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.922	−0.074%	$5.0M	$30.4M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.759	−0.248%	$1.0M	$4.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	93.802	−0.202%	$348K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	93.827	−0.175%	$341K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.785	−0.220%	$16.2M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.794	−0.211%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.750	−0.257%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.750	−0.257%	$20K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.794	−0.210%	$6.3M	$50.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.884	−0.115%	$2.05B	$683.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.761	−0.245%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.818	−0.185%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.763	−0.243%	$376.0M	$929.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.775	−0.231%	$115.8M	$316.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.236%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.770	−0.236%	$48.3M	$54.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.779	−0.227%	$89.0M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.795	−0.210%	$46.3M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.817	−0.186%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.759	−0.248%	$28.7M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.839	−0.163%	$7.7M	$47.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.875	−0.124%	$680K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.871	−0.129%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.818	−0.185%	$476K	$2.8M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.804	−0.200%	$112K	$581K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.774	−0.232%	$16.4M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.893	−0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.779	−0.227%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.965	−0.029%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.739	−0.269%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.797	−0.208%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.901	−0.097%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.870	−0.130%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.247%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	93.794	−0.211%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0315%	1h	93.888	−0.111%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.819	−0.184%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.808	−0.196%	$17.1M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.865	−0.135%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.798	−0.206%	$3.2M	$6.4M	20x	as long as short