Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:59 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.032%

Price spread now: Perpl against Hotstuff−0.091%68s7-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 Perpl

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 · Perpl: Active · farm boardneeds both histories

Funding pays, the price is against you. Perpl is 0.091% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.091% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.8 days of funding at the current rate (+$2 a day). The two prices were read 68 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	94.894	−0.0080	get 0.0010% / 1h	49m 37s	$3K	$421	25x
Short	Perpl HYPE	94.808	0	get 0.0000% / 43m	13m 37s	$24K	$249K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.091%Rate

Funding earned: $16.8
Price spread: −0.091% → 0.000%: −$9.12
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$11.12
Costs to cover: 0.188%
Break-even: 11.6 days

Slippage unknown: Hotstuff: no order-book sample; Perpl: 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 Perpl no order-book sample	—	—	—	—	—

Hotstuff and Perpl: 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 exchanges

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
Kraken Futures PF_HYPEUSD	−0.0282%	1h	94.758	−0.144%	$18.3M	$32.6M	50x	as long as short
Phemex HYPEUSDT	−0.0253%	8h	94.736	−0.167%	$12.9M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0225%	1h	94.740	−0.162%	$78K	$130K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0221%	1h	94.670	−0.236%	$677K	$1.3M	10x	as long as short
Lighter HYPE	−0.0144%	1h	94.540	−0.373%	$16.5M	$55.3M	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.682	−0.223%	$102K	$351K	20x	as long as short
Aster HYPEUSDT	−0.0103%	4h	94.601	−0.309%	$9.0M	$34.6M	300x	as long as short
Gate HYPE_USDT	−0.0082%	4h	94.632	−0.276%	$55.8M	$52.7M	75x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	94.894	long leg	$3K	$421	25x
Orderly PERP_HYPE_USDC	−0.0074%	4h	94.736	−0.167%	$147K	$642K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.790	−0.110%	$4.7M	$5.4M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	94.996	+0.107%	$22K	$17K	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0042%	8h	94.600	−0.310%	$118.9M	$302.9M	50x	as long as short
Bitget HYPEUSDT	−0.0028%	4h	94.600	−0.310%	$229.0M	$86.0M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	94.936	+0.044%	$198K	$1.1M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0010%	1h	95.003	+0.115%	$323K	$925K	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.572	−0.339%	$127K	$96K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	94.808	−0.091%	$24K	$249K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.890	−0.005%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0008%	1h	94.864	−0.032%	$114K	$585K	20x	as long as short
Lighter RH HYPE	+0.0016%	1h	94.573	−0.338%	$3.2M	$9.8M	20x	as long as short
Derive HYPE-PERP	+0.0020%	1h	94.742	−0.160%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0025%	4h	94.997	+0.109%	$5.0M	$27.9M	30x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	94.610	−0.299%	$319.4M	$263.0M	75x	as long as short
MEXC HYPE_USDT	+0.0028%	4h	94.598	−0.312%	$88.6M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0029%	4h	94.593	−0.317%	$381.4M	$850.0M	75x	as long as short
BingX HYPE-USDT	+0.0034%	4h	94.593	−0.317%	—	$49.7M	—	as long as short
Popdex HYPEUSDT	+0.0040%	1h	94.685	−0.220%	$273K	$998K	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0045%	1h	94.858	−0.038%	$7.5M	$4.2M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0055%	1h	94.731	−0.172%	$6.8M	$12.3M	20x	as long as short
SoDEX HYPE-USD	+0.0063%	1h	94.799	−0.100%	$2.1M	$335K	10x	as long as short
KuCoin HYPEUSDTM	+0.0084%	4h	94.538	−0.375%	$47.2M	$17.7M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.905	+0.012%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.598	−0.312%	$338K	$30K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.600	−0.310%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.820	−0.077%	$7.2M	$50.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.661	−0.246%	$2.10B	$642.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.627	−0.281%	$10.2M	$12.8M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.630	−0.278%	$1.0M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.036	+0.150%	$228K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.740	−0.162%	$30.0M	$52.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.002	+0.114%	$7.7M	$41.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.852	−0.044%	$690K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.875	−0.020%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.848	−0.048%	$497K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.928	+0.036%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.853	−0.043%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.573	−0.338%	$18.2M	$37.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	94.826	−0.072%	$1.8M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0135%	4h	94.728	−0.175%	$17.5M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	94.642	−0.265%	$3.1M	$5.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.796	−0.103%	$84K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.889	−0.005%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.1000%	1h	94.840	−0.057%	$214K	$277K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.554%	$31K	$334K	12x	as long as short