Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.067%

Price spread now: KuCoin against Injective−0.127%55s7-day average −0.178% · you buy dearer than you sell

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−2.276%−$228 on $10k

Price spread, last 3 days (all we have)+0.326%+$33 · spread now −0.127%, 7d avg −0.178%

Together, before fees−1.949%−$195 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.051% dearer against Injective than usual: you sell high and buy low (spread −0.127% now, against its 7-day average of −0.178%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 39 hours. At the pace of the last 7 days (−2.276% in total) that is about 4 hours. The two prices were read 55 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	Injective HYPE/USDC PERP	93.570	0.0205	pay 0.0026% / 1h	2m 22s	$30K	$338K	12x
Short	KuCoin HYPEUSDTM	93.451	0.0100	get 0.0050% / 4h	3h 02m	$46.4M	$18.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$22.04
Price spread: −0.127% → −0.178%: $5.06
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$29
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 7 min ago; KuCoin: live order book, 2 min ago. 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 Injective live order book, 7 min ago	36.64 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	0.43 bp	13.4 bp −$13	18.8 bp −$188	doesn't fit	doesn't fit

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	−0.1120%	1h	93.805	+0.251%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.372	−0.212%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0190%	1h	93.839	+0.287%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.580	+0.011%	$710K	$963K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.477	−0.099%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	−0.064%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0078%	1h	93.595	+0.026%	$128K	$31K	5x	as long as short
Gate HYPE_USDT	−0.0060%	4h	93.432	−0.147%	$44.3M	$60.5M	75x	as long as short
Bullet HYPE-USD	−0.0042%	1h	93.435	−0.144%	$113K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	93.434	−0.145%	$158K	$644K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0006%	4h	93.470	−0.106%	$8.9M	$36.0M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.501	−0.074%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.469	−0.108%	$27K	—	150x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.450	−0.128%	$321.2M	$279.5M	75x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.440	−0.139%	$16.3M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.513	−0.061%	$12.7M	$2.6M	50x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.339%	$213K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.449	−0.129%	$381.6M	$897.4M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.462	−0.115%	$87.7M	$83.5M	100x	as long as short
Bluefin HYPE-PERP	+0.0067%	1h	93.476	−0.100%	$76K	$170K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.477	−0.099%	$115.5M	$313.7M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.309%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.563	−0.008%	$18.8M	$60.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.557	−0.014%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.475	−0.102%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.461	−0.116%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.556	−0.015%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.096%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.523	−0.050%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.525	−0.048%	$2.04B	$669.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	−0.025%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	93.451	−0.127%	$46.4M	$18.3M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.469	−0.108%	$226.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.447	−0.131%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.594	+0.026%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	+0.211%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.311%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.820	+0.267%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.742	+0.184%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.560	−0.011%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	−0.079%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.515	−0.059%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.457	−0.121%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.346%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.432	−0.148%	$18.3M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.540	−0.032%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0205%	1h	93.570	long leg	$30K	$338K	12x
BloFin HYPE-USDT	+0.0217%	4h	93.624	+0.058%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.510	−0.064%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0246%	8h	93.839	+0.287%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.451	−0.128%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.476	−0.101%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0355%	4h	93.650	+0.085%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0552%	1h	93.568	−0.002%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0675%	1h	93.532	−0.040%	$20.9M	$29.8M	50x	as long as short