Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0194%/8h= −21.3% APRpaid last 24h −0.009%

Price spread now: Bullet against KuCoin−0.026%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$300.300% of the position

Long on KuCoin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+1.190%+$119 · spread now −0.026%, 7d avg +0.025%

Together, before fees+1.176%+$118 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bullet is 0.051% cheaper against KuCoin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.025%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.013% in total (about -1.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	94.443	0.0100	pay 0.0050% / 4h	51m 26s	$47.1M	$18.6M	75x
Short	Bullet HYPE-USD	94.418	−0.0094	pay 0.0012% / 1h	51m 26s	$112K	$575K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against KuCoin. 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 KuCoinbpFee BulletbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$40.81
Price spread: −0.026% → +0.025%: −$5.1
Slippage, 4 orders: −$9.99
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$75.9
Costs to cover: 0.300%
Break-even: never at this rate

Slippage from KuCoin: live order book, 8 min ago; Bullet: live order book, 53 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 KuCoin live order book, 8 min ago	0.11 bp	7.5 bp −$8	15.9 bp −$159	doesn't fit	doesn't fit
Sell Bullet live order book, 53 min ago	0.43 bp	8.3 bp −$8	13.3 bp −$133	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	−0.1144%	1h	94.247	−0.207%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0344%	1h	94.366	−0.082%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0195%	1h	94.270	−0.183%	$711K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	94.322	−0.129%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.439	−0.004%	$87K	$366K	20x	as long as short
Bullet HYPE-USDshort	−0.0094%	1h	94.418	−0.026%	$112K	$575K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	94.298	−0.154%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.421	−0.023%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0040%	1h	94.307	−0.145%	$16.4M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0014%	8h	94.369	−0.078%	$317.6M	$289.5M	75x	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	94.397	−0.049%	—	$53.5M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	94.369	−0.078%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.425	−0.020%	$129K	$60K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.417	−0.028%	$1.8M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.351	−0.097%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.427	−0.017%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.425	−0.019%	$117K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.388	−0.058%	$227.0M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	94.374	−0.073%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.489	+0.049%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	−0.088%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0087%	8h	94.370	−0.077%	$117.7M	$324.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.436	−0.007%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.441	−0.002%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.434	−0.010%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.430	−0.014%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.421	−0.023%	$6.6M	$51.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.531	+0.093%	$2.08B	$688.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.437	−0.006%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.469	+0.028%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.449	+0.007%	$378.0M	$933.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.400%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.403	−0.042%	$49.5M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.439	−0.004%	$91.1M	$82.1M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	94.443	long leg	$47.1M	$18.6M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.364	−0.084%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.098	−0.366%	$29.2M	$55.2M	—	as long as short
edgeX HYPEUSDC	+0.0100%	4h	94.238	−0.217%	$5.0M	$30.7M	30x	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.258	−0.196%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.249	−0.205%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.324	−0.126%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.487	+0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.462	+0.020%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.405	−0.040%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.394	−0.052%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.060%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.409	−0.036%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.374	−0.073%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.395	−0.050%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0174%	1h	94.460	+0.018%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.240	−0.215%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.447	+0.004%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.457	+0.014%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.404	−0.042%	$83K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.219	−0.237%	$17.0M	$12.4M	75x	as long as short