Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.022%

Price spread now: dYdX against KuCoin+0.021%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 4 days (all we have)−0.241%−$24 · spread now +0.021%, 7d avg +0.004%

Together, before fees−0.370%−$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	92.591	0.0100	pay 0.0050% / 4h	1h 01m	$45.9M	$18.3M	75x
Short	dYdX HYPE-USD	92.610	0	get 0.0000% / 1h	1m 09s	$127K	$31K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$21
Price spread: +0.021% → +0.004%: $1.73
Slippage, 4 orders: −$15.37
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$56.64
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; dYdX: live order book, 63 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, 3 min ago	1.24 bp	11.7 bp −$12	17.4 bp −$174	doesn't fit	doesn't fit
Sell dYdX live order book, 63 min ago	1.65 bp	6.7 bp −$7	25.4 bp −$254	197.4 bp −$19.7K	962.4 bp −$481.2K

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
Arcus HYPE-USD	−0.0899%	1h	92.443	−0.160%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0848%	1h	92.578	−0.014%	$194K	$227K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0129%	1h	92.560	−0.033%	$700K	$1.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.589	−0.002%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0077%	1h	92.850	+0.279%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	92.546	−0.049%	$85K	$350K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	92.526	−0.070%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0013%	1h	92.523	−0.073%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.567	−0.026%	$8.7M	$36.1M	300x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	92.610	+0.021%	$127K	$31K	5x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.573	−0.020%	$23K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.574	−0.019%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	93.003	+0.445%	$211K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0034%	4h	92.574	−0.018%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.560	−0.033%	$317.9M	$278.3M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	92.576	−0.016%	$44.5M	$56.3M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	92.609	+0.019%	$12.5M	$2.7M	50x	as long as short
Derive HYPE-PERP	+0.0068%	1h	92.520	−0.077%	$16.0M	$7.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.577	−0.015%	$113.2M	$299.9M	50x	as long as short
MEXC HYPE_USDT	+0.0082%	4h	92.576	−0.016%	$87.8M	$81.7M	100x	as long as short
Binance HYPEUSDT	+0.0082%	4h	92.563	−0.030%	$372.6M	$889.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.594	+0.004%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.583	−0.009%	$16.1M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.582	−0.010%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.558	−0.036%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.620	+0.031%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.543	−0.051%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.645	+0.058%	$2.02B	$656.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.589	−0.002%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	92.591	long leg	$45.9M	$18.3M	75x
Bitget HYPEUSDT	+0.0100%	4h	92.580	−0.012%	$224.0M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.566	−0.027%	$7.4M	$10.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.526	−0.070%	$28.6M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.675	+0.091%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.560	−0.033%	$336K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.626	+0.038%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.597	+0.006%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.590	−0.001%	$467K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.547	−0.048%	$78K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.566	−0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.567	−0.026%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.727	+0.147%	$1.4M	$6.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.810	+0.236%	$202K	$13K	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	92.791	+0.216%	$5.0M	$29.0M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.541	−0.054%	$18.2M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.558	−0.035%	$391K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.610	+0.021%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.549	−0.045%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0266%	8h	92.621	+0.032%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0322%	4h	92.558	−0.036%	$16.9M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	92.562	−0.031%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0474%	1h	92.666	+0.081%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	92.645	+0.058%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.800	+0.226%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0691%	1h	92.621	+0.032%	$20.6M	$30.1M	50x	as long as short