Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0224%/8h= −24.5% APRpaid last 24h −0.026%

Price spread now: Ondo Perps against KuCoin+0.019%7-day average −0.001% · you sell dearer than you buy

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

Long on KuCoin Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 7 days−0.073%−$7 · spread now +0.019%, 7d avg −0.001%

Together, before fees−0.202%+ Points / potential airdropOndo Perps: Active · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.020% dearer against KuCoin than usual: you sell high and buy low (spread +0.019% now, against its 7-day average of −0.001%): +$2 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.129% in total) that is about 26 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.7% 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	93.722	0.0100	pay 0.0050% / 4h	1h 52m	$46.3M	$18.8M	75x
Short	Ondo Perps HYPE-USD.P	93.740	−0.0124	pay 0.0016% / 1h	52m 05s	$707K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against KuCoin. 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 KuCoinbpFee Ondo PerpsbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$47.04
Price spread: +0.019% → −0.001%: $2.01
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$62.03
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 7 min ago; Ondo Perps: 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 KuCoin live order book, 7 min ago	1.17 bp	11.8 bp −$12	17.8 bp −$178	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.1168%	1h	93.763	+0.044%	$199K	$243K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	93.912	+0.202%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0124%	1h	93.740	+0.019%	$707K	$1.2M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.735	+0.014%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.720	−0.002%	$86K	$372K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.700	−0.023%	$149K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	93.700	−0.023%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.815	+0.099%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.710	−0.012%	$22K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.740	+0.019%	$63K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	+0.0005%	1h	93.794	+0.077%	$79K	$166K	20x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.714	−0.009%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0014%	8h	93.695	−0.029%	$316.6M	$287.4M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.872	+0.160%	$210K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.717	−0.005%	$225.8M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0064%	8h	93.747	+0.027%	$12.8M	$2.8M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.782	+0.064%	$1.0M	$4.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0087%	8h	93.795	+0.077%	$335K	$161K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	93.802	+0.085%	$348K	$1.0M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.691	−0.033%	$16.4M	$7.5M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.749	+0.029%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.724	+0.002%	$16.2M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.731	+0.010%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.697	−0.027%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.720	−0.002%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.713	−0.010%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.811	+0.095%	$2.05B	$681.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.725	+0.003%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.782	+0.064%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.711	−0.012%	$375.8M	$929.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.707	−0.016%	$115.7M	$316.5M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.703	−0.020%	$48.3M	$54.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.727	+0.005%	$89.1M	$83.2M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	93.722	long leg	$46.3M	$18.8M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.736	+0.015%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.759	+0.039%	$28.7M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.786	+0.068%	$7.6M	$47.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.770	+0.051%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.784	+0.066%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.730	+0.009%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.792	+0.075%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.717	−0.005%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.923	+0.214%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.010%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.696	−0.028%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.722	0.000%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	93.828	+0.113%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.760	+0.041%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.750	+0.030%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.702	−0.022%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.810	+0.094%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.740	+0.020%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.769	+0.050%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.791	+0.074%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.757	+0.038%	$3.2M	$6.4M	20x	as long as short