Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h −0.024%

Price spread now: 01 Exchange against KuCoin−0.059%56s7-day average +0.031% · 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—prices read too far apart to compare

costs, in and out, $10k−$330.333% of the position

Long on KuCoin Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.059%, 7d avg +0.031%

Together, before fees+0.032%+$3 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 01 Exchange is 0.089% cheaper against KuCoin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.031%). Swap the legs. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.032% in total (about -3.3% 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	92.251	0.0100	pay 0.0050% / 4h	35m 42s	$45.8M	$18.3M	75x
Short	01 Exchange HYPEUSD	92.197	−0.0096	pay 0.0012% / 1h	35m 42s	$86K	$357K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.059%Rate

Funding earned: −$41.16
Price spread: −0.059% → +0.031%: −$8.91
Slippage, 4 orders: −$14.28
Fee KuCoin: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$83.36
Costs to cover: 0.333%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; 01 Exchange: live order book, 23 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	0.32 bp	9.3 bp −$9	14.8 bp −$148	doesn't fit	doesn't fit
Sell 01 Exchange live order book, 23 min ago	0.05 bp	7.1 bp −$7	11.1 bp −$111	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
Arcus HYPE-USD	−0.0948%	1h	92.234	−0.018%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0384%	1h	92.274	+0.025%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0151%	1h	92.318	+0.072%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSDshort	−0.0096%	1h	92.197	−0.059%	$86K	$357K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	92.212	−0.042%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.133	−0.128%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0041%	1h	92.169	−0.089%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0023%	1h	92.160	−0.099%	$693K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.261	+0.011%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.216	−0.038%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0001%	4h	92.232	−0.021%	$8.7M	$36.3M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.181	−0.076%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0034%	4h	92.290	+0.042%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.379	+0.139%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0057%	8h	92.280	+0.031%	$315.5M	$281.6M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.250	−0.001%	$44.3M	$55.0M	75x	as long as short
Phemex HYPEUSDT	+0.0071%	8h	92.187	−0.069%	$12.4M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.281	+0.033%	$112.9M	$302.3M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	92.333	+0.089%	$4.9M	$29.5M	30x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.300	+0.053%	$87.2M	$80.6M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.260	+0.010%	$369.8M	$902.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.301	+0.054%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.251	0.000%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.256	+0.005%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.168	−0.090%	$68K	$1.2M	50x	as long as short
Derive HYPE-PERP	+0.0097%	1h	92.134	−0.127%	$16.0M	$7.5M	10x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.250	−0.001%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.168	−0.089%	$6.8M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.284	+0.036%	$2.01B	$665.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.291	+0.043%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.006%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	92.251	long leg	$45.8M	$18.3M	75x
Bitget HYPEUSDT	+0.0100%	4h	92.304	+0.057%	$223.9M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.185	−0.072%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.139	−0.122%	$28.2M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.315	+0.069%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.378	+0.138%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.239	−0.013%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.235	−0.017%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.182	−0.075%	$474K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.142	−0.118%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.215	−0.039%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.150	−0.109%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.300	+0.053%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.247	−0.004%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.150	−0.110%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.230	−0.023%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.240	−0.012%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0251%	8h	92.200	−0.055%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.161	−0.098%	$79K	$137K	15x	as long as short
BloFin HYPE-USDT	+0.0324%	4h	92.213	−0.041%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.171	−0.086%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.205	−0.050%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	92.252	+0.001%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.344	+0.100%	$3.1M	$6.4M	20x	as long as short