Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.010%

Price spread now: Variational Omni against Nado+0.318%7-day average −0.033% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 7 days−0.359%−$36 · spread now +0.318%, 7d avg −0.033%

Together, before fees−0.338%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.351% dearer against Nado than usual: you sell high and buy low, +$35 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	94.320	0.0100	pay 0.0012% / 1h	30m 53s	$7.2M	$51.7M	10x
Short	Variational Omni HYPE	94.619	0.0100	get 0.0100% / 8h	7h 30m	$30.0M	$56.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now +0.318%Rate

Funding earned: $0
Price spread: +0.318% → −0.033%: $35.06
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $28.06
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Nado: live order book, 3 min ago; Variational Omni: RFQ quote, 3 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 Nado live order book, 3 min ago	0.05 bp	3.6 bp −$4	7.3 bp −$73	35.5 bp −$3,550	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.42 bp	doesn't fit	7.2 bp −$72	21.6 bp −$2,161	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	−0.0824%	1h	94.246	−0.078%	$210K	$271K	7x	as long as short
Bluefin HYPE-PERP	−0.0615%	1h	94.289	−0.032%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0292%	1h	94.545	+0.240%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0258%	1h	94.287	−0.034%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0189%	1h	94.280	−0.042%	$701K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0120%	4h	94.277	−0.045%	$51.4M	$55.2M	75x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.304	−0.016%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.378	+0.062%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.175	−0.153%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0048%	8h	94.260	−0.063%	$317.5M	$294.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.310	−0.010%	$18.8M	$35.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.274	−0.048%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.222	−0.103%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.384	+0.068%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.348	+0.031%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.344	+0.026%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	−0.032%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.234	−0.090%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.330	+0.011%	$4.7M	$6.0M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.277	−0.045%	$226.7M	$98.6M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.378	+0.062%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0043%	8h	94.240	−0.084%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0047%	8h	94.274	−0.048%	$117.6M	$327.5M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	94.263	−0.060%	$7.5M	$10.4M	20x	as long as short
SoDEX HYPE-USD	+0.0059%	1h	94.305	−0.015%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	+0.043%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.318	−0.001%	$16.2M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.318	−0.002%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.368	+0.051%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.300	−0.021%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	94.320	long leg	$7.2M	$51.7M	10x
Hyperliquid HYPE	+0.0100%	1h	94.375	+0.059%	$2.07B	$688.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.256	−0.067%	$9.5M	$38.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.269	−0.054%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.293	−0.028%	$379.7M	$937.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.259%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.273	−0.049%	$92.8M	$86.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.268	−0.055%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.273	−0.049%	—	$53.6M	—	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.619	+0.318%	$30.0M	$56.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.343%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	−0.028%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	−0.027%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.418	+0.104%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.380	+0.064%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.469	+0.159%	$1.4M	$6.9M	75x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	94.326	+0.007%	$12.9M	$2.9M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.249	−0.074%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.411	+0.097%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.361	+0.044%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.902%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.305	−0.015%	$85K	$104K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0312%	1h	94.412	+0.098%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.360	+0.043%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.295	−0.026%	$17.2M	$12.5M	75x	as long as short