Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0119%/8h= −13.1% APRpaid last 24h +0.016%

Price spread now: Bullet against OKX−0.094%7-day average +0.044% · 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−$39as in the Price arb table

costs, in and out, $10k−$250.254% of the position

Long on OKX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 3 days (all we have)+0.306%+$31 · spread now −0.094%, 7d avg +0.044%

Together, before fees+0.318%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bullet is 0.139% cheaper against OKX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.905	0.0071	pay 0.0071% / 8h	7h 04m	$116.1M	$314.7M	50x
Short	Bullet HYPE-USD	93.816	−0.0048	pay 0.0006% / 1h	4m 33s	$113K	$580K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against OKX. 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 OKXbpFee BulletbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$25.06
Price spread: −0.094% → +0.044%: −$13.89
Slippage, 4 orders: −$7.36
Fee OKX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$64.31
Costs to cover: 0.254%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Bullet: live order book, 5 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 OKX live order book, 5 min ago	0.05 bp	6.1 bp −$6	8.0 bp −$80	18.6 bp −$1,858	doesn't fit
Sell Bullet live order book, 5 min ago	0.64 bp	7.2 bp −$7	10.6 bp −$106	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	−0.1112%	1h	93.814	−0.097%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.785	−0.128%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0198%	1h	93.898	−0.008%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0090%	1h	93.810	−0.101%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0081%	1h	93.953	+0.051%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.884	−0.022%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.912	+0.007%	$3K	$331	25x	as long as short
Bullet HYPE-USDshort	−0.0048%	1h	93.816	−0.094%	$113K	$580K	20x
Phemex HYPEUSDT	−0.0047%	8h	93.811	−0.100%	$12.8M	$2.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.790	−0.122%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0014%	4h	93.879	−0.028%	$44.5M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.839	−0.070%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.852	−0.056%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.892	−0.014%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.775	−0.138%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.900	−0.005%	$323.0M	$278.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.149%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.905	0.000%	$88.4M	$83.4M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.903	−0.002%	$383.4M	$893.3M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0071%	8h	93.905	long leg	$116.1M	$314.7M	50x
edgeX HYPEUSDC	+0.0074%	4h	93.859	−0.049%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0077%	1h	93.786	−0.127%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.930	+0.027%	$18.9M	$60.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.957	+0.055%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.881	−0.026%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.805	−0.106%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.983	+0.083%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.900	−0.005%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.843	−0.067%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.979	+0.079%	$2.05B	$668.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.935	+0.032%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.938	+0.035%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.900	−0.005%	$227.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.904	−0.001%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.767	−0.147%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.146%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.100%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.122%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.866	−0.042%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.869	−0.038%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.861	−0.047%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.881	−0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.802	−0.110%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	−0.012%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.859	−0.049%	$18.4M	$45.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.870	−0.037%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.154%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0216%	4h	93.818	−0.093%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.933	+0.029%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0245%	8h	93.899	−0.006%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.820	−0.091%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.843	−0.066%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.000	+0.101%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0400%	1h	93.903	−0.002%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0673%	1h	93.890	−0.016%	$20.9M	$29.7M	50x	as long as short