Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.024%

Price spread now: Coinbase International against OKX+0.250%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$3 on $10k

Price spread, last 4 days (all we have)−0.294%−$29 · spread now +0.250%, 7d avg −0.005%

Together, before fees−0.328%−$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Coinbase International is 0.255% dearer against OKX than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.586	0.0100	pay 0.0100% / 8h	1h 49m	$115.7M	$315.9M	50x
Short	Coinbase International HYPE-PERP-INTX	93.820	0.0120	get 0.0015% / 1h	49m 30s	$4.7M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.250%Rate

Funding earned: $4.2
Price spread: +0.250% → −0.005%: $25.51
Slippage, 4 orders: −$7.88
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $1.82
Costs to cover: 0.279%
Break-even: 4.0 days

Slippage from OKX: live order book, 5 min ago; Coinbase International: live order book, 4 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	5.7 bp −$6	9.4 bp −$94	20.5 bp −$2,049	doesn't fit
Sell Coinbase International live order book, 4 min ago	2.66 bp	8.7 bp −$9	14.8 bp −$148	34.5 bp −$3,448	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	−0.1160%	1h	93.719	+0.142%	$199K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	93.860	+0.293%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	93.760	+0.186%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.712	+0.135%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.687	+0.108%	$86K	$372K	20x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.791	+0.219%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.755	+0.181%	$149K	$681K	20x	as long as short
Bluefin HYPE-PERP	−0.0015%	1h	93.786	+0.214%	$79K	$156K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.743	+0.168%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.784	+0.211%	$22K	$285K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.823	+0.254%	$63K	—	150x	as long as short
Bybit HYPEUSDT	+0.0010%	8h	93.580	−0.006%	$316.2M	$287.9M	75x	as long as short
BingX HYPE-USDT	+0.0010%	4h	93.666	+0.085%	—	$53.9M	—	as long as short
Phoenix HYPE	+0.0017%	1h	93.780	+0.207%	$210K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.683	+0.104%	$225.7M	$99.6M	75x	as long as short
Phemex HYPEUSDT	+0.0066%	8h	93.811	+0.240%	$12.8M	$2.8M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0074%	1h	93.801	+0.230%	$348K	$1.0M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.754	+0.180%	$1.0M	$4.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0085%	8h	93.690	+0.112%	$335K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	93.758	+0.184%	$5.0M	$30.5M	30x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.753	+0.179%	$16.4M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.673	+0.093%	$16.2M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.676	+0.096%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.670	+0.090%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.680	+0.100%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.698	+0.120%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.792	+0.220%	$2.05B	$681.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.694	+0.115%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.697	+0.119%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.656	+0.075%	$375.3M	$930.1M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.586	long leg	$115.7M	$315.9M	50x
Gate HYPE_USDT	+0.0100%	4h	93.665	+0.084%	$48.4M	$54.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.668	+0.088%	$88.9M	$83.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.662	+0.081%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.788	+0.216%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	+0.089%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.150%	$7.6M	$48.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.812	+0.241%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.831	+0.262%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.814	+0.244%	$471K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.858	+0.291%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.794	+0.222%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.920	+0.357%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.155%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.643	+0.061%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.795	+0.223%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.858	+0.291%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0120%	1h	93.820	+0.250%	$4.7M	$6.1M	50x
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+1.094%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.780	+0.207%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0294%	1h	93.888	+0.323%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.813	+0.243%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.701	+0.123%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.854	+0.286%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.716	+0.139%	$3.2M	$6.4M	20x	as long as short