Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0264%/8h= +28.9% APRpaid last 24h +0.054%

Price spread now: Deribit against OKX+0.020%56s7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.283% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now +0.020%, 7d avg +0.065%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.044% cheaper against OKX than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.065%). If the spread goes back, that is −$4 on $10k: about 13 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.034% in total) that is about 9.1 days. 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 7 days it paid 0.034% in total (about 1.8% 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	OKX HYPE-USDT-SWAP	92.774	0.0090	pay 0.0090% / 8h	4h 15m	$113.6M	$304.0M	50x
Short	Deribit HYPE_USDC-PERPETUAL	92.793	0.0354	get 0.0044% / 1h	15m 23s	$7.5M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.020%Rate

Funding earned: $55.39
Price spread: +0.020% → +0.065%: −$4.44
Slippage, 4 orders: −$11.34
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $22.61
Costs to cover: 0.283%
Break-even: 4.1 days

Slippage from OKX: live order book, 4 min ago; Deribit: 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, 4 min ago	0.05 bp	6.0 bp −$6	7.9 bp −$79	19.2 bp −$1,923	doesn't fit
Sell Deribit live order book, 4 min ago	1.51 bp	8.5 bp −$9	13.0 bp −$130	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	92.676	−0.106%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0248%	1h	92.691	−0.089%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	92.691	−0.090%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.690	−0.091%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.738	−0.039%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.782	+0.009%	$87K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.692	−0.088%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.753	−0.023%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.761	−0.014%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0028%	8h	92.728	−0.050%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.670	−0.112%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0037%	1h	92.720	−0.059%	$110K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.753	−0.023%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.779	+0.005%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0045%	4h	92.728	−0.050%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.750	−0.026%	$316.7M	$281.3M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0090%	8h	92.774	long leg	$113.6M	$304.0M	50x
Gate HYPE_USDT	+0.0094%	4h	92.756	−0.019%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.728	−0.049%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.727	−0.051%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.727	−0.051%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.750	−0.026%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.730	−0.047%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.713	−0.066%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.783	+0.010%	$2.02B	$663.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.742	−0.034%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.751	−0.025%	$372.6M	$902.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.727	−0.051%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.735	−0.042%	$46.1M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.730	−0.047%	$224.5M	$98.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.681	−0.100%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.669	−0.113%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.760	−0.015%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.717	−0.061%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.715	−0.064%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.777	+0.003%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.749	−0.027%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.744	−0.032%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.691	−0.090%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.702	−0.078%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.704	−0.075%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.875	+0.109%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.078%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.687	−0.093%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.770	−0.004%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	92.709	−0.070%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.244%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.750	−0.026%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0236%	8h	92.830	+0.060%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.720	−0.059%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.752	−0.023%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.771	−0.003%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.733	−0.044%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0354%	1h	92.793	+0.020%	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0687%	1h	92.811	+0.040%	$3.2M	$6.4M	20x	as long as short