Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0027%/8h= +3.0% APRpaid last 24h +0.076%

Price spread now: Hyperliquid against OKX+0.083%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 7 days−0.097%−$10 · spread now +0.083%, 7d avg +0.022%

Together, before fees+0.033%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 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 Hyperliquid is 0.061% dearer against OKX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.865	0.0073	pay 0.0073% / 8h	7h 07m	$116.0M	$314.9M	50x
Short	Hyperliquid HYPE	93.943	0.0100	get 0.0013% / 1h	7m 56s	$2.05B	$668.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.083%Rate

Funding earned: $5.74
Price spread: +0.083% → +0.022%: $6.08
Slippage, 4 orders: −$2.12
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9.31
Costs to cover: 0.211%
Break-even: 18.4 days

Slippage from OKX: live order book, 1 min ago; Hyperliquid: live order book, 6 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, 1 min ago	0.05 bp	6.1 bp −$6	8.0 bp −$80	18.6 bp −$1,858	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.05 bp	4.6 bp −$5	5.7 bp −$57	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	−0.1152%	1h	93.929	+0.068%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.778	−0.093%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0208%	1h	93.964	+0.105%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	93.860	−0.005%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0087%	1h	93.911	+0.049%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.900	+0.037%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.953	+0.094%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.922	+0.061%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0047%	1h	93.896	+0.033%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0031%	4h	93.868	+0.003%	$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	−0.0020%	4h	93.859	−0.006%	$44.4M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.935	+0.075%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.921	+0.060%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.878	+0.014%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0015%	1h	93.844	−0.022%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.857	−0.009%	$323.1M	$279.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.219%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.875	+0.011%	$88.3M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.875	+0.011%	$383.2M	$894.0M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.937	+0.077%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0073%	8h	93.865	long leg	$116.0M	$314.9M	50x
Bluefin HYPE-PERP	+0.0095%	1h	93.845	−0.021%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.907	+0.045%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.908	+0.046%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.896	+0.033%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.874	+0.009%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.928	+0.068%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	+0.027%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.891	+0.027%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.943	+0.083%	$2.05B	$668.4M	10x
Pacifica HYPE	+0.0100%	1h	93.912	+0.050%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.359%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.912	+0.050%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.888	+0.025%	$227.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.868	+0.003%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.807	−0.062%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	+0.058%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.200%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.946	+0.086%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.033	+0.179%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.947	+0.087%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.931	+0.070%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.936	+0.076%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.892	+0.029%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.850	−0.016%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	+0.037%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.666%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	94.058	+0.206%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.927	+0.066%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0241%	8h	93.988	+0.131%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.904	+0.042%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.913	+0.051%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.100	+0.250%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0463%	1h	93.987	+0.130%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.973	+0.115%	$21.0M	$29.8M	50x	as long as short