Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.016%

Price spread now: Bybit against Ondo Perps+0.226%47s7-day average −0.027% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 7 days+0.253%+$25 · spread now +0.226%, 7d avg −0.027%

Together, before fees+0.328%+ Points / potential airdropOndo Perps: Active · farm board+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bybit is 0.253% dearer against Ondo Perps than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of −0.027%. The two prices were read 47 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 0.074% in total (about 3.9% 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	Ondo Perps HYPE-USD.P	94.190	−0.0218	get 0.0027% / 1h	18m 50s	$710K	$1.2M	10x
Short	Bybit HYPEUSDT	94.403	−0.0019	pay 0.0019% / 8h	18m 50s	$317.3M	$289.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.226%Rate

Funding earned: $41.91
Price spread: +0.226% → −0.027%: $25.27
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $51.19
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 5 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.53 bp	6.9 bp −$7	8.1 bp −$81	15.8 bp −$1,584	34.4 bp −$17.2K

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1712%	1h	94.057	−0.141%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0406%	1h	94.325	+0.143%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0218%	1h	94.190	long leg	$710K	$1.2M	10x
Bullet HYPE-USD	−0.0214%	1h	94.332	+0.150%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.196	+0.006%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.369	+0.190%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.153	−0.039%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.351	+0.171%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.300	+0.117%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0040%	1h	94.351	+0.171%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.413	+0.237%	—	$52.9M	—	as long as short
Bybit HYPEUSDTshort	−0.0019%	8h	94.403	+0.226%	$317.3M	$289.3M	75x
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.327	+0.145%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.225	+0.037%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.348	+0.168%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.078%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.314	+0.131%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.364	+0.185%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0002%	1h	94.348	+0.168%	$497K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.408	+0.231%	$226.8M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.319	+0.137%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0039%	1h	94.350	+0.170%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.344	+0.163%	$12.9M	$2.9M	50x	as long as short
SoDEX HYPE-USD	+0.0043%	1h	94.355	+0.175%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.180%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.430	+0.255%	$117.8M	$325.3M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.403	+0.226%	$50.2M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.209%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.376	+0.197%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.325	+0.143%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	+0.096%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.275	+0.091%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.469	+0.296%	$2.08B	$687.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.416	+0.240%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.313	+0.131%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.424	+0.248%	$378.6M	$934.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	+0.124%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.424	+0.248%	$89.0M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.392	+0.214%	$46.9M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.378	+0.200%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.118%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	−0.103%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.172%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.103%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.341	+0.160%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.329%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.399	+0.222%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.309	+0.126%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.411	+0.235%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.584%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0195%	1h	94.434	+0.259%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.387	+0.209%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.344	+0.163%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.311	+0.128%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.362	+0.183%	$17.2M	$12.4M	75x	as long as short