Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0105%/8h= +11.5% APRpaid last 24h −0.016%

Price spread now: Orderly against Ondo Perps+0.069%77s7-day average +0.073% · you sell dearer than you buy

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

Long on Ondo Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now +0.069%, 7d avg +0.073%

Together, before fees+0.006%+ Points / potential airdropOndo Perps: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.073%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	93.570	−0.0125	get 0.0016% / 1h	45m 02s	$705K	$1.2M	10x
Short	Orderly PERP_HYPE_USDC	93.635	−0.0020	pay 0.0010% / 4h	1h 45m	$145K	$685K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Ondo Perps. 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 Ondo PerpsbpFee OrderlybpOrdersPrice spread, now +0.069%Rate

Funding earned: $21.97
Price spread: +0.069% → +0.073%: −$0.4
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $10.57
Costs to cover: 0.110%
Break-even: 3.6 days

Slippage unknown: Ondo Perps: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Ondo Perps and Orderly: 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	−0.1088%	1h	93.517	−0.057%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0220%	1h	93.739	+0.180%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0125%	1h	93.570	long leg	$705K	$1.2M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.575	+0.005%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0069%	1h	93.684	+0.122%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.558	−0.013%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0044%	1h	93.652	+0.088%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0020%	4h	93.635	+0.069%	$145K	$685K	20x
dYdX HYPE-USD	0.0000%	1h	93.608	+0.041%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.631	+0.065%	$20K	$290K	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	93.706	+0.145%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.664	+0.100%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0007%	8h	93.611	+0.044%	$316.2M	$288.5M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	+0.090%	$209K	$1.1M	10x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.623	+0.056%	$16.3M	$7.4M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.672	+0.109%	$225.7M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0079%	8h	93.689	+0.127%	$12.8M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0081%	8h	93.579	+0.010%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.520	−0.053%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	93.627	+0.061%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.672	+0.109%	$16.2M	$63.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.684	+0.122%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.591	+0.022%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.550	−0.021%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.639	+0.073%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.753	+0.196%	$2.05B	$683.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.624	+0.058%	$8.8M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.584	+0.015%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.634	+0.068%	$375.2M	$931.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.614	+0.047%	$115.7M	$316.3M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.639	+0.074%	$48.3M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.669	+0.106%	$90.1M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.680	+0.118%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.685	+0.123%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.579	+0.009%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.664	+0.100%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.636	+0.071%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.613	+0.046%	$678K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.672	+0.109%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.657	+0.093%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.743	+0.185%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.680	+0.118%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.802	+0.248%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.172%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0102%	8h	93.683	+0.121%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.660	+0.096%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.681	+0.118%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.710	+0.150%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.520	−0.053%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.643	+0.078%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.706	+0.145%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.686	+0.124%	$17.0M	$12.2M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0390%	1h	93.775	+0.219%	$7.4M	$4.2M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.763	+0.207%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.595	+0.026%	$3.2M	$6.4M	20x	as long as short