Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h +0.060%

Price spread now: Bluefin against Orderly+0.001%7-day average 0.000% · you sell dearer than you buy

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

Long on Orderly Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.001%, 7d avg 0.000%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	92.353	−0.0070	get 0.0035% / 4h	40m 06s	$157K	$663K	20x
Short	Bluefin HYPE-PERP	92.354	0.0100	get 0.0013% / 1h	40m 06s	$78K	$169K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Orderly. 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 OrderlybpFee BluefinbpOrdersPrice spread, now +0.001%Rate

Funding earned: $35.64
Price spread: +0.001% → 0.000%: $0.06
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $22.71
Costs to cover: 0.130%
Break-even: 2.5 days

Slippage unknown: Orderly: no order-book sample; Bluefin: live order book, 19 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 Orderly no order-book sample	—	—	—	—	—
Sell Bluefin live order book, 19 min ago	4.21 bp	14.9 bp −$15	doesn't fit	doesn't fit	doesn't fit

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
Arcus HYPE-USD	−0.0948%	1h	92.261	−0.100%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0472%	1h	92.299	−0.059%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0170%	1h	92.346	−0.008%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.420	+0.073%	$85K	$355K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.408	+0.060%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0070%	4h	92.353	long leg	$157K	$663K	20x
Bullet HYPE-USD	−0.0054%	1h	92.361	+0.009%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	92.397	+0.048%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.401	+0.052%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.400	+0.051%	$22K	$310K	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	92.387	+0.037%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0010%	1h	92.340	−0.014%	$695K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.359	+0.006%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.246	−0.116%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0052%	8h	92.350	−0.003%	$315.8M	$281.3M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	92.392	+0.042%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.357	+0.004%	$44.3M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	92.348	−0.005%	$113.0M	$302.2M	50x	as long as short
MEXC HYPE_USDT	+0.0080%	4h	92.362	+0.010%	$87.1M	$80.5M	100x	as long as short
Binance HYPEUSDT	+0.0081%	4h	92.363	+0.011%	$370.2M	$900.5M	75x	as long as short
Derive HYPE-PERP	+0.0084%	1h	92.342	−0.012%	$16.0M	$7.5M	10x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.287	−0.071%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.430	+0.084%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.381	+0.030%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.389	+0.039%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.412	+0.064%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.380	+0.029%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.385	+0.035%	$6.7M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.410	+0.062%	$2.01B	$666.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.408	+0.059%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.117%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.388	+0.038%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.348	−0.005%	$224.0M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.360	+0.008%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.103%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.209	−0.156%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.186	−0.181%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.275	−0.084%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.404	+0.055%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.390	+0.040%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	92.354	+0.001%	$78K	$169K	20x
SunX HYPE-USDT	+0.0100%	4h	92.408	+0.060%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.368	+0.016%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.515	+0.175%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.367	+0.015%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.371	+0.019%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.701%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.420	+0.073%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0255%	8h	92.401	+0.052%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.369	+0.017%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0321%	4h	92.305	−0.052%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.374	+0.022%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.439	+0.093%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0453%	1h	92.470	+0.127%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.482	+0.139%	$3.1M	$6.4M	20x	as long as short