Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0109%/8h= +12.0% APRpaid last 24h +0.050%

Price spread now: Bulk against Orderly+0.184%7-day average +0.049% · you sell dearer than you buy

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

Long on Orderly Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.228%−$23 · spread now +0.184%, 7d avg +0.049%

Together, before fees−0.157%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bulk is 0.135% dearer against Orderly than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	94.067	−0.0010	get 0.0005% / 4h	21m 20s	$146K	$684K	20x
Short	Bulk HYPE-USD	94.240	0.0100	get 0.0013% / 1h	21m 20s	$218K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.184%Rate

Funding earned: $23
Price spread: +0.184% → +0.049%: $13.47
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $23.47
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Bulk: live order book, 18 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 Bulk live order book, 18 min ago	0.53 bp	4.7 bp −$5	6.5 bp −$65	11.9 bp −$1,188	23.4 bp −$11.7K

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	−0.1720%	1h	94.026	−0.043%	$201K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0415%	1h	94.057	−0.011%	$79K	$152K	20x	as long as short
Bullet HYPE-USD	−0.0237%	1h	94.031	−0.038%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0226%	1h	93.910	−0.167%	$710K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0140%	1h	94.146	+0.084%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.067	0.000%	$87K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.016	−0.054%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.110%	$16.4M	$7.5M	10x	as long as short
Lighter HYPE	−0.0048%	1h	94.071	+0.004%	$16.3M	$64.5M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.032	−0.037%	$1.0M	$3.6M	10x	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	94.102	+0.037%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.068	+0.001%	$316.2M	$289.2M	75x	as long as short
Orderly PERP_HYPE_USDClong	−0.0010%	4h	94.067	long leg	$146K	$684K	20x
Polymarket Perps HYPE-USD	−0.0008%	1h	94.114	+0.050%	$496K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.061	−0.007%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.151	+0.089%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.175%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.072	+0.006%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.128	+0.065%	$124K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0028%	8h	94.060	−0.008%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.083	+0.017%	$226.0M	$100.0M	75x	as long as short
SoDEX HYPE-USD	+0.0034%	1h	94.062	−0.005%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.131	+0.068%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	94.077	+0.011%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.010	−0.061%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.080	+0.014%	$117.2M	$323.5M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.103	+0.038%	$49.9M	$56.7M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.079%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.086	+0.020%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.044	−0.024%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.030	−0.039%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.053	−0.014%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.186	+0.127%	$2.07B	$687.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.074	+0.008%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.087	+0.021%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.107	+0.042%	$376.9M	$933.6M	75x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	94.240	+0.184%	$218K	$12K	10x
MEXC HYPE_USDT	+0.0100%	4h	94.102	+0.037%	$88.3M	$83.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.050	−0.018%	$46.7M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.988	−0.084%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.108	+0.043%	$29.5M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	+0.058%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.041%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.060	−0.007%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.101	+0.036%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.238	+0.182%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.051	−0.017%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.085	+0.019%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.153	+0.092%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.715%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0196%	1h	94.179	+0.119%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.124	+0.061%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.086	+0.021%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.073	+0.007%	$84K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	+0.029%	$17.1M	$12.3M	75x	as long as short