Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.048%

Price spread now: Coinbase International against Orderly−0.018%7-day average −0.016% · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.018%, 7d avg −0.016%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, 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	93.227	−0.0022	get 0.0011% / 4h	2h 30m	$146K	$662K	20x
Short	Coinbase International HYPE-PERP-INTX	93.210	0.0144	get 0.0018% / 1h	30m 07s	$4.6M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.018%Rate

Funding earned: $34.96
Price spread: −0.018% → −0.016%: −$0.24
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $18.72
Costs to cover: 0.160%
Break-even: 3.3 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 4 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 Coinbase International live order book, 4 min ago	3.76 bp	9.5 bp −$10	13.1 bp −$131	32.1 bp −$3,209	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
Hibachi HYPE/USDT-P	−0.1568%	1h	93.135	−0.099%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0361%	1h	93.251	+0.026%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.195	−0.034%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	93.242	+0.016%	$110K	$578K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0022%	4h	93.227	long leg	$146K	$662K	20x
01 Exchange HYPEUSD	−0.0016%	1h	93.261	+0.036%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.219	−0.008%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.204	−0.025%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.258	+0.033%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.184	−0.046%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	93.294	+0.072%	$225.4M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.270	+0.046%	$316.8M	$282.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0026%	1h	93.170	−0.061%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.263	+0.039%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.297	+0.075%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.055%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.231	+0.005%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.294	+0.072%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.286	+0.063%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.232	+0.005%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.170	−0.061%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.228	+0.001%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.330	+0.110%	$2.03B	$669.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.283	+0.060%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.231	+0.004%	$10.0M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.296	+0.074%	$373.8M	$912.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.283	+0.060%	$114.4M	$309.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	+0.003%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.299	+0.077%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.297	+0.075%	$91.0M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.278	+0.055%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.296	+0.074%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.324	+0.104%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.103%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.218	−0.010%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.067%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.217	−0.011%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.286	+0.063%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.252	+0.027%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.240	+0.014%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.233	+0.007%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.204	−0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.275	+0.051%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.341	+0.122%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.229	+0.002%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.278	+0.055%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.313	+0.092%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.120	−0.115%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0144%	1h	93.210	−0.018%	$4.6M	$5.8M	50x
Reya HYPERUSDPERP	+0.0269%	1h	93.231	+0.004%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.258	+0.033%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.160	−0.072%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.323	+0.103%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0511%	1h	93.361	+0.144%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.276	+0.052%	$3.2M	$6.3M	20x	as long as short