Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0119%/8h= +13.1% APRpaid last 24h +0.030%

Price spread now: Derive against Orderly−0.007%7-day average −0.027% · you buy dearer than you sell

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

Long on Orderly Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.147%+$15 on $10k

Price spread, last 3 days (all we have)−0.023%−$2 · spread now −0.007%, 7d avg −0.027%

Together, before fees+0.124%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Derive is 0.020% dearer against Orderly than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.270	−0.0054	get 0.0027% / 4h	2h 43m	$156K	$652K	20x
Short	Derive HYPE-PERP	93.264	0.0065	get 0.0008% / 1h	43m 21s	$16.2M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.007%Rate

Funding earned: $25.09
Price spread: −0.007% → −0.027%: $2.01
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Derive: 3 bp × 2 orders: −$6
Net: $15.1
Costs to cover: 0.120%
Break-even: 2.8 days

Slippage unknown: Orderly: no order-book sample; Derive: 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 Orderly no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Orderly and Derive: 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	−0.1008%	1h	93.199	−0.076%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.199	−0.076%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0163%	1h	93.341	+0.076%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	93.340	+0.075%	$698K	$979K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0106%	1h	93.338	+0.073%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.366	+0.103%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.343	+0.078%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	93.339	+0.074%	$44.2M	$54.0M	75x	as long as short
Phemex HYPEUSDT	−0.0068%	8h	93.331	+0.065%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDClong	−0.0054%	4h	93.270	long leg	$156K	$652K	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0034%	4h	93.335	+0.070%	$8.9M	$36.3M	300x	as long as short
Bluefin HYPE-PERP	−0.0010%	1h	93.301	+0.033%	$79K	$173K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.413	+0.153%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.352	+0.088%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.341	+0.076%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.256	−0.015%	$318.8M	$283.5M	75x	as long as short
BingX HYPE-USDT	+0.0018%	4h	93.330	+0.064%	—	$54.2M	—	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.350	+0.086%	$88.1M	$82.4M	100x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.343	+0.078%	$111K	$579K	20x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.290	+0.021%	$379.6M	$905.3M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.354	+0.090%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.266	−0.004%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	93.229	−0.044%	$114.9M	$314.8M	50x	as long as short
Derive HYPE-PERPshort	+0.0065%	1h	93.264	−0.007%	$16.2M	$7.6M	10x
Aevo HYPE-PERP	+0.0088%	1h	93.269	−0.001%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.316	+0.049%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.307	+0.040%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.357	+0.093%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.426	+0.167%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	+0.118%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.356	+0.093%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.427	+0.168%	$2.04B	$675.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.375	+0.113%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.143%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.353	+0.089%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.314	+0.047%	$225.8M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	−0.032%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	−0.059%	$7.5M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	+0.119%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.321	+0.055%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.370	+0.107%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.360	+0.096%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.364	+0.101%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.281	+0.012%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.262	−0.008%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.400	+0.139%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.330	+0.064%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.147%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.380	+0.118%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0245%	4h	93.499	+0.246%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.334	+0.069%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	93.416	+0.157%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.358	+0.094%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0479%	1h	93.399	+0.138%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.362	+0.098%	$20.8M	$30.0M	50x	as long as short