Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0319%/8h= −34.9% APRpaid last 24h −0.186%

Price spread now: Hibachi against Orderly+0.009%55s7-day average −0.076% · you sell dearer than you buy

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

Long on Orderly Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.434%−$143 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now +0.009%, 7d avg −0.076%

Together, before fees−1.505%+ Points / potential airdropHibachi: Active · farm board−$151 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.085% dearer against Orderly than usual: you sell high and buy low (spread +0.009% now, against its 7-day average of −0.076%): +$8 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−1.434% in total) that is about 10 hours. The two prices were read 55 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	Orderly PERP_HYPE_USDC	92.993	0.0023	pay 0.0011% / 4h	1h 23m	$171K	$518K	20x
Short	Hibachi HYPE/USDT-P	93.001	−0.0296	pay 0.0037% / 1h	23m 32s	$196K	$230K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HibachibpOrdersPrice spread, now +0.009%Rate

Funding earned: −$66.94
Price spread: +0.009% → −0.076%: $8.46
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$73.47
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Hibachi: live order book, 60 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 Hibachi live order book, 60 min ago	15.97 bp	29.0 bp −$29	49.0 bp −$490	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
Aftermath Perps HYPEUSD	−0.0405%	1h	93.001	+0.008%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-Pshort	−0.0296%	1h	93.001	+0.009%	$196K	$230K	7x
Ondo Perps HYPE-USD.P	−0.0134%	1h	92.940	−0.057%	$698K	$926K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.940	−0.057%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.998	+0.005%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	92.991	−0.002%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.980	−0.014%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0008%	4h	92.981	−0.012%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.011	+0.019%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.978	−0.017%	$23K	$331K	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 −0.0001%	1h	93.017	+0.026%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	92.964	−0.031%	$322.3M	$287.4M	75x	as long as short
Orderly PERP_HYPE_USDClong	+0.0023%	4h	92.993	long leg	$171K	$518K	20x
Derive HYPE-PERP	+0.0033%	1h	92.937	−0.060%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	+0.040%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.986	−0.008%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0057%	1h	92.980	−0.014%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.004	+0.012%	$90.4M	$82.1M	100x	as long as short
Binance HYPEUSDT	+0.0064%	4h	92.977	−0.017%	$380.8M	$895.5M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.043%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.015	+0.024%	$18.5M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.984	−0.010%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.975	−0.020%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.949	−0.047%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.030	+0.040%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.983	−0.011%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.034	+0.044%	$2.02B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.007	+0.015%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.976	−0.018%	$113.5M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.040%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.003	+0.011%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.988	−0.005%	$225.4M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.981	−0.013%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.005	+0.013%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.064%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	+0.016%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	+0.025%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.007	+0.015%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.021	+0.030%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.013	+0.022%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.977	−0.017%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.055	+0.067%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.999	+0.006%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.984	−0.010%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.980	−0.014%	$18.3M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.055	+0.067%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.029%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.850	−0.154%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.164	+0.184%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.965	−0.030%	$76K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0264%	4h	92.987	−0.006%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.047	+0.058%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.016	+0.025%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0341%	1h	93.089	+0.103%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.106	+0.121%	$20.8M	$29.0M	50x	as long as short