Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0118%/8h= +12.9% APRpaid last 24h +0.086%

Price spread now: Hyperliquid against Orderly+0.107%7-day average +0.058% · you sell dearer than you buy

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

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.239%+$24 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.107%, 7d avg +0.058%

Together, before fees+0.141%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 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 Hyperliquid is 0.049% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	94.107	−0.0018	get 0.0009% / 4h	2h 15m	$147K	$678K	20x
Short	Hyperliquid HYPE	94.208	0.0100	get 0.0013% / 1h	15m 59s	$2.06B	$674.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.107%Rate

Funding earned: $24.68
Price spread: +0.107% → +0.058%: $4.91
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $14.59
Costs to cover: 0.150%
Break-even: 2.9 days

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 8 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 Hyperliquid live order book, 8 min ago	0.11 bp	4.8 bp −$5	6.6 bp −$66	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
Hibachi HYPE/USDT-P	−0.1344%	1h	94.079	−0.030%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0409%	1h	93.796	−0.330%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.130	+0.024%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0026%	1h	94.146	+0.041%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0018%	4h	94.107	long leg	$147K	$678K	20x
dYdX HYPE-USD	0.0000%	1h	94.183	+0.081%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.178	+0.075%	$87K	$371K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.160	+0.056%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.160	+0.056%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.129	+0.023%	$1.0M	$3.9M	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	94.066	−0.044%	$226.8M	$99.4M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.060	−0.050%	$319.2M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	94.153	+0.049%	$12.8M	$2.8M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.071%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0058%	1h	94.070	−0.039%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.511%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.178	+0.075%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.132	+0.026%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.136	+0.031%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.161	+0.057%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	+0.024%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.119	+0.013%	$7.3M	$48.9M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	94.208	+0.107%	$2.06B	$674.8M	10x
Aster HYPEUSDT	+0.0100%	4h	94.111	+0.005%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.183	+0.081%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.092	−0.016%	$377.7M	$919.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.070	−0.039%	$116.2M	$314.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.796%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.127	+0.021%	$48.0M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.076	−0.033%	$90.5M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.085	−0.023%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.075	−0.034%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.162	+0.058%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.434%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.136%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.939	−0.179%	$345K	$993K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	+0.057%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.213	+0.113%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.173	+0.070%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.135	+0.030%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.114	+0.007%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	+0.116%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.128	+0.022%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.282	+0.186%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.065	−0.045%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.137	+0.032%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	94.194	+0.092%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.216%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.150	+0.046%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0207%	1h	94.198	+0.097%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.141	+0.036%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.154	+0.050%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.206	+0.105%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.137	+0.032%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.226	+0.127%	$3.2M	$6.3M	20x	as long as short