Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.023%

Price spread now: Perpl against Orderly−0.035%7-day average +0.005% · you buy dearer than you sell

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

Long on Orderly Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.035%, 7d avg +0.005%

Together, before fees+0.084%+ Points / potential airdropPerpl: Active · farm board+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Perpl is 0.040% cheaper against Orderly than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.533	−0.0001	get 0.0000% / 4h	22m 42s	$168K	$586K	20x
Short	Perpl HYPE	93.500	0	get 0.0000% / 43m	18m 42s	$23K	$329K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0.12
Price spread: −0.035% → +0.005%: −$4.05
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$23.73
Costs to cover: 0.198%
Break-even: 1419.6 days

Slippage unknown: Orderly: no order-book sample; Perpl: 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 Perpl no order-book sample	—	—	—	—	—

Orderly and Perpl: 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	−0.0960%	1h	93.526	−0.007%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0383%	1h	93.594	+0.065%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.404	−0.138%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0082%	1h	93.450	−0.089%	$703K	$910K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.507	−0.028%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.478	−0.059%	$86K	$366K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0001%	4h	93.533	long leg	$168K	$586K	20x
dYdX HYPE-USD	0.0000%	1h	93.662	+0.138%	$127K	$30K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.500	−0.035%	$23K	$329K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.548	+0.016%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0006%	4h	93.592	+0.063%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	+0.091%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0011%	1h	93.491	−0.045%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.640	+0.114%	$321.9M	$283.7M	75x	as long as short
Binance HYPEUSDT	+0.0049%	4h	93.628	+0.102%	$382.6M	$896.2M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.633	+0.107%	$87.8M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.464	−0.074%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.562	+0.031%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.553	+0.021%	$43.9M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.498	−0.037%	$59K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0092%	1h	93.508	−0.027%	$113K	$576K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.662	+0.138%	$18.8M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.598	+0.069%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.545	+0.013%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.674	+0.151%	$340K	$171K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.665	+0.141%	$115.3M	$321.0M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.470	−0.067%	$22K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.489	−0.047%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.657	+0.133%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.098%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.576	+0.046%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.608	+0.080%	$226.8M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.554	+0.022%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.574	+0.044%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	+0.044%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	+0.092%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.485	−0.051%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.557	+0.026%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.533	0.000%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.530	−0.003%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.525	−0.009%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.570	+0.040%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.548	+0.016%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.938%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.543	+0.010%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	93.585	+0.056%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.610	+0.082%	$4.9M	$5.7M	50x	as long as short
Hyperliquid HYPE	+0.0153%	1h	93.597	+0.068%	$2.03B	$677.1M	10x	as long as short
BloFin HYPE-USDT	+0.0203%	4h	93.528	−0.005%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0206%	4h	93.745	+0.227%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.503	−0.032%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.547	+0.015%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.537	+0.004%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0455%	1h	93.646	+0.121%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.633	+0.106%	$20.9M	$29.5M	50x	as long as short