Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0137%/8h= +15.0% APRpaid last 24h +0.046%

Price spread now: SoDEX against Orderly+0.010%7-day average +0.004% · you sell dearer than you buy

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

Long on Orderly Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.056%+$6 on $10k

Price spread, last 3 days (all we have)−0.023%−$2 · spread now +0.010%, 7d avg +0.004%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$4 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	93.616	−0.0037	get 0.0018% / 4h	3h 02m	$159K	$643K	20x
Short	SoDEX HYPE-USD	93.625	0.0100	get 0.0013% / 1h	2m 26s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.010%Rate

Funding earned: $28.77
Price spread: +0.010% → +0.004%: $0.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $15.35
Costs to cover: 0.140%
Break-even: 3.3 days

Slippage unknown: Orderly: no order-book sample; SoDEX: live order book, 2 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 SoDEX live order book, 2 min ago	0.59 bp	6.7 bp −$7	13.2 bp −$132	100.9 bp −$10.1K	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	−0.1120%	1h	93.805	+0.201%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.372	−0.261%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.890	+0.292%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.580	−0.038%	$710K	$963K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.477	−0.148%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	−0.113%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0078%	1h	93.595	−0.023%	$128K	$31K	5x	as long as short
Gate HYPE_USDT	−0.0060%	4h	93.462	−0.165%	$44.3M	$60.5M	75x	as long as short
Bullet HYPE-USD	−0.0042%	1h	93.435	−0.194%	$113K	$579K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0037%	4h	93.616	long leg	$159K	$643K	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0006%	4h	93.545	−0.076%	$8.9M	$36.0M	300x	as long as short
Phemex HYPEUSDT	−0.0005%	8h	93.643	+0.029%	$12.8M	$2.6M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.501	−0.123%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.659	+0.046%	$27K	—	150x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.450	−0.177%	$321.2M	$279.5M	75x	as long as short
Derive HYPE-PERP	+0.0021%	1h	93.593	−0.024%	$16.3M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.289%	$213K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.475	−0.151%	$381.7M	$896.9M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.529	−0.093%	$87.8M	$83.5M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.456	−0.171%	$115.5M	$313.6M	50x	as long as short
Bluefin HYPE-PERP	+0.0072%	1h	93.609	−0.007%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.259%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.563	−0.057%	$18.8M	$60.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.557	−0.063%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.475	−0.151%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.628	+0.013%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.556	−0.064%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.145%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.523	−0.099%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.525	−0.097%	$2.04B	$669.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	−0.074%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.536	−0.085%	$46.4M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.453	−0.174%	$226.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.458	−0.169%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.594	−0.024%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	+0.162%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.261%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.820	+0.218%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.742	+0.135%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.560	−0.060%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	−0.128%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.697	+0.087%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.625	+0.010%	$2.0M	$2.0M	10x
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.297%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.431	−0.197%	$18.3M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.740	+0.132%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.570	−0.049%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.624	+0.009%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.510	−0.114%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0246%	8h	93.839	+0.238%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.451	−0.177%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.654	+0.040%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0358%	4h	93.800	+0.197%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0551%	1h	93.736	+0.128%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0674%	1h	93.695	+0.084%	$20.9M	$29.7M	50x	as long as short