Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0079%/8h= +8.7% APRpaid last 24h +0.043%

Price spread now: Variational Omni against Orderly−0.119%7-day average −0.020% · you buy dearer than you sell

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

Long on Orderly Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.049%+$5 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.119%, 7d avg −0.020%

Together, before fees+0.093%+ Points / potential airdropVariational Omni: Active · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.099% cheaper against Orderly than usual: you would sell low and buy high (spread −0.119% now, against its 7-day average of −0.020%). If the spread goes back, that is −$10 on $10k: about 4.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.264	0.0021	pay 0.0010% / 4h	1h 18m	$172K	$518K	20x
Short	Variational Omni HYPE	93.153	0.0100	get 0.0100% / 8h	1h 18m	$29.0M	$50.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.119%Rate

Funding earned: $16.64
Price spread: −0.119% → −0.020%: −$9.86
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $0.78
Costs to cover: 0.060%
Break-even: 6.7 days

Slippage unknown: Orderly: no order-book sample; Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	0.42 bp	doesn't fit	9.4 bp −$94	29.7 bp −$2,967	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	−0.0438%	1h	93.164	−0.108%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.229	−0.038%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.190	−0.079%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.170	−0.101%	$699K	$929K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.245	−0.020%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.288	+0.026%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.257	−0.008%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	+0.013%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.250	−0.015%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.264	−0.001%	$8.9M	$35.9M	300x	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	93.289	+0.026%	$20K	—	150x	as long as short
Orderly PERP_HYPE_USDClong	+0.0021%	4h	93.264	long leg	$172K	$518K	20x
Bybit HYPEUSDT	+0.0021%	8h	93.233	−0.033%	$323.0M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.293	+0.031%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0040%	1h	93.247	−0.018%	$112K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.208	−0.060%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0056%	4h	93.250	−0.015%	$43.9M	$58.6M	75x	as long as short
Binance HYPEUSDT	+0.0066%	4h	93.252	−0.013%	$381.9M	$894.9M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.257	−0.008%	$90.3M	$82.2M	100x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.210	−0.058%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.305	+0.044%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.285	+0.023%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.263	−0.002%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.266	+0.002%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.036%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.245	−0.020%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.296	+0.034%	$2.03B	$669.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.277	+0.014%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.249	−0.016%	$113.8M	$314.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.034%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.266	+0.002%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.281	+0.018%	$226.1M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.249	−0.016%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.248	−0.017%	$7.8M	$11.0M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.153	−0.119%	$29.0M	$50.6M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.258	−0.006%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.262	−0.002%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.227	−0.040%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.279	+0.016%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.282	+0.019%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.260	−0.004%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.271	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.263	−0.001%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.225	−0.042%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.244	−0.021%	$18.2M	$41.9M	50x	as long as short
Kalshi KXHYPEPERP	+0.0115%	8h	93.316	+0.056%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.300	+0.039%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0238%	4h	93.400	+0.146%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.120	−0.154%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.250	−0.015%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.242	−0.024%	$16.8M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.290	+0.028%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.280	+0.018%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.355	+0.098%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.367	+0.110%	$20.9M	$29.0M	50x	as long as short