Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.043%

Price spread now: Orderly against Pacifica−0.001%7-day average −0.025% · you buy dearer than you sell

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

Long on Pacifica Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 3 days (all we have)−0.082%−$8 · spread now −0.001%, 7d avg −0.025%

Together, before fees−0.170%+ Points / potential airdropPacifica: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.024% dearer against Pacifica than usual: you sell high and buy low (spread −0.001% now, against its 7-day average of −0.025%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica HYPE	93.322	0.0100	pay 0.0013% / 1h	10m 11s	$10.0M	$14.4M	20x
Short	Orderly PERP_HYPE_USDC	93.321	0.0055	get 0.0028% / 4h	2h 10m	$163K	$539K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Pacifica. 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 PacificabpFee OrderlybpOrdersPrice spread, now −0.001%Rate

Funding earned: −$9.39
Price spread: −0.001% → −0.025%: $2.36
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.03
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 4 min ago; Orderly: 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 Pacifica live order book, 4 min ago	0.05 bp	4.2 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.0920%	1h	93.381	+0.063%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.477	+0.166%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0236%	1h	93.410	+0.094%	$700K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.337	+0.016%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.322	0.000%	$90K	$353K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.014%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0015%	1h	93.304	−0.019%	$110K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.066%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.327	+0.005%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.350	+0.030%	$20K	—	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	+0.0010%	4h	93.275	−0.050%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.303	−0.020%	$43.9M	$57.7M	75x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.280	−0.045%	$324.9M	$287.2M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.305	−0.018%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDCshort	+0.0055%	4h	93.321	−0.001%	$163K	$539K	20x
Phoenix HYPE	+0.0068%	1h	93.605	+0.303%	$216K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	93.288	−0.036%	$2.0M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.319	−0.003%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.316	−0.006%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.330	+0.008%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.350	+0.030%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	−0.019%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.390	+0.073%	$2.03B	$671.1M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.322	long leg	$10.0M	$14.4M	20x
Binance HYPEUSDT	+0.0100%	4h	93.296	−0.028%	$385.2M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.270	−0.056%	$114.6M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.285	−0.040%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.040%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.298	−0.026%	$93.1M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.291	−0.033%	$46.2M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.296	−0.028%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.284	−0.041%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.311	−0.012%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.064%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.439	+0.125%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.253%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.346	+0.026%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.337	+0.016%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.295	−0.029%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.395	+0.078%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.335	+0.014%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.343	+0.022%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.284	−0.040%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.322	0.000%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.397	+0.080%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.228%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.073%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.304	−0.019%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.630%	$31K	$291K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0286%	1h	93.410	+0.094%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.487	+0.177%	$1.5M	$7.7M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.289	−0.035%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.343	+0.022%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.365	+0.046%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.397	+0.080%	$19.1M	$26.1M	50x	as long as short