Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0786%/8h= −86.1% APRpaid last 24h −0.043%

Price spread now: Arcus against Perpl−0.261%48s7-day average −0.055% · you buy dearer than you sell

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

Long on Perpl Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−1.020%−$102 · spread now −0.261%, 7d avg −0.055%

Together, before fees−1.026%+ Points / potential airdropPerpl: Active · farm board−$103 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Arcus is 0.206% cheaper against Perpl than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.055%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.006% in total (about -0.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.426	0	get 0.0000% / 43m	8m 40s	$22K	$333K	10x
Short	Arcus HYPE-USD	93.182	−0.0786	pay 0.0098% / 1h	46m 40s	$1.2M	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Perpl. 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 PerplbpFee ArcusbpOrdersPrice spread, now −0.261%Rate

Funding earned: −$165.13
Price spread: −0.261% → −0.055%: −$20.64
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$204.06
Costs to cover: 0.183%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; Arcus: 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 Perpl no order-book sample	—	—	—	—	—
Sell Arcus live order book, 2 min ago	0.70 bp	3.1 bp −$3	3.7 bp −$37	207.2 bp −$20.7K	doesn't fit

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	−0.1064%	1h	93.383	−0.046%	$197K	$229K	7x	as long as short
Arcus HYPE-USDshort	−0.0786%	1h	93.182	−0.261%	$1.2M	$3.9M	10x
Aftermath Perps HYPEUSD	−0.0184%	1h	93.371	−0.059%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0125%	1h	93.296	−0.139%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.240	−0.199%	$698K	$977K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.377	−0.053%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.364	−0.066%	$44.2M	$53.9M	75x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.404	−0.024%	$85K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0064%	8h	93.331	−0.102%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.304	−0.131%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0026%	4h	93.347	−0.085%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.318	−0.116%	$128K	$31K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.426	long leg	$22K	$333K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.382	−0.048%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.297	−0.138%	—	$54.3M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.277	−0.160%	$319.2M	$283.1M	75x	as long as short
Bullet HYPE-USD	+0.0029%	1h	93.346	−0.086%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0033%	1h	93.337	−0.095%	$79K	$174K	20x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.305	−0.130%	$88.2M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.316	−0.118%	$380.4M	$904.9M	75x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.301	−0.134%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.253%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	+0.012%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.282	−0.154%	$115.0M	$315.3M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.345	−0.087%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.341	−0.091%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.356	−0.075%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.407	−0.020%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.397	−0.031%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	−0.007%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.334	−0.098%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.441	+0.016%	$2.04B	$675.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.345	−0.087%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	−0.024%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.365	−0.065%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.300	−0.135%	$225.8M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.156%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	−0.006%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	+0.036%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.508	+0.088%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.437	+0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.417	−0.010%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.416	−0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.304	−0.131%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.257	−0.180%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.380	−0.049%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.250	−0.188%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	−0.020%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.367	−0.064%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.357	−0.074%	$79K	$142K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.490	+0.068%	$1.4M	$6.1M	75x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	93.441	+0.016%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.379	−0.050%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0489%	1h	93.392	−0.036%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.374	−0.055%	$20.8M	$30.0M	50x	as long as short