Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.069%

Price spread now: Deribit against Perpl+0.084%69s7-day average +0.046% · you sell dearer than you buy

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

Long on Perpl Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 4 days (all we have)−0.141%−$14 · spread now +0.084%, 7d avg +0.046%

Together, before fees−0.001%+ Points / potential airdropPerpl: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Deribit is 0.039% dearer against Perpl than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.046%. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	95.283	0	get 0.0000% / 43m	37m 56s	$24K	$254K	10x
Short	Deribit HYPE_USDC-PERPETUAL	95.363	0.0033	get 0.0004% / 1h	56m 56s	$7.5M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.084%Rate

Funding earned: $6.93
Price spread: +0.084% → +0.046%: $3.87
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$10
Costs to cover: 0.208%
Break-even: 17.1 days

Slippage unknown: Perpl: no order-book sample; Deribit: live order book, 5 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 Deribit live order book, 5 min ago	2.10 bp	5.6 bp −$6	13.3 bp −$133	doesn't fit	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 54 exchanges

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	−0.1304%	1h	95.234	−0.051%	$213K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0328%	1h	95.271	−0.012%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0288%	8h	95.237	−0.048%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.302	+0.020%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.213	−0.073%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.271	−0.012%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	95.140	−0.150%	$690K	$1.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.096%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.273	−0.010%	$54.7M	$53.0M	75x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	95.307	+0.026%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.250	−0.034%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.252	−0.032%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.273	−0.010%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.271	−0.012%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.270	−0.013%	$119.3M	$304.4M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.025%	$129K	$94K	5x	as long as short
Perpl HYPElong	0.0000%	43m	95.283	long leg	$24K	$254K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	+0.028%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.095%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.082%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.276	−0.007%	$229.0M	$87.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0033%	1h	95.363	+0.084%	$7.5M	$4.3M	50x
Bybit HYPEUSDT	+0.0034%	8h	95.290	+0.008%	$321.2M	$266.7M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	95.292	+0.010%	$274K	$1.0M	50x	as long as short
Vest HYPE-PERP	+0.0065%	1h	95.329	+0.049%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.280	−0.003%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.182%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.294	+0.012%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.250	−0.034%	$39K	$1.5M	10x	as long as short
Binance HYPEUSDT	+0.0099%	4h	95.275	−0.008%	$382.9M	$858.0M	75x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.269	−0.014%	$7.3M	$52.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.311	+0.030%	$10.3M	$13.3M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.275	−0.008%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.279	−0.004%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.280	−0.003%	—	$48.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.328	+0.048%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.147%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.256	−0.028%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.096%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.243	−0.042%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.301	+0.019%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.280	−0.003%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.369	+0.091%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.280	−0.003%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.401	+0.124%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.244	−0.040%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.269	−0.015%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.361	+0.082%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	−0.001%	$3.2M	$5.5M	20x	as long as short
Hyperliquid HYPE	+0.0150%	1h	95.370	+0.092%	$2.11B	$650.0M	10x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.248	−0.037%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.307	+0.026%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	95.279	−0.004%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.123%	$31K	$334K	12x	as long as short