Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.021%

Price spread now: Extended against Perpl−0.067%46s7-day average −0.058% · you buy dearer than you sell

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

Long on Perpl Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

Price spread, last 3 days (all we have)−0.172%−$17 · spread now −0.067%, 7d avg −0.058%

Together, before fees−0.002%+ Points / potential airdropPerpl: Active · Extended: Active · farm board$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.058%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 46 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	94.304	0	get 0.0000% / 43m	12m 34s	$23K	$327K	10x
Short	Extended HYPE-USD	94.240	0.0104	get 0.0013% / 1h	33m 34s	$19.0M	$44.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.067%Rate

Funding earned: $21.84
Price spread: −0.067% → −0.058%: −$0.96
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $2.08
Costs to cover: 0.188%
Break-even: 6.3 days

Slippage unknown: Perpl: no order-book sample; Extended: live order book, 6 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 Extended live order book, 6 min ago	0.05 bp	2.6 bp −$3	3.4 bp −$34	27.2 bp −$2,723	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	−0.1448%	1h	94.155	−0.158%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.156	−0.157%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	94.176	−0.135%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0259%	8h	94.233	−0.075%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0171%	1h	94.245	−0.062%	$129K	$31K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0152%	1h	94.210	−0.100%	$710K	$947K	10x	as long as short
Bullet HYPE-USD	−0.0090%	1h	94.274	−0.032%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.217	−0.092%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.258	−0.049%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.165	−0.147%	$323.5M	$280.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.276	−0.030%	$161K	$634K	20x	as long as short
Perpl HYPElong	0.0000%	43m	94.304	long leg	$23K	$327K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.303	−0.001%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0025%	4h	94.270	−0.036%	$8.9M	$36.1M	300x	as long as short
Gate HYPE_USDT	+0.0026%	4h	94.251	−0.056%	$44.6M	$59.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.139%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0048%	1h	94.238	−0.070%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.251	−0.056%	$89.5M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.206	−0.104%	$384.2M	$893.1M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	−0.068%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	94.181	−0.130%	$116.2M	$319.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.312	+0.009%	$19.1M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.285	−0.020%	$3.1M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.182	−0.129%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.266	−0.040%	$401K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.292	−0.012%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.190	−0.121%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.208	−0.101%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.362	+0.062%	$2.06B	$676.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.278	−0.027%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.272	−0.034%	$46.7M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.262	−0.044%	$228.6M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.250	−0.057%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.291	−0.014%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	−0.089%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	−0.035%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.252	−0.055%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.262	−0.044%	$682K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.299	−0.006%	—	$252K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.296	−0.008%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.279	−0.026%	$77K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.356	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.262	−0.044%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.195%	$205K	$4K	10x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	94.240	−0.067%	$19.0M	$44.3M	50x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.310	+0.006%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0204%	4h	94.247	−0.060%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.197%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0213%	8h	94.344	+0.043%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.237	−0.070%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.274	−0.032%	$79K	$145K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0153%	1h	94.302	−0.002%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0429%	1h	94.373	+0.073%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0448%	4h	94.450	+0.155%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.348	+0.047%	$21.1M	$29.7M	50x	as long as short