Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:40 UTC−0.1096%/8h= −120.0% APRpaid last 24h −0.240%

Price spread now: Hibachi against Perpl−0.105%7-day average −0.079% · you buy dearer than you sell

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

Long on Perpl Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.568%−$157 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.105%, 7d avg −0.079%

Together, before fees−1.597%+ Points / potential airdropPerpl: Active · Hibachi: Active · farm board−$160 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Hibachi is 0.026% cheaper against Perpl than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.079%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	94.266	0	get 0.0000% / 43m	22m 14s	$19K	$290K	10x
Short	Hibachi HYPE/USDT-P	94.167	−0.1096	pay 0.0137% / 1h	16m 14s	$200K	$236K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.105%Rate

Funding earned: −$230.16
Price spread: −0.105% → −0.079%: −$2.57
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$255.53
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; Hibachi: live order book, 28 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 Hibachi live order book, 28 min ago	18.66 bp	24.5 bp −$24	43.9 bp −$439	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 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-Pshort	−0.1096%	1h	94.167	−0.105%	$200K	$236K	7x
Aftermath Perps HYPEUSD	−0.0181%	1h	94.224	−0.044%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.286	+0.021%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0060%	1h	94.253	−0.015%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	94.200	−0.070%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.261	−0.006%	$86K	$368K	20x	as long as short
Bluefin HYPE-PERP	−0.0017%	1h	94.234	−0.034%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.222	−0.047%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.284	+0.019%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.227	−0.042%	$316.9M	$289.4M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	94.308	+0.044%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPElong	0.0000%	43m	94.266	long leg	$19K	$290K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.279	+0.014%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.307	+0.043%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.248	−0.019%	$227.2M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0057%	8h	94.184	−0.087%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.314	+0.050%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.244	−0.023%	$5.0M	$30.7M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.230	−0.038%	$1.0M	$3.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.254	−0.013%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.262	−0.004%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.241	−0.027%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.260	−0.007%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.254	−0.012%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.352	+0.091%	$2.07B	$687.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.259	−0.008%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.279	+0.013%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.255	−0.012%	$377.0M	$932.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.236	−0.032%	$116.0M	$318.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.234	−0.034%	$49.2M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.253	−0.014%	$90.1M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.254	−0.013%	$46.9M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.232	−0.036%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.269	+0.003%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.040%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.298	+0.033%	$7.6M	$47.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.065%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.297	+0.033%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.326	+0.064%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.260	−0.007%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.332	+0.070%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.255	−0.012%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.411	+0.154%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	+0.009%	$218K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.219	−0.050%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.264	−0.003%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.270	+0.004%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.295	+0.031%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.365%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0259%	1h	94.334	+0.072%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.246	−0.021%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.245	−0.022%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.315	+0.052%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.275	+0.010%	$3.2M	$6.4M	20x	as long as short