Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.072%

Price spread now: Hyperliquid against Perpl+0.060%7-day average +0.031% · you sell dearer than you buy

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

Long on Perpl Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.211%+$21 on $10k

Price spread, last 3 days (all we have)−0.436%−$44 · spread now +0.060%, 7d avg +0.031%

Together, before fees−0.225%+ Points / potential airdropPerpl: Active · Hyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.030% dearer against Perpl than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.578	0	get 0.0000% / 43m	14m 33s	$23K	$337K	10x
Short	Hyperliquid HYPE	93.634	0.0100	get 0.0013% / 1h	27m 33s	$2.04B	$669.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Perpl. 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 PerplbpFee HyperliquidbpOrdersPrice spread, now +0.060%Rate

Funding earned: $21
Price spread: +0.060% → +0.031%: $2.96
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $1.16
Costs to cover: 0.228%
Break-even: 6.6 days

Slippage unknown: Perpl: no order-book sample; Hyperliquid: live order book, 7 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 Hyperliquid live order book, 7 min ago	0.05 bp	5.2 bp −$5	6.3 bp −$63	6.6 bp −$656	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	−0.1024%	1h	93.496	−0.088%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	93.540	−0.041%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0252%	1h	93.510	−0.072%	$701K	$940K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.022%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.582	+0.005%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0038%	1h	93.523	−0.059%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.491	−0.093%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.015%	$127K	$32K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.578	long leg	$23K	$337K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.571	−0.008%	$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	+0.0019%	4h	93.548	−0.032%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.542	−0.038%	$44.2M	$56.7M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.550	−0.030%	$325.9M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0067%	4h	93.539	−0.041%	$175K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	−0.031%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.561	−0.018%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.596	+0.020%	$18.5M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.584	+0.007%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.568	−0.010%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	+0.002%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.559	−0.019%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.634	+0.060%	$2.04B	$669.5M	10x
Pacifica HYPE	+0.0100%	1h	93.576	−0.002%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.559	−0.020%	$386.0M	$887.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.549	−0.031%	$114.9M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.536	−0.045%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	−0.024%	$93.6M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.580	+0.002%	$46.4M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.569	−0.009%	$227.3M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.540	−0.040%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.572	−0.006%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.039%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.580	+0.003%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.021%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	+0.009%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.595	+0.018%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.614	+0.039%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.536	−0.045%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.577	−0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.526	−0.055%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.546	−0.034%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.023%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.549	−0.031%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.534	−0.046%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.544	−0.036%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0127%	8h	93.629	+0.055%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0177%	1h	93.627	+0.053%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.600	+0.024%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.563	−0.016%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.510	−0.072%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0323%	4h	93.707	+0.138%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.576	−0.002%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.513	−0.069%	$17.0M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.629	+0.054%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.632	+0.058%	$19.2M	$26.0M	50x	as long as short