Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.048%

Price spread now: KuCoin against Reya−0.017%64s7-day average +0.007% · you buy dearer than you sell

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

Long on Reya Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.558%−$56 · spread now −0.017%, 7d avg +0.007%

Together, before fees−0.575%+ Points / potential airdropReya: Active · farm board−$57 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and KuCoin is 0.024% cheaper against Reya than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.007%). Swap the legs. The two prices were read 64 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	Reya HYPERUSDPERP	94.953	0.0271	pay 0.0034% / 1h	56m 30s	$86K	$93K	15x
Short	KuCoin HYPEUSDTM	94.937	0.0100	get 0.0050% / 4h	2h 56m	$47.4M	$18.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Reya. 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 ReyabpFee KuCoinbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$35.91
Price spread: −0.017% → +0.007%: −$2.37
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$56.28
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; KuCoin: live order book, 3 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 Reya no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 3 min ago	0.53 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit

Reya: 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-P	−0.1104%	1h	94.878	−0.080%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0784%	1h	94.929	−0.025%	$79K	$147K	20x	as long as short
Bullet HYPE-USD	−0.0494%	1h	94.983	+0.031%	$112K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	94.995	+0.045%	$18.8M	$35.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0301%	1h	94.930	−0.024%	$694K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0240%	1h	94.953	0.000%	$90K	$354K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0188%	1h	95.115	+0.171%	$22K	$19K	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.924	−0.031%	$1.0M	$3.0M	10x	as long as short
Phemex HYPEUSDT	−0.0122%	8h	94.970	+0.018%	$13.0M	$2.8M	50x	as long as short
Polymarket Perps HYPE-USD	−0.0096%	1h	94.969	+0.017%	$499K	$2.6M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0084%	4h	94.983	+0.031%	$53.3M	$53.8M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.978	+0.026%	$3K	$331	25x	as long as short
Vest HYPE-PERP	−0.0052%	1h	95.020	+0.071%	—	$88K	5x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	94.970	+0.018%	$4.7M	$5.7M	50x	as long as short
Bybit HYPEUSDT	−0.0008%	8h	94.990	+0.039%	$319.7M	$280.5M	75x	as long as short
BingX HYPE-USDT	−0.0008%	4h	94.979	+0.027%	—	$50.5M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.960	+0.007%	$148K	$665K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.003	+0.052%	$130K	$93K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.995	+0.044%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.954	+0.001%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.155%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.215%	$203K	$1.0M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0025%	8h	94.971	+0.019%	$118.7M	$319.3M	50x	as long as short
SoDEX HYPE-USD	+0.0032%	1h	94.991	+0.040%	$2.1M	$1.4M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0034%	1h	94.984	+0.033%	$7.3M	$10.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.985	+0.034%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.967	+0.015%	$228.2M	$93.0M	75x	as long as short
Aster HYPEUSDT	+0.0062%	4h	94.983	+0.031%	$9.0M	$36.3M	300x	as long as short
Lighter RH HYPE	+0.0072%	1h	94.970	+0.018%	$3.2M	$9.9M	20x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	95.004	+0.054%	$5.0M	$30.8M	30x	as long as short
Bulk HYPE-USD	+0.0094%	1h	94.986	+0.035%	$221K	$14K	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.950	−0.003%	$16.2M	$60.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.945	−0.009%	$268K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.950	−0.003%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.930	−0.024%	$7.3M	$55.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.120	+0.176%	$2.10B	$677.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.999	+0.048%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.989	+0.038%	$381.7M	$907.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.992	+0.041%	$87.9M	$85.3M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.937	−0.017%	$47.4M	$18.3M	75x
Variational Omni HYPE	+0.0100%	8h	94.987	+0.036%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.063	+0.116%	$7.7M	$43.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.023	+0.074%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	+0.103%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.867	−0.091%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.117	+0.173%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.918	−0.037%	$18.3M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.971	+0.019%	$401K	$136K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0139%	1h	95.081	+0.135%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	94.982	+0.030%	$3.2M	$6.2M	20x	as long as short
Reya HYPERUSDPERPlong	+0.0271%	1h	94.953	long leg	$86K	$93K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.051	+0.103%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.974	+0.022%	$17.2M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.555%	$31K	$335K	12x	as long as short