Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0183%/8h= −20.1% APRpaid last 24h −0.061%

Price spread now: OKX against Reya+0.065%7-day average −0.006% · you sell dearer than you buy

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

Long on Reya Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.237%−$24 · spread now +0.065%, 7d avg −0.006%

Together, before fees−0.276%+ Points / potential airdropReya: Active · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.071% dearer against Reya than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of −0.006%): +$7 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 4 days (−0.039% in total) that is about 6.4 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.039% in total (about -4.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	94.103	0.0272	pay 0.0034% / 1h	56m 23s	$82K	$134K	15x
Short	OKX HYPE-USDT-SWAP	94.164	0.0089	get 0.0089% / 8h	56m 23s	$117.4M	$322.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Reya. 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 ReyabpFee OKXbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$38.48
Price spread: +0.065% → −0.006%: $7.11
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$47.37
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; OKX: 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 OKX live order book, 3 min ago	0.05 bp	6.0 bp −$6	9.4 bp −$94	18.2 bp −$1,817	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 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	−0.1112%	1h	94.027	−0.081%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0480%	1h	94.119	+0.017%	$79K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0365%	1h	94.122	+0.021%	$112K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0259%	1h	94.070	−0.035%	$709K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.208	+0.111%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0136%	1h	94.156	+0.056%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.131	+0.030%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.135	+0.034%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0039%	1h	94.050	−0.057%	$16.4M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.150	+0.050%	$317.0M	$289.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0012%	4h	94.130	+0.029%	—	$53.6M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.137	+0.036%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.176	+0.078%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.207	+0.110%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.181	+0.083%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.160	+0.061%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.160%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.154	+0.054%	$226.5M	$100.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.202	+0.105%	$337K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.117	+0.015%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.220	+0.124%	$4.7M	$6.2M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0076%	1h	94.154	+0.054%	$495K	$2.8M	20x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.094	−0.010%	$5.0M	$30.6M	30x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0089%	8h	94.164	+0.065%	$117.4M	$322.7M	50x
Lighter HYPE	+0.0096%	1h	94.174	+0.076%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.176	+0.078%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.131	+0.030%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.061%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.130	+0.029%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.242	+0.148%	$2.07B	$689.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.150	+0.050%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.192	+0.095%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.148	+0.048%	$376.7M	$932.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.040%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.129	+0.028%	$49.2M	$56.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.122	+0.020%	$90.8M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.129	+0.028%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.093	−0.011%	$7.5M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.047%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	+0.068%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	+0.018%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.133	+0.032%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.191	+0.093%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.180	+0.082%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.180	+0.082%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.243	+0.149%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.148	+0.047%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.166	+0.067%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.155	+0.055%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0175%	1h	94.260	+0.167%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.110	+0.007%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.241	+0.147%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.172	+0.073%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERPlong	+0.0272%	1h	94.103	long leg	$82K	$134K	15x
BloFin HYPE-USDT	+0.0340%	4h	94.130	+0.029%	$17.0M	$12.4M	75x	as long as short