Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0498%/8h= −54.5% APRpaid last 24h −0.072%

Price spread now: OKX against RISEx−0.072%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on RISEx Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.153%−$15 on $10k

Price spread, last 7 days+0.076%+$8 · spread now −0.072%, 7d avg −0.012%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and OKX is 0.060% cheaper against RISEx than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.153% in total (about -15.5% 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	RISEx HYPE/USDC	92.957	0.0598	pay 0.0075% / 1h	44m 40s	$3.1M	$6.4M	20x
Short	OKX HYPE-USDT-SWAP	92.890	0.0100	get 0.0100% / 8h	3h 44m	$113.9M	$304.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against RISEx. 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 RISExbpFee OKXbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$104.52
Price spread: −0.072% → −0.012%: −$6.02
Slippage, 4 orders: −$3.86
Fee RISEx: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$130.4
Costs to cover: 0.199%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; OKX: live order book, 4 min ago.

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 RISEx live order book, 4 min ago	1.45 bp	4.5 bp −$4	6.2 bp −$62	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.05 bp	5.2 bp −$5	7.6 bp −$76	19.1 bp −$1,913	doesn't fit

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	−0.0904%	1h	92.783	−0.187%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	92.888	−0.073%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.857	−0.107%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.870	−0.093%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.859	−0.105%	$158K	$665K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.854	−0.110%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.906	−0.055%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.845	−0.121%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.856	−0.109%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0006%	1h	92.778	−0.192%	$112K	$578K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0023%	1h	92.820	−0.147%	$698K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	92.899	−0.062%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0026%	4h	92.875	−0.088%	$44.8M	$53.8M	75x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.890	−0.072%	$316.2M	$282.7M	75x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	92.884	−0.078%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.936	−0.022%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0074%	4h	92.879	−0.084%	$225.0M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.908	−0.052%	$70K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0090%	4h	92.869	−0.094%	$8.7M	$36.1M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.874	−0.089%	$16.1M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.880	−0.083%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.890	−0.072%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.872	−0.091%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.910	−0.050%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.805	−0.163%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.898	−0.063%	$2.02B	$665.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.895	−0.066%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.874	−0.089%	$373.5M	$904.2M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	92.890	−0.072%	$113.9M	$304.4M	50x
Bulk HYPE-USD	+0.0100%	1h	92.942	−0.016%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.859	−0.105%	$87.3M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.858	−0.106%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.887	−0.075%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.880	−0.083%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.879	−0.084%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.944	−0.014%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.852	−0.113%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.859	−0.105%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.866	−0.097%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.839	−0.127%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.849	−0.116%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.829	−0.137%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.805	−0.163%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.868	−0.095%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.870	−0.093%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.870	−0.093%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.880	−0.083%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0164%	4h	93.064	+0.115%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.930	−0.029%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.740	−0.233%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.794	−0.175%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.820	−0.147%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.796	−0.173%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0407%	1h	92.954	−0.003%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDClong	+0.0598%	1h	92.957	long leg	$3.1M	$6.4M	20x