Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Variational Omni against SoDEX−0.028%7-day average −0.024% · you buy dearer than you sell

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

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now −0.028%, 7d avg −0.024%

Together, before fees−0.016%+ Points / potential airdropVariational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	92.913	0.0100	pay 0.0013% / 1h	50m 09s	$2.0M	$2.0M	10x
Short	Variational Omni HYPE	92.887	0.0100	get 0.0100% / 8h	1h 50m	$28.9M	$50.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. 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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now −0.028%Rate

Funding earned: $0
Price spread: −0.028% → −0.024%: −$0.4
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$8.4
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SoDEX: live order book, 4 min ago; Variational Omni: RFQ quote, 4 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 SoDEX live order book, 4 min ago	0.05 bp	7.2 bp −$7	12.0 bp −$120	102.5 bp −$10.2K	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.42 bp	doesn't fit	9.6 bp −$96	29.8 bp −$2,976	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
Aftermath Perps HYPEUSD	−0.0298%	1h	93.064	+0.163%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.956	+0.046%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.989	+0.082%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0048%	1h	92.969	+0.061%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.976	+0.068%	$90K	$365K	20x	as long as short
Derive HYPE-PERP	−0.0002%	1h	92.860	−0.057%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	−0.0001%	4h	92.902	−0.012%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	+0.103%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.031	+0.127%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.956	+0.047%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	92.932	+0.021%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	92.965	+0.056%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.910	−0.003%	$323.0M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	+0.136%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0041%	1h	92.880	−0.036%	$697K	$922K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0041%	4h	92.916	+0.003%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.901	−0.013%	$43.9M	$57.3M	75x	as long as short
Bullet HYPE-USD	+0.0094%	1h	92.929	+0.017%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.976	+0.068%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.939	+0.028%	$3.0M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0098%	4h	92.915	+0.002%	$382.3M	$892.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.004	+0.098%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.980	+0.072%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	+0.077%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.954	+0.044%	$2.02B	$670.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.028	+0.124%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.901	−0.013%	$113.9M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.031%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.919	+0.006%	$90.4M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.917	+0.004%	$47.0M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.899	−0.015%	$225.2M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.896	−0.018%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.936	+0.025%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.887	−0.028%	$28.9M	$50.5M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.357%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	+0.111%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.968	+0.059%	$672K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.010	+0.104%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.933	+0.022%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.019	+0.114%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	92.913	long leg	$2.0M	$2.0M	10x
Phemex HYPEUSDT	+0.0100%	8h	92.959	+0.050%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.998	+0.092%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.890	−0.025%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.912	−0.001%	$395K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0119%	4h	93.037	+0.133%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.950	+0.040%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.820	−0.100%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.961	+0.052%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.052	+0.150%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.139	+0.243%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	92.955	+0.045%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.975	+0.067%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	93.019	+0.114%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.040	+0.136%	$20.7M	$28.5M	50x	as long as short