Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.019%

Price spread now: Perpl against StandX−0.106%7-day average 0.000% · you buy dearer than you sell

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

Long on StandX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.153%−$15 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now −0.106%, 7d avg 0.000%

Together, before fees−0.073%+ Points / potential airdropStandX: Active · Perpl: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.106% cheaper against StandX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX HYPE-USD	92.784	0.0100	pay 0.0013% / 1h	18m 14s	$666K	$2.7M	20x
Short	Perpl HYPE	92.686	0	get 0.0000% / 43m	32m 14s	$22K	$304K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against StandX. 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 StandXbpFee PerplbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$21
Price spread: −0.106% → 0.000%: −$10.56
Slippage, 4 orders: no order book: not counted
Fee StandX: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$53.36
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: StandX: live order book, 1 min ago; Perpl: no order-book sample. 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 StandX live order book, 1 min ago	1.35 bp	5.3 bp −$5	5.6 bp −$56	12.2 bp −$1,217	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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
Arcus HYPE-USD	−0.0948%	1h	92.651	−0.143%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.721	−0.068%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	92.680	−0.112%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.706	−0.084%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.654	−0.140%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.711	−0.079%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	−0.015%	$127K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	92.686	−0.106%	$22K	$304K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.707	−0.083%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.666	−0.127%	$12.5M	$2.7M	50x	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	+0.0034%	1h	92.700	−0.091%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0039%	1h	92.688	−0.104%	$111K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.674	−0.119%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.036%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.709	−0.081%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.700	−0.091%	$316.6M	$281.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.715	−0.074%	$113.6M	$303.9M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.682	−0.110%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.729	−0.059%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.704	−0.086%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.707	−0.083%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.686	−0.106%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	−0.101%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.694	−0.098%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.735	−0.053%	$2.02B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.726	−0.063%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.687	−0.105%	$372.2M	$903.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.691	−0.100%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.726	−0.063%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.665	−0.128%	$224.3M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.760	−0.026%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.104%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.083%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.749	−0.038%	$350K	$1.0M	50x	as long as short
StandX HYPE-USDlong	+0.0100%	1h	92.784	long leg	$666K	$2.7M	20x
Vest HYPE-PERP	+0.0100%	1h	92.759	−0.027%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.708	−0.082%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.655	−0.139%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.666	−0.127%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.700	−0.091%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.677	−0.115%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.826	+0.045%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.089%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.643	−0.152%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.678	−0.114%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.127%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.233%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.810	+0.028%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0239%	8h	92.750	−0.037%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.669	−0.124%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.696	−0.095%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.743	−0.044%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.775	−0.010%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.770	−0.015%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.754	−0.032%	$3.2M	$6.4M	20x	as long as short