Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.016%

Price spread now: Derive against Variational Omni+0.024%7-day average −0.004% · you sell dearer than you buy

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

Long on Variational Omni Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now +0.024%, 7d avg −0.004%

Together, before fees−0.082%+ Points / potential airdropVariational Omni: Active · farm board−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.028% dearer against Variational Omni than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.367	0.0100	pay 0.0100% / 8h	5h 31m	$31.1M	$53.9M	—
Short	Derive HYPE-PERP	93.389	0.0100	get 0.0013% / 1h	31m 41s	$16.2M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Variational Omni. 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 Variational OmnibpFee DerivebpOrdersPrice spread, now +0.024%Rate

Funding earned: $0
Price spread: +0.024% → −0.004%: $2.82
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Derive: 3 bp × 2 orders: −$6
Net: −$3.18
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Derive: 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 Variational Omni RFQ quote, 3 min ago	0.42 bp	doesn't fit	7.9 bp −$79	24.2 bp −$2,423	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.1296%	1h	93.403	+0.038%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.353	−0.015%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.320	−0.050%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.479	+0.120%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0065%	8h	93.401	+0.037%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.426	+0.064%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.484	+0.126%	$85K	$344K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0042%	4h	93.423	+0.060%	$154K	$648K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.440	+0.078%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.560	+0.207%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.447	+0.085%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.454	+0.093%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0024%	4h	93.540	+0.186%	—	$53.0M	—	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	+0.028%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.531	+0.176%	$8.8M	$35.5M	300x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.560	+0.207%	$321.8M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0050%	4h	93.545	+0.191%	$44.7M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.550	+0.196%	$114.3M	$302.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.582	+0.231%	$16.3M	$61.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	+0.217%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.470	+0.111%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.492	+0.134%	$340K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	93.360	−0.007%	$5.1M	$29.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	+0.111%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.441	+0.080%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.621	+0.272%	$2.04B	$654.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.587	+0.236%	$10.1M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.562	+0.209%	$379.4M	$876.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.003%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	+0.202%	$89.9M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.552	+0.198%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.561	+0.208%	$226.2M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.407	+0.043%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.367	long leg	$31.1M	$53.9M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.422	+0.060%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.349	−0.019%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.512	+0.156%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.496	+0.138%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	+0.138%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.400	+0.036%	$79K	$170K	20x	as long as short
Derive HYPE-PERPshort	+0.0100%	1h	93.389	+0.024%	$16.2M	$7.5M	10x
SunX HYPE-USDT	+0.0100%	4h	93.519	+0.163%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.415	+0.052%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.515	+0.159%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.423	+0.060%	$397K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.520	+0.164%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0188%	4h	93.592	+0.241%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.452	+0.092%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.461	+0.101%	$1.9M	$5.0M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.501	+0.144%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.460	+0.100%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.487	+0.129%	$17.0M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.559	+0.206%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.370	+0.003%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.477	+0.118%	$20.8M	$29.7M	50x	as long as short