Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against Variational Omni−0.154%7-day average −0.001% · you buy dearer than you sell

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 7 days+0.173%+$17 · spread now −0.154%, 7d avg −0.001%

Together, before fees+0.183%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board+$18 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: Extended is 0.153% cheaper against Variational Omni than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	92.959	0.0100	pay 0.0100% / 8h	3h 28m	$28.6M	$57.4M	—
Short	Extended HYPE-USD	92.815	0.0104	get 0.0013% / 1h	28m 41s	$18.0M	$43.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.154%Rate

Funding earned: $0.84
Price spread: −0.154% → −0.001%: −$15.31
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$19.47
Costs to cover: 0.050%
Break-even: 169.2 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Extended: live order book, 5 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 Variational Omni RFQ quote, 1 min ago	0.42 bp	doesn't fit	5.5 bp −$55	20.6 bp −$2,065	doesn't fit
Sell Extended live order book, 5 min ago	0.05 bp	2.6 bp −$3	4.2 bp −$42	25.2 bp −$2,516	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	−0.1544%	1h	92.711	−0.266%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0302%	1h	92.864	−0.101%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.829	−0.140%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.988	+0.031%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.842	−0.126%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.906	−0.057%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.891	−0.073%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.890	−0.074%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.109%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0026%	1h	92.845	−0.123%	$111K	$577K	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	+0.0030%	1h	92.810	−0.160%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	92.848	−0.119%	$315.7M	$282.6M	75x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	92.901	−0.062%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.886	−0.078%	$86K	$363K	20x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	92.851	−0.116%	$224.9M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.868	−0.098%	$70K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.876	−0.089%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.884	−0.080%	$3.1M	$11.6M	20x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	92.935	−0.026%	$4.9M	$29.6M	30x	as long as short
Gate HYPE_USDT	+0.0098%	4h	92.852	−0.115%	$45.0M	$54.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.881	−0.084%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	−0.106%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.880	−0.084%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.907	−0.056%	$2.02B	$666.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.870	−0.096%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.871	−0.094%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.857	−0.109%	$373.4M	$905.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.842	−0.126%	$113.9M	$304.0M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.851	−0.116%	$91.4M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.847	−0.120%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.857	−0.109%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.879	−0.086%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	92.959	long leg	$28.6M	$57.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.003	+0.048%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.017%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.929	−0.032%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.930	−0.031%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.910	−0.052%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.864	−0.102%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.847	−0.120%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.942	−0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.864	−0.102%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.005	+0.050%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.203%	$202K	$13K	10x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	92.815	−0.154%	$18.0M	$43.6M	50x
Aevo HYPE-PERP	+0.0104%	1h	92.847	−0.120%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.040	+0.087%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0175%	8h	92.939	−0.021%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.925	−0.036%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.182%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.865	−0.101%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.885	−0.079%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.881	−0.084%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0364%	1h	92.948	−0.012%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.910	−0.052%	$3.2M	$6.4M	20x	as long as short