Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0186%/8h= −20.4% APRpaid last 24h −0.043%

Price spread now: Ondo Perps against Variational Omni−0.003%7-day average +0.031% · you buy dearer than you sell

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

Long on Variational Omni Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.099%−$10 on $10k

Price spread, last 7 days−0.601%−$60 · spread now −0.003%, 7d avg +0.031%

Together, before fees−0.700%+ Points / potential airdropVariational Omni: Active · Ondo Perps: Active · farm board−$70 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Ondo Perps is 0.034% cheaper against Variational Omni than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.031%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	95.143	0.0100	pay 0.0100% / 8h	5h 57m	$30.0M	$53.1M	—
Short	Ondo Perps HYPE-USD.P	95.140	−0.0086	pay 0.0011% / 1h	57m 05s	$690K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Variational Omni. 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 Variational OmnibpFee Ondo PerpsbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$39.14
Price spread: −0.003% → +0.031%: −$3.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$47.5
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Ondo Perps: 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, 5 min ago	0.44 bp	doesn't fit	3.5 bp −$35	12.2 bp −$1,222	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 54 exchanges

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	−0.1304%	1h	95.234	+0.096%	$213K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0328%	1h	95.271	+0.135%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0288%	8h	95.237	+0.099%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.302	+0.167%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.213	+0.074%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.271	+0.135%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0086%	1h	95.140	−0.003%	$690K	$1.3M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.051%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.283	+0.148%	$54.7M	$53.0M	75x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	95.307	+0.173%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.250	+0.113%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.252	+0.115%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.273	+0.137%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.271	+0.135%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.266	+0.130%	$119.3M	$304.4M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.122%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	+0.147%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	+0.175%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	+0.052%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	+0.064%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.278	+0.142%	$229.0M	$87.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0033%	1h	95.363	+0.232%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.281	+0.145%	$321.2M	$266.7M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	95.292	+0.157%	$274K	$1.0M	50x	as long as short
Vest HYPE-PERP	+0.0065%	1h	95.329	+0.196%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.280	+0.145%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.035%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.294	+0.159%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.250	+0.113%	$39K	$1.5M	10x	as long as short
Binance HYPEUSDT	+0.0099%	4h	95.276	+0.140%	$382.9M	$857.6M	75x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.269	+0.133%	$7.3M	$52.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.311	+0.177%	$10.3M	$13.3M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.280	+0.144%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.290	+0.155%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.280	+0.144%	—	$48.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.328	+0.195%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	95.143	long leg	$30.0M	$53.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.256	+0.119%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	+0.051%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.243	+0.105%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.301	+0.166%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.280	+0.144%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.369	+0.238%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.280	+0.144%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.401	+0.272%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.244	+0.107%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.269	+0.132%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.361	+0.230%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	+0.146%	$3.2M	$5.5M	20x	as long as short
Hyperliquid HYPE	+0.0148%	1h	95.375	+0.244%	$2.11B	$649.9M	10x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.248	+0.110%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.307	+0.173%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	95.279	+0.143%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.270%	$31K	$334K	12x	as long as short