Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h −0.015%

Price spread now: OKX against Vest−0.111%7-day average −0.020% · you buy dearer than you sell

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

Long on Vest Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.093%+$9 on $10k

Price spread, last 4 days (all we have)−0.895%−$90 · spread now −0.111%, 7d avg −0.020%

Together, before fees−0.803%+ Points / potential airdropVest: Active · farm board−$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.090% cheaper against Vest than usual: you would sell low and buy high (spread −0.111% now, against its 7-day average of −0.020%). If the spread goes back, that is −$9 on $10k: about 30 days of funding at the current rate ($0 a day). At the pace of the last 4 days (+0.093% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	94.500	0.0055	pay 0.0007% / 1h	10m 16s	—	$190K	5x
Short	OKX HYPE-USDT-SWAP	94.395	0.0065	get 0.0065% / 8h	10m 16s	$117.8M	$325.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Vest. 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 VestbpFee OKXbpOrdersPrice spread, now −0.111%Rate

Funding earned: $2.13
Price spread: −0.111% → −0.020%: −$9.05
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee OKX: 5 bp × 2 orders: −$10
Net: −$18.91
Costs to cover: 0.120%
Break-even: 69.0 days

Slippage unknown: Vest: no order-book sample; OKX: live order book, 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 Vest no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	0.05 bp	6.3 bp −$6	9.2 bp −$92	10.1 bp −$1,011	doesn't fit

Vest: 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	−0.1656%	1h	94.413	−0.091%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.396	−0.110%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0206%	1h	94.380	−0.127%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0194%	1h	94.416	−0.088%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0173%	1h	94.434	−0.069%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.447	−0.056%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.398	−0.108%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.404	−0.101%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0032%	1h	94.359	−0.148%	$16.4M	$7.4M	10x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.394	−0.112%	$317.3M	$288.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.400	−0.105%	—	$52.8M	—	as long as short
Lighter HYPE	−0.0008%	1h	94.403	−0.103%	$16.4M	$64.6M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.403	−0.102%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.388	−0.118%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.481	−0.020%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.029%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.481	−0.020%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.460	−0.042%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0017%	1h	94.471	−0.030%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	94.388	−0.118%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.382	−0.124%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0039%	8h	94.419	−0.086%	$337K	$154K	20x	as long as short
Vest HYPE-PERPlong	+0.0055%	1h	94.500	long leg	—	$190K	5x
SoDEX HYPE-USD	+0.0056%	1h	94.417	−0.087%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.460	−0.042%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0065%	8h	94.395	−0.111%	$117.8M	$325.0M	50x
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.102%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.386	−0.120%	$50.4M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.410	−0.095%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.424	−0.080%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.410	−0.095%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.415	−0.090%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.485	−0.015%	$2.08B	$689.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.411	−0.094%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.444	−0.059%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.425	−0.079%	$378.6M	$931.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.204%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.413	−0.092%	$89.5M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.393	−0.113%	$46.9M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.377	−0.130%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.383	−0.123%	$29.7M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.478	−0.023%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.458	−0.044%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.389	−0.117%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.473	−0.028%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.537	+0.040%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.397	−0.109%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.401	−0.104%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.478	−0.023%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.254%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.449	−0.053%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.519	+0.021%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.454	−0.048%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.436	−0.068%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.399	−0.106%	$17.1M	$12.4M	75x	as long as short