Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.009%

Price spread now: Variational Omni against Vest−0.364%7-day average −0.023% · you buy dearer than you sell

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

Long on Vest Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.129%+$13 on $10k

Price spread, last 4 days (all we have)+0.172%+$17 · spread now −0.364%, 7d avg −0.023%

Together, before fees+0.302%+ Points / potential airdropVest: Active · Variational Omni: Active · farm board+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.342% cheaper against Vest than usual: you would sell low and buy high (spread −0.364% now, against its 7-day average of −0.023%). If the spread goes back, that is −$34 on $10k: about 19 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.129% in total) that is about 9.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	94.611	0.0040	pay 0.0005% / 1h	24m 11s	—	$190K	5x
Short	Variational Omni HYPE	94.267	0.0100	get 0.0100% / 8h	7h 24m	$29.8M	$56.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Vest. 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 VestbpFee Variational OmnibpOrdersPrice spread, now −0.364%Rate

Funding earned: $12.68
Price spread: −0.364% → −0.023%: −$34.16
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$23.48
Costs to cover: 0.020%
Break-even: 20.0 days

Slippage unknown: Vest: no order-book sample; Variational Omni: RFQ quote, 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 Vest no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	0.43 bp	doesn't fit	6.3 bp −$63	23.4 bp −$2,344	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	−0.0808%	1h	94.348	−0.278%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0581%	1h	94.583	−0.030%	$80K	$148K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0298%	1h	94.453	−0.167%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0256%	1h	94.605	−0.006%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0174%	1h	94.500	−0.117%	$702K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0125%	8h	94.561	−0.053%	$12.9M	$2.9M	50x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.613	+0.002%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.563	−0.051%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.464	−0.155%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.602	−0.010%	$18.9M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0040%	4h	94.562	−0.052%	$51.8M	$55.5M	75x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.564	−0.050%	$318.9M	$293.1M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.593	−0.019%	$147K	$676K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.465	−0.154%	$130K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.608	−0.003%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.594	−0.018%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.424	−0.197%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.253%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.477%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.590	−0.022%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.573	−0.040%	$227.5M	$97.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0036%	1h	94.550	−0.065%	$7.6M	$10.4M	20x	as long as short
Vest HYPE-PERPlong	+0.0040%	1h	94.611	long leg	—	$190K	5x
Paradex HYPE-USD-PERP	+0.0040%	8h	94.565	−0.049%	$338K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0043%	8h	94.572	−0.041%	$118.0M	$327.6M	50x	as long as short
SoDEX HYPE-USD	+0.0045%	1h	94.598	−0.014%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	94.332	−0.295%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.604	−0.008%	$16.2M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.605	−0.006%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.601	−0.011%	$150K	$1.2M	50x	as long as short
Aster HYPEUSDT	+0.0097%	4h	94.612	+0.001%	$9.0M	$38.3M	300x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.540	−0.075%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.549	−0.065%	$7.2M	$51.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.669	+0.061%	$2.08B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.542	−0.073%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.621	+0.010%	$380.6M	$930.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.420%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.584	−0.029%	$94.4M	$87.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.566	−0.048%	$47.2M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.560	−0.054%	—	$53.0M	—	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.267	−0.364%	$29.8M	$56.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.264%	$7.6M	$44.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.358	−0.268%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.386	−0.238%	$688K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.660	+0.052%	$499K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.614	+0.003%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.708	+0.102%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.570	−0.043%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.656	+0.047%	$400K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.627	+0.017%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.591%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0236%	1h	94.701	+0.095%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.572	−0.042%	$84K	$107K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.654	+0.046%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.377	−0.247%	$17.3M	$12.4M	75x	as long as short