Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.012%

Price spread now: Bybit against 01 Exchange−0.025%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on 01 Exchange Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.108%−$11 · spread now −0.025%, 7d avg −0.054%

Together, before fees−0.101%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.029% dearer against 01 Exchange than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	93.305	−0.0072	get 0.0009% / 1h	11m 15s	$90K	$351K	20x
Short	Bybit HYPEUSDT	93.282	0.0031	get 0.0031% / 8h	2h 11m	$324.9M	$287.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against 01 Exchange. 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 01 ExchangebpFee BybitbpOrdersPrice spread, now −0.025%Rate

Funding earned: $21.71
Price spread: −0.025% → −0.054%: $2.91
Slippage, 4 orders: −$6.59
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $0.03
Costs to cover: 0.246%
Break-even: 7.0 days

Slippage from 01 Exchange: live order book, 13 min ago; Bybit: live order book, 8 min ago.

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 01 Exchange live order book, 13 min ago	0.05 bp	6.3 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell Bybit live order book, 8 min ago	0.54 bp	6.0 bp −$6	8.1 bp −$81	17.4 bp −$1,735	38.0 bp −$19.0K

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	−0.0920%	1h	93.381	+0.081%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0255%	1h	93.542	+0.254%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	+0.113%	$700K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.337	+0.034%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDlong	−0.0072%	1h	93.305	long leg	$90K	$351K	20x
Derive HYPE-PERP	−0.0025%	1h	93.309	+0.004%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.307	+0.002%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.084%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.290	−0.016%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.335	+0.032%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0011%	4h	93.283	−0.024%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.286	−0.020%	$43.9M	$57.6M	75x	as long as short
Bybit HYPEUSDTshort	+0.0031%	8h	93.282	−0.025%	$324.9M	$287.2M	75x
Popdex HYPEUSDT	+0.0040%	1h	93.287	−0.019%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0056%	4h	93.307	+0.002%	$163K	$543K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.322%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.331	+0.028%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.322	+0.018%	$3.1M	$12.4M	20x	as long as short
SoDEX HYPE-USD	+0.0097%	1h	93.287	−0.019%	$2.0M	$2.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.308	+0.003%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	+0.016%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.286	−0.020%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.386	+0.087%	$2.03B	$671.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.307	+0.002%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.305	0.000%	$385.2M	$889.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.271	−0.036%	$114.5M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.271	−0.036%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.021%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.287	−0.019%	$93.2M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.301	−0.004%	$46.2M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.301	−0.004%	$226.7M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.289	−0.017%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.378	+0.078%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.274%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.439	+0.143%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.271%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.220%	$676K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.330	+0.027%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.285	−0.021%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.369	+0.069%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.345	+0.043%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.344	+0.042%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.275	−0.032%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.347	+0.044%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.396	+0.098%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.246%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.091%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0243%	1h	93.405	+0.107%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.286	−0.020%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.648%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0297%	4h	93.487	+0.195%	$1.5M	$7.7M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.289	−0.017%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.337	+0.034%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.365	+0.064%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.412	+0.114%	$19.1M	$26.1M	50x	as long as short