Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.024%

Price spread now: KuCoin against 01 Exchange−0.046%7-day average −0.030% · 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−$33as in the Price arb table

costs, in and out, $10k−$310.311% of the position

Long on 01 Exchange Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.038%+$4 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now −0.046%, 7d avg −0.030%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.038% in total (about 3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	94.491	−0.0112	get 0.0014% / 1h	5m 05s	$88K	$363K	20x
Short	KuCoin HYPEUSDTM	94.448	0.0100	get 0.0050% / 4h	5m 05s	$46.9M	$18.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.046%Rate

Funding earned: $44.52
Price spread: −0.046% → −0.030%: −$1.56
Slippage, 4 orders: −$12.08
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $11.88
Costs to cover: 0.311%
Break-even: 5.1 days

Slippage from 01 Exchange: live order book, 34 min ago; KuCoin: live order book, 4 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, 34 min ago	0.11 bp	6.8 bp −$7	8.4 bp −$84	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	0.37 bp	10.3 bp −$10	17.2 bp −$172	doesn't fit	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	−0.1552%	1h	94.420	−0.075%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0386%	1h	94.422	−0.073%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0203%	1h	94.380	−0.117%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	94.449	−0.044%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.436	−0.058%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSDlong	−0.0112%	1h	94.491	long leg	$88K	$363K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	94.420	−0.075%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.459	−0.034%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.383	−0.114%	$16.4M	$7.3M	10x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.416	−0.079%	$317.5M	$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
Lighter HYPE	−0.0008%	1h	94.433	−0.062%	$16.4M	$64.7M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.411	−0.085%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.466	−0.026%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.505	+0.015%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.443	−0.051%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.464	−0.029%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.460	−0.033%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	94.447	−0.047%	$226.8M	$100.3M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0020%	1h	94.462	−0.031%	$498K	$2.8M	20x	as long as short
BingX HYPE-USDT	+0.0028%	4h	94.431	−0.063%	—	$52.8M	—	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.417	−0.078%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0043%	8h	94.411	−0.085%	$337K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0050%	1h	94.431	−0.063%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	−0.054%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.422	−0.073%	$117.9M	$325.1M	50x	as long as short
Vest HYPE-PERP	+0.0070%	1h	94.501	+0.010%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0084%	4h	94.431	−0.063%	$50.5M	$56.9M	75x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.396	−0.101%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.438	−0.056%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.462	−0.031%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.460	−0.033%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.465	−0.027%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.531	+0.042%	$2.08B	$687.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.444	−0.050%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.438	−0.056%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.440	−0.054%	$378.7M	$932.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.067%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.442	−0.052%	$89.7M	$84.4M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.448	−0.046%	$46.9M	$18.8M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.415	−0.080%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.136%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.422	−0.073%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.416	−0.079%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.395	−0.102%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.466	−0.026%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.515	+0.025%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.402	−0.094%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.463	−0.030%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.486	−0.005%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.264%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0216%	1h	94.538	+0.050%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.495	+0.004%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.496	+0.005%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.416	−0.079%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.462	−0.031%	$17.1M	$12.4M	75x	as long as short