Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0115%/8h= −12.5% APRpaid last 24h −0.050%

Price spread now: Orderly against Aevo−0.140%7-day average −0.009% · you buy dearer than you sell

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

Long on Aevo Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.180%−$18 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now −0.140%, 7d avg −0.009%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.131% cheaper against Aevo than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo HYPE-PERP	94.379	0.0104	pay 0.0013% / 1h	6m 01s	$399K	$159K	20x
Short	Orderly PERP_HYPE_USDC	94.246	−0.0011	pay 0.0005% / 4h	1h 06m	$146K	$685K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Aevo. 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 AevobpFee OrderlybpOrdersPrice spread, now −0.140%Rate

Funding earned: −$24.06
Price spread: −0.140% → −0.009%: −$13.12
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$59.18
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Aevo: live order book, 38 min ago; Orderly: 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 Aevo live order book, 38 min ago	5.59 bp	16.6 bp −$17	23.3 bp −$233	27.6 bp −$2,763	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1128%	1h	94.272	−0.113%	$200K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	94.319	−0.063%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	94.310	−0.073%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	−0.006%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	94.278	−0.107%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	94.351	−0.029%	$87K	$366K	20x	as long as short
Bluefin HYPE-PERP	−0.0044%	1h	94.207	−0.182%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0011%	4h	94.246	−0.140%	$146K	$685K	20x
Bybit HYPEUSDT	−0.0006%	8h	94.180	−0.210%	$317.3M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.173	−0.218%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.405	+0.028%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.399	+0.022%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.421	+0.045%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.303	−0.079%	$117K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	94.317	−0.065%	$16.4M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	−0.165%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.187	−0.203%	$226.7M	$99.9M	75x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	94.294	−0.090%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0071%	8h	94.380	+0.002%	$337K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.328	−0.054%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.169	−0.222%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0094%	8h	94.229	−0.158%	$116.4M	$320.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.251	−0.136%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.264	−0.121%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.317	−0.065%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.360	−0.020%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.315	−0.067%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.355	−0.025%	$2.07B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.225	−0.162%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.365	−0.014%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.179	−0.211%	$376.9M	$932.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.207%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.249	−0.137%	$49.4M	$57.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.168	−0.223%	$89.8M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.234	−0.153%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.234	−0.153%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.138	−0.255%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.264	−0.121%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.207	−0.182%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.384	+0.006%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.403	+0.026%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.353	−0.027%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.380	+0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.251	−0.135%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.437	+0.062%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.184	−0.206%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERPlong	+0.0104%	1h	94.379	long leg	$399K	$159K	20x
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.300	−0.083%	$4.7M	$6.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0142%	1h	94.331	−0.050%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.468	+0.094%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.310	−0.073%	$30K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.269	−0.116%	$83K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.367	−0.012%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.323	−0.059%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.355	−0.025%	$3.2M	$6.4M	20x	as long as short