Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0079%/8h= −8.7% APRpaid last 24h −0.011%

Price spread now: Bybit against ApeX Omni+0.155%109s7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.312% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$6 on $10k

Price spread, last 3 days (all we have)−0.324%−$32 · spread now +0.155%, 7d avg −0.029%

Together, before fees−0.389%−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.184% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.155% now, against its 7-day average of −0.029%): +$18 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.8 days. At the pace of the last 7 days (−0.065% in total) that is about 20 days. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni HYPEUSDT	93.016	0.0100	pay 0.0013% / 1h	19m 48s	$414K	$1.0M	50x
Short	Bybit HYPEUSDT	93.160	0.0021	get 0.0021% / 8h	1h 19m	$322.9M	$286.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now +0.155%Rate

Funding earned: −$16.6
Price spread: +0.155% → −0.029%: $18.42
Slippage, 4 orders: −$10.17
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.35
Costs to cover: 0.312%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 4 min ago; Bybit: 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 ApeX Omni live order book, 4 min ago	2.26 bp	8.6 bp −$9	11.9 bp −$119	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	6.9 bp −$7	9.2 bp −$92	18.5 bp −$1,848	41.9 bp −$20.9K

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
Aftermath Perps HYPEUSD	−0.0428%	1h	93.121	+0.113%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.216	+0.215%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.133	+0.126%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.130	+0.123%	$699K	$928K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	+0.237%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.227	+0.227%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.209	+0.207%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	+0.279%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.248	+0.249%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.210	+0.209%	$8.9M	$35.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.231	+0.232%	$20K	—	150x	as long as short
Bybit HYPEUSDTshort	+0.0021%	8h	93.160	+0.155%	$322.9M	$286.9M	75x
Orderly PERP_HYPE_USDC	+0.0022%	4h	93.212	+0.211%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.144	+0.138%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	+0.015%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0052%	1h	93.186	+0.182%	$112K	$580K	20x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.192	+0.189%	$43.9M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.187	+0.184%	$90.3M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.179	+0.175%	$381.6M	$895.6M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.068%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.231	+0.231%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.238	+0.239%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.187	+0.184%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.203	+0.201%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	+0.209%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.221	+0.220%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.234	+0.234%	$2.03B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.208	+0.206%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.177	+0.173%	$113.8M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	+0.232%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.220	+0.219%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.187	+0.184%	$225.9M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.189	+0.186%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.203	+0.201%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.153	+0.148%	$29.0M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.008%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	93.016	long leg	$414K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	93.100	+0.090%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.241	+0.241%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.240	+0.241%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.182	+0.178%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.238	+0.239%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.175	+0.171%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.170	+0.166%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.183	+0.180%	$18.2M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.301	+0.306%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	+0.219%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.320	+0.327%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.374	+0.385%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.194	+0.191%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0257%	4h	93.255	+0.257%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.291	+0.296%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.226	+0.226%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.287	+0.291%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.289	+0.293%	$20.9M	$29.0M	50x	as long as short