Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.023%

Price spread now: OKX against ApeX Omni−0.007%90s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as 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−$280.285% of the position

Long on ApeX Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.007%, 7d avg −0.001%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.063%, so the current rate has only just turned in your favour. The two prices were read 90 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	93.802	0.0089	pay 0.0011% / 1h	53m 59s	$348K	$1.0M	50x
Short	OKX HYPE-USDT-SWAP	93.795	0.0100	get 0.0100% / 8h	1h 53m	$115.9M	$316.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.007%Rate

Funding earned: $2.37
Price spread: −0.007% → −0.001%: −$0.65
Slippage, 4 orders: −$8.49
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$26.77
Costs to cover: 0.285%
Break-even: 86.1 days

Slippage from ApeX Omni: live order book, 5 min ago; OKX: live order book, 5 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, 5 min ago	3.30 bp	8.3 bp −$8	11.2 bp −$112	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.05 bp	6.7 bp −$7	8.3 bp −$83	18.0 bp −$1,796	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	−0.1200%	1h	93.699	−0.110%	$199K	$243K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	93.953	+0.161%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0162%	1h	93.650	−0.162%	$707K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.763	−0.042%	$86K	$372K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.750	−0.055%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.707	−0.101%	$149K	$681K	20x	as long as short
Bluefin HYPE-PERP	−0.0010%	1h	93.757	−0.048%	$79K	$166K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.724	−0.083%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.751	−0.054%	$22K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.767	−0.037%	$63K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0012%	4h	93.802	0.000%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.796	−0.006%	$316.9M	$287.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.872	+0.075%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.820	+0.019%	$226.0M	$99.5M	75x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.743	−0.063%	$111K	$581K	20x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.781	−0.022%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.922	+0.128%	$5.0M	$30.4M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.674	−0.136%	$1.0M	$4.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0088%	8h	93.680	−0.130%	$340K	$158K	20x	as long as short
ApeX Omni HYPEUSDTlong	+0.0089%	1h	93.802	long leg	$348K	$1.0M	50x
Lighter HYPE	+0.0096%	1h	93.735	−0.072%	$16.1M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.753	−0.052%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.760	−0.045%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	−0.098%	$20K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.757	−0.049%	$6.7M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.836	+0.036%	$2.05B	$681.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.795	−0.007%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.676	−0.134%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.796	−0.007%	$376.1M	$929.3M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	93.795	−0.007%	$115.9M	$316.8M	50x
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.439%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.803	+0.001%	$48.4M	$54.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.762	−0.043%	$89.0M	$83.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.735	−0.071%	$46.3M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.778	−0.026%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.759	−0.046%	$28.7M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.839	+0.039%	$7.7M	$47.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.798	−0.004%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.794	−0.008%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.741	−0.065%	$469K	$2.8M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.723	−0.084%	$16.4M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.816	+0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.740	−0.066%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.895	+0.099%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.718	−0.089%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.735	−0.071%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.730	−0.077%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.760	−0.045%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.740	−0.066%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.722	−0.085%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.769	−0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.752	−0.053%	$17.0M	$12.2M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0358%	1h	93.843	+0.044%	$7.4M	$4.2M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.808	+0.007%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.752	−0.054%	$3.2M	$6.4M	20x	as long as short