Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Variational Omni against ApeX Omni−0.064%103s7-day average −0.017% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days+0.077%+$8 · spread now −0.064%, 7d avg −0.017%

Together, before fees+0.075%+ Points / potential airdropVariational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.047% cheaper against ApeX Omni than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.017%. The two prices were read 103 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	92.687	0.0100	pay 0.0013% / 1h	23m 58s	$349K	$1.0M	50x
Short	Variational Omni HYPE	92.628	0.0100	get 0.0100% / 8h	4h 23m	$28.5M	$57.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.064%Rate

Funding earned: $0
Price spread: −0.064% → −0.017%: −$4.65
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.65
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 5 min ago; Variational Omni: RFQ quote, just now. 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 ApeX Omni live order book, 5 min ago	2.05 bp	8.2 bp −$8	13.1 bp −$131	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	0.43 bp	doesn't fit	6.3 bp −$63	23.5 bp −$2,355	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
Arcus HYPE-USD	−0.0948%	1h	92.646	−0.044%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.680	−0.008%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	92.616	−0.077%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.700	+0.014%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.672	−0.016%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.747	+0.065%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	−0.014%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.692	+0.005%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.728	+0.045%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	92.747	+0.065%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0026%	1h	92.640	−0.051%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.698	+0.012%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0032%	4h	92.700	+0.014%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.683	−0.004%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.038%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0051%	8h	92.674	−0.014%	$316.6M	$282.0M	75x	as long as short
Gate HYPE_USDT	+0.0082%	4h	92.682	−0.005%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	92.680	−0.008%	$113.5M	$304.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.750	+0.068%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.731	+0.047%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.738	+0.055%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.716	+0.031%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.680	−0.008%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.712	+0.026%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.740	+0.057%	$2.02B	$662.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.710	+0.025%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.696	+0.010%	$372.1M	$904.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.693	+0.006%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.721	+0.037%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.680	−0.008%	$224.3M	$98.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.700	+0.014%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.628	−0.064%	$28.5M	$57.5M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.022%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	92.687	long leg	$349K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	92.665	−0.024%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.756	+0.074%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.724	+0.040%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.678	−0.010%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.695	+0.009%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.713	+0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.727	+0.043%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.841	+0.166%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	+0.015%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.655	−0.034%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.712	+0.027%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	92.611	−0.082%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.590	−0.105%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.720	+0.036%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0242%	8h	92.779	+0.099%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.718	+0.034%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.716	+0.031%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.777	+0.097%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.668	−0.020%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	92.799	+0.121%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.781	+0.101%	$3.2M	$6.4M	20x	as long as short