Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0145%/8h= +15.8% APRpaid last 24h −0.005%

Price spread now: Variational Omni against Backpack−0.323%7-day average −0.275% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 7 days+0.543%+$54 · spread now −0.323%, 7d avg −0.275%

Together, before fees+0.519%+ Points / potential airdropVariational Omni: Active · farm board+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.048% cheaper against Backpack than usual: you would sell low and buy high (spread −0.323% now, against its 7-day average of −0.275%). If the spread goes back, that is −$5 on $10k: about 26 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.914	−0.0045	get 0.0006% / 1h	28m 05s	$7.8M	$10.3M	20x
Short	Variational Omni HYPE	93.610	0.0100	get 0.0100% / 8h	6h 28m	$31.0M	$54.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.323%Rate

Funding earned: $30.35
Price spread: −0.323% → −0.275%: −$4.78
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $15.57
Costs to cover: 0.100%
Break-even: 3.4 days

Slippage unknown: Backpack: live order book, 1 min ago; Variational Omni: RFQ quote, 1 min ago. 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 Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.4 bp −$64	62.2 bp −$6,215	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.44 bp	doesn't fit	5.4 bp −$54	17.8 bp −$1,777	doesn't fit

HYPE on 54 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	−0.0912%	1h	93.720	−0.206%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.743	−0.182%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	93.636	−0.296%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0137%	8h	93.909	−0.005%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.740	−0.185%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.826	−0.094%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.911	−0.003%	$157K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.894	−0.021%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERPlong	−0.0045%	1h	93.914	long leg	$7.8M	$10.3M	20x
Gate HYPE_USDT	−0.0044%	4h	93.952	+0.040%	$44.5M	$54.9M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0005%	4h	93.923	+0.009%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	−0.049%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.940	+0.028%	$322.7M	$281.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.926	+0.013%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.956	+0.045%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0003%	4h	93.947	+0.035%	—	$53.7M	—	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.953	+0.042%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.276%	$5.1M	$30.1M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.223%	$211K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.911	−0.003%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.957	+0.046%	$382.2M	$895.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.959	+0.048%	$115.6M	$310.5M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.908	−0.007%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.901	−0.014%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.972	+0.062%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.969	+0.059%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.877	−0.039%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.965	+0.055%	$400K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	−0.036%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.828	−0.091%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.072	+0.168%	$2.05B	$671.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.876	−0.040%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.958	+0.047%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.963	+0.052%	$227.3M	$98.6M	75x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.610	−0.323%	$31.0M	$54.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.475%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.273%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	−0.082%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.902	−0.013%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.950	+0.038%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	+0.016%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.933	+0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.957	+0.046%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.603%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.928	+0.015%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	94.010	+0.102%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	−0.132%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.923	+0.010%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0220%	4h	94.050	+0.145%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.904	−0.011%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.922	+0.009%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.929	+0.016%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0484%	1h	94.058	+0.153%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.051	+0.145%	$21.0M	$29.7M	50x	as long as short