Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hnext payment −$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Nado against Bulk+0.079%7-day average −0.040% · you sell dearer than you buy

to open and close $10k−$18fees + slippage, both legs, in and out

costs, in % of the position0.176%what the two incomes have to cover

Long on Bulk Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.023%−$2 on $10k

Price spread, last 3 days (all we have)−0.180%−$18 · spread now +0.079%, 7d avg −0.040%

Together, before fees−0.203%+ Points / potential airdropNado: Active · farm board−$20 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: Nado is 0.119% dearer against Bulk than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	92.888	0.0100	pay 0.0013% / 1h	42m 08s	$204K	$12K	10x
Short	Nado HYPE-PERP	92.961	0.0100	get 0.0012% / 1h	42m 08s	$6.5M	$43.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bulk. 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 BulkbpFee NadobpOrdersPrice spread, now +0.079%Rate

Funding earned: $0
Price spread: +0.079% → −0.040%: $11.9
Slippage, 4 orders: −$3.64
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$5.74
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from Bulk: live order book, 11 min ago; Nado: live order book, 2 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 Bulk live order book, 11 min ago	0.54 bp	4.1 bp −$4	6.6 bp −$66	13.1 bp −$1,310	34.8 bp −$17.4K
Sell Nado live order book, 2 min ago	0.05 bp	3.9 bp −$4	6.2 bp −$62	27.8 bp −$2,775	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	−0.0896%	1h	92.720	−0.181%	$193K	$246K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.859	−0.031%	$3K	$331	25x	as long as short
Injective HYPE/USDC PERP	−0.0004%	1h	92.790	−0.106%	$30K	$177K	12x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.031	+0.154%	$127K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.054	+0.179%	$2.0M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.002	+0.122%	$25K	$396K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0006%	1h	93.021	+0.144%	$43K	—	150x	as long as short
Aster HYPEUSDT	+0.0022%	4h	93.019	+0.141%	$9.0M	$36.1M	300x	as long as short
Aftermath Perps HYPEUSD	+0.0038%	1h	92.888	0.000%	$22K	$27K	10x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	93.048	+0.172%	$89K	$323K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0082%	1h	92.996	+0.116%	$1.2M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.080	+0.207%	$18.6M	$57.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.064	+0.189%	$3.2M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.031	+0.154%	$55K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.010	+0.131%	$21K	$1.9M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	92.961	+0.079%	$6.5M	$43.5M	10x
Pacifica HYPE	+0.0100%	1h	93.012	+0.134%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.048	+0.172%	$387.7M	$866.9M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	93.020	+0.142%	$325.6M	$287.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.022	+0.144%	$114.1M	$314.6M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.990	+0.110%	$697K	$1.0M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	92.888	long leg	$204K	$12K	10x
Gate HYPE_USDT	+0.0100%	4h	93.025	+0.147%	$44.0M	$55.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.045	+0.169%	$91.0M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.018	+0.140%	$46.3M	$20.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.040	+0.164%	$226.1M	$103.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.029	+0.152%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.065	+0.190%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.804	−0.091%	$28.6M	$48.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.801	−0.093%	$7.4M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.878	−0.011%	$427K	$890K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.865	−0.025%	$672K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.969	+0.087%	—	$407K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.044	+0.168%	$490K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.998	+0.118%	$111K	$569K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0100%	4h	93.038	+0.161%	$192K	$489K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.033	+0.156%	$75K	$173K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.012	+0.134%	$16.3M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.082	+0.209%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.034	+0.157%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.052	+0.176%	$12.6M	$2.4M	50x	as long as short
edgeX HYPEUSDC	+0.0101%	4h	92.874	−0.015%	$5.1M	$28.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0103%	8h	93.044	+0.167%	$340K	$175K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.021	+0.143%	$18.0M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.032	+0.155%	$396K	$321K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0151%	1h	93.086	+0.213%	$16.1M	$21.0M	50x	as long as short
Phoenix HYPE	+0.0172%	1h	92.953	+0.070%	$247K	$954K	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0200%	1h	93.100	+0.228%	$4.9M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0241%	1h	93.021	+0.143%	$76K	$157K	15x	as long as short
Hyperliquid HYPE	+0.0288%	1h	93.069	+0.195%	$2.01B	$663.9M	10x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	92.996	+0.117%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.921	+0.035%	$17.5M	$12.1M	75x	as long as short
HTX HYPE-USDT	+0.0451%	4h	93.150	+0.282%	$1.5M	$7.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0470%	1h	93.126	+0.256%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0516%	1h	93.079	+0.205%	$2.7M	$6.4M	20x	as long as short