Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.021%

Price spread now: Perpl against Bulk−0.043%7-day average −0.033% · you buy dearer than you sell

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

Long on Bulk Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.085%−$9 on $10k

Price spread, last 4 days (all we have)+0.334%+$33 · spread now −0.043%, 7d avg −0.033%

Together, before fees+0.249%+ Points / potential airdropPerpl: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.033%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	92.942	0.0100	pay 0.0013% / 1h	54m 32s	$202K	$13K	10x
Short	Perpl HYPE	92.902	0	get 0.0000% / 43m	8m 32s	$22K	$301K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Bulk. 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 BulkbpFee PerplbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$21
Price spread: −0.043% → −0.033%: −$1.07
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$42.87
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 64 min ago; Perpl: no order-book sample. 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 Bulk live order book, 64 min ago	1.08 bp	4.6 bp −$5	6.5 bp −$65	15.2 bp −$1,521	44.9 bp −$22.4K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0528%	1h	92.732	−0.226%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	92.838	−0.111%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.917	−0.027%	$1.1M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0091%	1h	92.784	−0.170%	$350K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.941	−0.001%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0064%	4h	92.944	+0.002%	$44.6M	$53.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.892	−0.054%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.965	+0.025%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.870	−0.077%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPEshort	0.0000%	43m	92.902	−0.043%	$22K	$301K	10x

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 −0.0002%	1h	92.897	−0.049%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.939	−0.003%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.870	−0.077%	$316.3M	$281.9M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	−0.058%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.963	+0.023%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.922	−0.021%	$8.7M	$36.2M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0082%	1h	92.800	−0.153%	$697K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.873	−0.074%	$224.9M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.755	−0.201%	$4.9M	$29.5M	30x	as long as short
Bullet HYPE-USD	+0.0093%	1h	92.864	−0.083%	$111K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.945	+0.004%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.948	+0.007%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.926	−0.017%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.967	+0.028%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.920	−0.023%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	−0.028%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.924	−0.019%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.969	+0.029%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.949	+0.008%	$373.8M	$903.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.873	−0.074%	$114.0M	$304.1M	50x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	92.942	long leg	$202K	$13K	10x
MEXC HYPE_USDT	+0.0100%	4h	92.879	−0.068%	$88.1M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.949	+0.008%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.937	−0.005%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.969	+0.029%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.251%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.189%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.117%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.939	−0.003%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.950	+0.009%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.925	−0.018%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.900	−0.045%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.913	−0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.925	−0.018%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0101%	4h	93.050	+0.116%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.921	−0.022%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.917	−0.027%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.960	+0.020%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.008	+0.071%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.196%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.865	−0.083%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.870	−0.077%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	−0.034%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.020	+0.084%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.010	+0.074%	$3.2M	$6.4M	20x	as long as short