Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Bulk+0.031%7-day average −0.061% · you sell dearer than you buy

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

Long on Bulk Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.031%, 7d avg −0.061%

Together, before fees−0.108%+ Points / potential airdropVariational Omni: Active · farm board−$11 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 0.091% dearer against Bulk than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.944	0.0100	pay 0.0013% / 1h	58m 29s	$205K	$6K	10x
Short	Variational Omni HYPE	93.972	0.0100	get 0.0100% / 8h	7h 58m	$31.4M	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.031%Rate

Funding earned: $0
Price spread: +0.031% → −0.061%: $9.13
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $2.13
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Bulk: live order book, 15 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 Bulk live order book, 15 min ago	0.53 bp	4.0 bp −$4	5.9 bp −$59	12.3 bp −$1,232	35.8 bp −$17.9K
Sell Variational Omni RFQ quote, 1 min ago	0.42 bp	doesn't fit	5.4 bp −$54	24.0 bp −$2,404	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	−0.1416%	1h	93.956	+0.014%	$199K	$229K	7x	as long as short
dYdX HYPE-USD	−0.0717%	1h	93.909	−0.037%	$128K	$30K	5x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.855	−0.094%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0330%	1h	93.987	+0.046%	$22K	$22K	10x	as long as short
Bybit HYPEUSDT	−0.0152%	8h	93.940	−0.004%	$323.2M	$283.6M	75x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.967	+0.025%	$86K	$367K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0087%	1h	93.810	−0.142%	$705K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.955	+0.012%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0015%	1h	93.908	−0.038%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	93.971	+0.029%	$169K	$594K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.955	+0.013%	$23K	$329K	10x	as long as short
Bullet HYPE-USD	+0.0001%	1h	93.982	+0.041%	$112K	$579K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.014	+0.075%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	+0.181%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.966	+0.024%	$8.9M	$36.2M	300x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	93.967	+0.025%	$60K	$1.2M	50x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	94.030	+0.092%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.984	+0.043%	$383.9M	$898.9M	75x	as long as short
SoDEX HYPE-USD	+0.0045%	1h	93.972	+0.030%	$2.0M	$2.0M	10x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.971	+0.029%	$88.1M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0053%	4h	93.991	+0.051%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	93.965	+0.023%	$116.0M	$322.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.996	+0.056%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.963	+0.021%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.004	+0.064%	$400K	$190K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.001	+0.061%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.040	+0.103%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.969	+0.028%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.068	+0.132%	$2.05B	$680.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.975	+0.033%	$10.1M	$14.6M	20x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.950	+0.007%	$44.3M	$58.3M	75x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.968	+0.026%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.979	+0.038%	$227.7M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.973	+0.031%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.971	+0.029%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.972	+0.031%	$31.4M	$54.2M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.115%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	+0.095%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.016	+0.077%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.997	+0.056%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.990	+0.049%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.016	+0.077%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.146	+0.215%	$1.5M	$7.8M	75x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.944	long leg	$205K	$6K	10x
Extended HYPE-USD	+0.0104%	1h	93.947	+0.003%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.080	+0.145%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0162%	8h	94.045	+0.108%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0188%	4h	93.972	+0.030%	$17.0M	$12.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.990	+0.049%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.006	+0.066%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.957	+0.014%	$77K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.011	+0.071%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	94.079	+0.144%	$7.5M	$4.7M	50x	as long as short
Bluefin HYPE-PERP	+0.0558%	1h	93.999	+0.059%	$76K	$171K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.089	+0.155%	$21.0M	$29.5M	50x	as long as short