Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0036%/8h= +4.0% APRpaid last 24h −0.014%

Price spread now: Perpl against Bullet+0.066%7-day average −0.008% · you sell dearer than you buy

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

Long on Bullet Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.066%−$7 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now +0.066%, 7d avg −0.008%

Together, before fees−0.127%+ Points / potential airdropPerpl: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Perpl is 0.074% dearer against Bullet than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.008%. Mind the row above: over the last 3 days funding on this pair cost −0.066%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.202	−0.0036	get 0.0005% / 1h	6m 17s	$111K	$580K	20x
Short	Perpl HYPE	93.264	0	get 0.0000% / 43m	36m 17s	$23K	$334K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Bullet. 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 BulletbpFee PerplbpOrdersPrice spread, now +0.066%Rate

Funding earned: $7.59
Price spread: +0.066% → −0.008%: $7.42
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$6.8
Costs to cover: 0.218%
Break-even: 13.3 days

Slippage unknown: Bullet: live order book, 18 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 Bullet live order book, 18 min ago	0.48 bp	7.1 bp −$7	9.1 bp −$91	doesn't fit	doesn't fit
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	−0.0848%	1h	93.321	+0.127%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0253%	1h	93.394	+0.205%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.210	+0.008%	$700K	$934K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.237	+0.037%	$90K	$358K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	+0.036%	$3K	$331	25x	as long as short
Bullet HYPE-USDlong	−0.0036%	1h	93.202	long leg	$111K	$580K	20x
Derive HYPE-PERP	−0.0035%	1h	93.179	−0.025%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	+0.083%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.335	+0.142%	$1.9M	$5.2M	2.3x	as long as short
Perpl HYPEshort	0.0000%	43m	93.264	+0.066%	$23K	$334K	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 −0.0001%	1h	93.270	+0.072%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.220	+0.019%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.220	+0.019%	$324.6M	$287.1M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.222	+0.021%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.232	+0.032%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0053%	4h	93.228	+0.028%	$165K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.345	+0.153%	$215K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0084%	1h	93.220	+0.019%	$2.0M	$2.0M	10x	as long as short
Vest HYPE-PERP	+0.0086%	1h	93.267	+0.069%	—	$454K	5x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	93.230	+0.030%	$75K	$168K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.270	+0.072%	$18.6M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.256	+0.058%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.244	+0.045%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	+0.051%	$36K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.219	+0.018%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.309	+0.114%	$2.03B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.264	+0.066%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.220	+0.019%	$384.7M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.215	+0.014%	$114.6M	$314.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.199	−0.004%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	+0.089%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.221	+0.020%	$93.0M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.273	+0.076%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	+0.038%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.221	+0.020%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.303	+0.108%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	+0.065%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.304	+0.109%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	+0.079%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	+0.148%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	+0.064%	$492K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.270	+0.073%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.274	+0.077%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.208	+0.006%	$18.4M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.196	−0.007%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.268	+0.071%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.260	+0.062%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.219	+0.018%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.759%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.450	+0.266%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.268	+0.070%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.350	+0.158%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.275	+0.078%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.292	+0.097%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.388	+0.199%	$19.2M	$26.3M	50x	as long as short