Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1324%/8h= −145.0% APRpaid last 24h −0.197%

Price spread now: Hibachi against Bybit+0.117%7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$227as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$700.702% of the position

Long on Bybit Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.573%−$157 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now +0.117%, 7d avg −0.042%

Together, before fees−1.599%+ Points / potential airdropHibachi: Active · farm board−$160 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.159% dearer against Bybit than usual: you sell high and buy low (spread +0.117% now, against its 7-day average of −0.042%): +$16 on $10k if it goes back. Holding the pair costs −$40 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.882	−0.0060	get 0.0060% / 8h	7h 50m	$322.9M	$283.4M	75x
Short	Hibachi HYPE/USDT-P	93.992	−0.1384	pay 0.0173% / 1h	50m 46s	$199K	$228K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Bybit. 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 BybitbpFee HibachibpOrdersPrice spread, now +0.117%Rate

Funding earned: −$278.08
Price spread: +0.117% → −0.042%: $15.89
Slippage, 4 orders: −$50.19
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$332.38
Costs to cover: 0.702%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Hibachi: live order book, 23 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 Bybit live order book, 3 min ago	0.53 bp	6.0 bp −$6	8.7 bp −$87	16.3 bp −$1,630	56.1 bp −$28.1K
Sell Hibachi live order book, 23 min ago	12.88 bp	17.4 bp −$17	31.7 bp −$317	doesn't fit	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-Pshort	−0.1384%	1h	93.992	+0.117%	$199K	$228K	7x
Arcus HYPE-USD	−0.0625%	1h	93.800	−0.087%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0301%	1h	93.952	+0.075%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	93.850	−0.034%	$705K	$928K	10x	as long as short
Gate HYPE_USDT	−0.0126%	4h	93.895	+0.014%	$44.4M	$59.1M	75x	as long as short
Bullet HYPE-USD	−0.0114%	1h	93.931	+0.052%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.892	+0.011%	$85K	$365K	20x	as long as short
dYdX HYPE-USD	−0.0102%	1h	93.917	+0.037%	$128K	$29K	5x	as long as short
Phemex HYPEUSDT	−0.0098%	8h	93.888	+0.006%	$12.8M	$2.6M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.950	+0.072%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDTlong	−0.0060%	8h	93.882	long leg	$322.9M	$283.4M	75x
Orderly PERP_HYPE_USDC	−0.0010%	4h	93.920	+0.040%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	0.0000%	1h	93.867	−0.016%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.937	+0.059%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.962	+0.085%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.913	+0.033%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.056%	$218K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0042%	4h	93.948	+0.070%	$5.1M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.897	+0.016%	$88.1M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	93.899	+0.018%	$383.4M	$896.7M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.873	−0.010%	$60K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	93.885	+0.003%	$115.9M	$321.0M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.874	−0.009%	$399K	$191K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.951	+0.074%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.923	+0.044%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.935	+0.057%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.910	+0.030%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.890	+0.009%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.996	+0.121%	$2.05B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.918	+0.038%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.909	+0.029%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.908	+0.028%	$227.7M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.890	+0.009%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.916	+0.036%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.890	+0.009%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	+0.105%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.029	+0.157%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.057	+0.186%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.065%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.936	+0.058%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.920	+0.040%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.995	+0.120%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.917	+0.037%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.066%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.890	+0.008%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.990	+0.115%	$4.9M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0169%	8h	93.984	+0.109%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0179%	4h	93.916	+0.036%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.077%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.963	+0.086%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.909	+0.029%	$79K	$146K	15x	as long as short
HTX HYPE-USDT	+0.0309%	4h	94.088	+0.219%	$1.5M	$7.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.964	+0.087%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0367%	1h	94.019	+0.146%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.006	+0.132%	$21.0M	$29.7M	50x	as long as short