HYPE

Alert

After costs, if the gap returns to its 7d average, $10k−$12

spread now+0.135%7d average+0.025%fees + slippage, in and out−$23spread needed0.229%

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	92.782	0.0100	pay 0.0100% / 8h	6h 40m	$326.1M	$282.1M	75x
Short	Hyperliquid HYPE	92.907	0.0962	get 0.0120% / 1h	40m 33s	$2.02B	$626.3M	10x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee BybitbpFee HyperliquidbpOrdersClose when spread is

Spread captured: $13.47
Funding while held: $25.87
Slippage, 4 orders: −$2.86
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $16.49
Spread needed to break even: 0.229%

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 5 min ago.

Cost of waiting

funding view

Funding /8h: +0.0862%
Per $10,000 a day: +$25.87
Average in range /8h: —

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, 5 min ago	0.54 bp	7.0 bp −$7	8.3 bp −$83	14.0 bp −$1,399	42.6 bp −$21.3K
Sell Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	5.0 bp −$50	6.3 bp −$626	doesn't fit

HYPE price on every exchange

against the cheapest. Click to use as the short leg.

Ondo Perps92.700cheapest Katana Perps92.700cheapest GMX92.703+0.003%Bullet92.705+0.006%Derive92.708+0.009%SoDEX92.716+0.017%BloFin92.717+0.018%Phemex92.726+0.028%Nado92.727+0.030%Aevo92.728+0.030%Bluefin92.730+0.032%gTrade (Gains Network)92.732+0.034%Orderly92.741+0.044%Perpl92.743+0.046%Vest92.743+0.047%Arcus92.753+0.057%Kraken Futures92.755+0.059%Popdex92.758+0.063%Polymarket Perps92.758+0.063%Backpack92.761+0.066%Reya92.761+0.066%01 Exchange92.769+0.074%SunX92.772+0.078%Deribit92.777+0.083%Coinbase International92.780+0.086%

Bybit92.782+0.088%

Variational Omni92.790+0.097%Aster92.794+0.101%OKX92.804+0.112%RISEx92.806+0.114%Gate92.808+0.117%BingX92.811+0.120%Extended92.815+0.124%dYdX92.817+0.126%KuCoin92.820+0.129%Bitget92.828+0.138%Binance92.833+0.143%Kalshi92.834+0.145%Pacifica92.836+0.147%MEXC92.844+0.155%Lighter RH92.845+0.156%Paradex92.874+0.188%Lighter92.876+0.190%StandX92.893+0.208%Hotstuff92.897+0.213%

Hyperliquid92.907+0.223%

Hibachi92.912+0.228%HTX92.920+0.237%Aftermath Perps92.994+0.317%Bulk93.023+0.349%edgeX93.026+0.352%ApeX Omni93.033+0.359%Phoenix93.114+0.447%Injective93.640+1.014%

HYPE on 54 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	−0.088%	+0.0100%	1h	$697K	$970K	10x	as long as short
Katana Perps HYPE-USD	−0.088%	+0.0100%	8h	$30K	$1.8M	10x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	−0.085%	L +0.0358% / S −0.0181%	1h	$1.5M	—	100x	as long as short
Bullet HYPE-USD	−0.083%	+0.0100%	1h	$112K	$565K	20x	as long as short
Derive HYPE-PERP	−0.080%	+0.0100%	1h	$16.3M	$7.2M	10x	as long as short
SoDEX HYPE-USD	−0.071%	+0.0100%	1h	$2.0M	$2.0M	10x	as long as short
BloFin HYPE-USDT	−0.070%	+0.0340%	4h	$17.4M	$11.6M	75x	as long as short
Phemex HYPEUSDT	−0.060%	+0.0100%	8h	$12.5M	$2.4M	50x	as long as short
Nado HYPE-PERP	−0.059%	+0.0100%	1h	$6.4M	$43.3M	10x	as long as short
Aevo HYPE-PERP	−0.059%	+0.0104%	1h	$394K	$335K	20x	as long as short

Show all 54 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.056%	+0.0595%	1h	$73K	$182K	20x	as long as short
gTrade (Gains Network) HYPE/USD	−0.054%	L +0.0002% / S −0.0001%	1h	$54K	—	150x	as long as short
Orderly PERP_HYPE_USDC	−0.044%	+0.0071%	4h	$193K	$450K	20x	as long as short
Perpl HYPE	−0.042%	+0.0112%	43m	$28K	$346K	10x	as long as short
Vest HYPE-PERP	−0.042%	+0.0100%	1h	—	$407K	5x	as long as short
Arcus HYPE-USD	−0.031%	+0.0100%	1h	$1.2M	$4.0M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.029%	+0.0258%	1h	$16.1M	$20.7M	50x	as long as short
Popdex HYPEUSDT	−0.026%	+0.0096%	1h	$65K	$1.2M	50x	as long as short
Polymarket Perps HYPE-USD	−0.026%	+0.0100%	1h	$468K	$2.4M	20x	as long as short
Backpack HYPE_USDC_PERP	−0.023%	+0.0100%	1h	$8.6M	$10.7M	20x	as long as short
Reya HYPERUSDPERP	−0.022%	+0.0235%	1h	$73K	$149K	15x	as long as short
01 Exchange HYPEUSD	−0.014%	+0.0096%	1h	$90K	$314K	20x	as long as short
SunX HYPE-USDT	−0.011%	+0.0100%	4h	$32K	$1.6M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	−0.005%	+0.0106%	1h	$7.3M	$4.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	−0.002%	+0.0200%	1h	$4.9M	$5.3M	50x	as long as short
Bybit HYPEUSDTlong	0.000%	+0.0100%	8h	$326.1M	$282.1M	75x
Variational Omni HYPE	+0.009%	+0.0100%	8h	$28.8M	$50.0M	—	as long as short
Aster HYPEUSDT	+0.013%	+0.0100%	4h	$8.8M	$35.3M	300x	as long as short
OKX HYPE-USDT-SWAP	+0.024%	+0.0100%	8h	$114.2M	$310.4M	50x	as long as short
RISEx HYPE/USDC	+0.026%	+0.0611%	1h	$2.5M	$6.8M	20x	as long as short
Gate HYPE_USDT	+0.028%	+0.0100%	4h	$43.9M	$53.6M	75x	as long as short
BingX HYPE-USDT	+0.031%	+0.0040%	4h	—	$51.9M	—	as long as short
Extended HYPE-USD	+0.036%	+0.0104%	1h	$18.1M	$41.6M	50x	as long as short
dYdX HYPE-USD	+0.037%	+0.0012%	1h	$126K	$26K	5x	as long as short
KuCoin HYPEUSDTM	+0.041%	+0.0100%	4h	$45.9M	$19.7M	75x	as long as short
Bitget HYPEUSDT	+0.050%	+0.0100%	4h	$227.1M	$101.1M	75x	as long as short
Binance HYPEUSDT	+0.055%	+0.0100%	4h	$388.9M	$845.8M	75x	as long as short
Kalshi KXHYPEPERP	+0.056%	+0.0103%	8h	$1.7M	$4.9M	2.3x	as long as short
Pacifica HYPE	+0.058%	+0.0100%	1h	$11.3M	$12.3M	20x	as long as short
MEXC HYPE_USDT	+0.067%	+0.0100%	4h	$91.6M	$82.3M	100x	as long as short
Lighter RH HYPE	+0.068%	+0.0096%	1h	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.099%	+0.0111%	8h	$336K	$287K	20x	as long as short
Lighter HYPE	+0.101%	+0.0096%	1h	$18.3M	$56.7M	20x	as long as short
StandX HYPE-USD	+0.120%	+0.0100%	1h	$669K	$2.3M	20x	as long as short
Hotstuff HYPE-PERP	+0.124%	−0.0080%	1h	$3K	$307	25x	as long as short
Hyperliquid HYPEshort	+0.135%	+0.0962%	1h	$2.02B	$626.3M	10x
Hibachi HYPE/USDT-P	+0.140%	−0.1096%	1h	$195K	$226K	7x	as long as short
HTX HYPE-USDT	+0.149%	+0.0882%	4h	$1.5M	$7.1M	75x	as long as short
Aftermath Perps HYPEUSD	+0.228%	+0.0343%	1h	$22K	$32K	10x	as long as short
Bulk HYPE-USD	+0.260%	+0.0100%	1h	$203K	$8K	10x	as long as short
edgeX HYPEUSDC	+0.263%	+0.0100%	4h	$5.1M	$28.9M	30x	as long as short
ApeX Omni HYPEUSDT	+0.271%	+0.0100%	1h	$427K	$927K	50x	as long as short
Phoenix HYPE	+0.358%	+0.0351%	1h	$293K	$984K	10x	as long as short
Injective HYPE/USDC PERP	+0.925%	+0.0082%	1h	$24K	$167K	12x	as long as short