Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.013%

Price spread now: KuCoin against Bybit−0.034%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Bybit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 7 days+0.055%+$5 · spread now −0.034%, 7d avg +0.020%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.054% cheaper against Bybit than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of +0.020%). If the spread goes back, that is −$5 on $10k: about 27 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.053% in total) that is about 7.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.926	−0.0060	get 0.0060% / 8h	7h 51m	$323.0M	$283.5M	75x
Short	KuCoin HYPEUSDTM	93.894	0.0100	get 0.0050% / 4h	3h 51m	$46.5M	$18.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.034%Rate

Funding earned: $33.56
Price spread: −0.034% → +0.020%: −$5.4
Slippage, 4 orders: −$10.78
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$5.63
Costs to cover: 0.338%
Break-even: 8.2 days

Slippage from Bybit: live order book, 3 min ago; KuCoin: live order book, 8 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 KuCoin live order book, 8 min ago	0.27 bp	10.1 bp −$10	14.8 bp −$148	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-P	−0.1384%	1h	93.992	+0.070%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.793	−0.142%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0301%	1h	93.952	+0.028%	$22K	$22K	10x	as long as short
Phemex HYPEUSDT	−0.0269%	8h	93.865	−0.065%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0170%	1h	93.850	−0.081%	$705K	$928K	10x	as long as short
Gate HYPE_USDT	−0.0142%	4h	93.922	−0.004%	$44.4M	$59.1M	75x	as long as short
dYdX HYPE-USD	−0.0115%	1h	93.917	−0.010%	$128K	$29K	5x	as long as short
Bullet HYPE-USD	−0.0114%	1h	93.931	+0.005%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.892	−0.036%	$85K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.950	+0.026%	$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	93.926	long leg	$323.0M	$283.5M	75x
Orderly PERP_HYPE_USDC	−0.0010%	4h	93.920	−0.006%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	0.0000%	1h	93.867	−0.063%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.937	+0.012%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.962	+0.038%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0019%	4h	93.940	+0.015%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.103%	$218K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0042%	4h	93.948	+0.023%	$5.1M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.900	−0.028%	$88.1M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	93.933	+0.007%	$383.5M	$896.6M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.873	−0.056%	$60K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	93.915	−0.012%	$115.8M	$321.2M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.874	−0.056%	$399K	$191K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.957	+0.032%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.929	+0.003%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.944	+0.019%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	−0.049%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.890	−0.038%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.004	+0.083%	$2.05B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.921	−0.005%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	93.894	−0.034%	$46.5M	$18.4M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.928	+0.002%	$227.6M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.921	−0.005%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.929	+0.003%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.890	−0.038%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	+0.058%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.029	+0.110%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.057	+0.139%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.018%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.936	+0.011%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.920	−0.006%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.962	+0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.877	−0.052%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.019%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.856	−0.075%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.010	+0.089%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0156%	4h	93.963	+0.039%	$17.0M	$12.4M	75x	as long as short
Kalshi KXHYPEPERP	+0.0164%	8h	94.024	+0.104%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.124%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.921	−0.005%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.909	−0.018%	$79K	$146K	15x	as long as short
HTX HYPE-USDT	+0.0308%	4h	94.100	+0.185%	$1.5M	$7.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.964	+0.040%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0506%	1h	93.997	+0.076%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.959	+0.035%	$21.0M	$29.7M	50x	as long as short