Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0069%/8h= −7.5% APRpaid last 24h −0.026%

Price spread now: Orderly against Bybit−0.051%50s7-day average +0.020% · you buy dearer than you sell

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

Long on Bybit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 3 days (all we have)+0.084%+$8 · spread now −0.051%, 7d avg +0.020%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.071% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.020%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.372	0.0018	pay 0.0018% / 8h	6h 47m	$319.4M	$283.0M	75x
Short	Orderly PERP_HYPE_USDC	93.324	−0.0050	pay 0.0025% / 4h	2h 47m	$158K	$646K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.051%Rate

Funding earned: −$14.41
Price spread: −0.051% → +0.020%: −$7.13
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.54
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Orderly: 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 Bybit live order book, 2 min ago	0.54 bp	6.1 bp −$6	7.9 bp −$79	16.2 bp −$1,619	51.6 bp −$25.8K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1064%	1h	93.383	+0.012%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.276	−0.103%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0180%	1h	93.379	+0.008%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0133%	1h	93.339	−0.035%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0112%	1h	93.340	−0.034%	$699K	$978K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.377	+0.005%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.373	+0.001%	$44.3M	$53.8M	75x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.404	+0.034%	$85K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0057%	8h	93.340	−0.034%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0050%	4h	93.324	−0.051%	$158K	$646K	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0025%	4h	93.387	+0.016%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	+0.058%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.368	−0.004%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.387	+0.016%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0014%	4h	93.384	+0.013%	—	$54.2M	—	as long as short
Bybit HYPEUSDTlong	+0.0018%	8h	93.372	long leg	$319.4M	$283.0M	75x
Binance HYPEUSDT	+0.0044%	4h	93.385	+0.014%	$380.7M	$904.9M	75x	as long as short
Bullet HYPE-USD	+0.0045%	1h	93.363	−0.010%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.386	+0.015%	$88.3M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0048%	1h	93.343	−0.031%	$79K	$174K	20x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.336	−0.038%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.195%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	+0.069%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.376	+0.004%	$115.1M	$315.6M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.354	−0.020%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.368	−0.005%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.391	+0.020%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.407	+0.037%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.406	+0.036%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	+0.051%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.356	−0.018%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.478	+0.114%	$2.04B	$673.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.385	+0.014%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.034%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.359	−0.014%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.391	+0.020%	$226.1M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.098%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	+0.051%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	+0.094%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.508	+0.146%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.410	+0.041%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.362	−0.011%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.424	+0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.363	−0.010%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.371	−0.001%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	+0.041%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.440	+0.073%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.037%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.452	+0.085%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.298	−0.079%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0258%	8h	93.427	+0.059%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0264%	4h	93.500	+0.137%	$1.4M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.380	+0.008%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0510%	1h	93.476	+0.111%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.456	+0.090%	$20.8M	$29.9M	50x	as long as short