Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.009%

Price spread now: Perpl against Bybit−0.156%7-day average +0.038% · you buy dearer than you sell

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

Long on Bybit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.800%+$80 · spread now −0.156%, 7d avg +0.038%

Together, before fees+0.718%+ Points / potential airdropPerpl: Active · farm board+$72 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.194% cheaper against Bybit than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.921	0.0100	pay 0.0100% / 8h	7h 47m	$317.9M	$292.5M	75x
Short	Perpl HYPE	94.773	0	get 0.0000% / 43m	19m 51s	$19K	$286K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.156%Rate

Funding earned: −$21
Price spread: −0.156% → +0.038%: −$19.41
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$65.21
Costs to cover: 0.248%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.53 bp	6.4 bp −$6	7.5 bp −$75	15.6 bp −$1,562	46.5 bp −$23.3K
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	−0.1320%	1h	94.754	−0.176%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0390%	1h	94.763	−0.166%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0315%	1h	94.788	−0.140%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0183%	1h	94.803	−0.124%	$112K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.741	−0.190%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.837	−0.088%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.940	+0.020%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0057%	1h	94.680	−0.254%	$715K	$1.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.784	−0.145%	$19.3M	$34.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.776	−0.153%	$147K	$685K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.698	−0.235%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.763	−0.166%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPEshort	0.0000%	43m	94.773	−0.156%	$19K	$286K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.830	−0.096%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	−0.117%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.918	−0.003%	$227.9M	$99.9M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.750	−0.180%	$4.8M	$6.3M	50x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.252%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.713	−0.219%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0061%	1h	94.826	−0.100%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.927	+0.006%	$118.5M	$329.6M	50x	as long as short
SoDEX HYPE-USD	+0.0083%	1h	94.781	−0.147%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.791	−0.137%	$5.0M	$30.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.804	−0.123%	$16.3M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.805	−0.122%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.797	−0.131%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.740	−0.191%	$43K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.787	−0.141%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.029	+0.114%	$2.09B	$691.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.918	−0.003%	$9.6M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.708	−0.224%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.926	+0.005%	$381.9M	$937.8M	75x	as long as short
Bybit HYPEUSDTlong	+0.0100%	8h	94.921	long leg	$317.9M	$292.5M	75x
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.243%	$221K	$14K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.900	−0.022%	$51.1M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.934	+0.014%	$94.0M	$85.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.917	−0.004%	$47.3M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.914	−0.007%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.779	−0.150%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.809	−0.118%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.848	−0.076%	$7.7M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.799	−0.129%	$352K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.762	−0.168%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.830	−0.096%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.916	−0.005%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.882	−0.041%	$1.4M	$6.9M	75x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	94.821	−0.105%	$12.9M	$2.9M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.901	−0.021%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.884	−0.039%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.782	−0.147%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.262%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0246%	1h	94.900	−0.022%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.738	−0.192%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.836	−0.090%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.724	−0.208%	$17.2M	$12.4M	75x	as long as short