Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0282%/8h= +30.9% APRpaid last 24h +0.058%

Price spread now: Reya against Bybit−0.014%7-day average +0.012% · you buy dearer than you sell

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+0.190%+$19 · spread now −0.014%, 7d avg +0.012%

Together, before fees+0.234%+ Points / potential airdropReya: Active · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.027% cheaper against Bybit than usual: you would sell low and buy high (spread −0.014% now, against its 7-day average of +0.012%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$8 a day). At the pace of the last 4 days (+0.044% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.044% in total (about 4.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.110	−0.0010	get 0.0010% / 8h	59m 24s	$317.1M	$289.6M	75x
Short	Reya HYPERUSDPERP	94.097	0.0272	get 0.0034% / 1h	59m 24s	$82K	$134K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.014%Rate

Funding earned: $59.18
Price spread: −0.014% → +0.012%: −$2.67
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: $39.51
Costs to cover: 0.170%
Break-even: 2.3 days

Slippage unknown: Bybit: live order book, 5 min ago; Reya: 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, 5 min ago	0.53 bp	6.3 bp −$6	7.9 bp −$79	15.8 bp −$1,580	46.8 bp −$23.4K
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.1088%	1h	94.072	−0.040%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0490%	1h	94.090	−0.021%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0399%	1h	94.080	−0.032%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0287%	1h	94.113	+0.004%	$111K	$578K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0174%	1h	94.230	+0.128%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0152%	1h	94.115	+0.005%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.103	−0.007%	$3K	$331	25x	as long as short
Bybit HYPEUSDTlong	−0.0010%	8h	94.110	long leg	$317.1M	$289.6M	75x
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.094	−0.017%	$146K	$685K	20x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.111	+0.001%	—	$53.6M	—	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	94.176	+0.070%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.234	+0.132%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.177	+0.071%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	0.000%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.140	+0.032%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.153%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	94.107	−0.003%	$226.4M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.167	+0.061%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.153	+0.046%	$336K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.140	+0.032%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.086	−0.026%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.118	+0.009%	$117.4M	$322.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.114	+0.004%	$16.2M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.100	−0.011%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.104	−0.006%	$79K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0099%	1h	94.143	+0.035%	$2.0M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.150	+0.043%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.103	−0.007%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.217	+0.114%	$2.07B	$689.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.116	+0.006%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.153	+0.046%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.116	+0.006%	$376.7M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.048%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.090	−0.021%	$49.4M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.111	+0.001%	$90.7M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.104	−0.006%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.147	+0.039%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.055%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	+0.061%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	+0.011%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.189	+0.084%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.169	+0.063%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.138	+0.030%	$494K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.196	+0.091%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.272	+0.172%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.077	−0.035%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.132	+0.023%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.210	+0.106%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.157	+0.049%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.468%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.240	+0.138%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.151	+0.044%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERPshort	+0.0272%	1h	94.097	−0.014%	$82K	$134K	15x
BloFin HYPE-USDT	+0.0340%	4h	94.122	+0.013%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.214	+0.110%	$20.2M	$30.3M	50x	as long as short