Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0559%/8h= +61.2% APRpaid last 24h +0.082%

Price spread now: RISEx against Bybit+0.078%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$210.215% of the position

Long on Bybit Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.172%+$17 on $10k

Price spread, last 7 days−0.079%−$8 · spread now +0.078%, 7d avg +0.018%

Together, before fees+0.092%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and RISEx is 0.060% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.018%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.172% in total (about 17.0% 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	94.222	0	get 0.0000% / 8h	1h 22m	$317.7M	$289.3M	75x
Short	RISEx HYPE/USDC	94.296	0.0559	get 0.0070% / 1h	22m 24s	$3.2M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.078%Rate

Funding earned: $117.4
Price spread: +0.078% → +0.018%: $6.04
Slippage, 4 orders: −$4.46
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee RISEx: 3 bp × 2 orders: −$6
Net: $101.97
Costs to cover: 0.215%
Break-even: 0.9 days

Slippage from Bybit: live order book, 2 min ago; RISEx: live order book, 2 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, 2 min ago	0.53 bp	6.0 bp −$6	8.2 bp −$82	16.9 bp −$1,687	47.9 bp −$23.9K
Sell RISEx live order book, 2 min ago	1.22 bp	4.2 bp −$4	6.4 bp −$64	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	−0.1048%	1h	94.204	−0.019%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0200%	1h	94.001	−0.234%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.347	+0.133%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	94.230	+0.008%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0054%	1h	94.240	+0.019%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.291	+0.073%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.360	+0.146%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.320	+0.104%	$129K	$26K	5x	as long as short
Bybit HYPEUSDTlong	0.0000%	8h	94.222	long leg	$317.7M	$289.3M	75x
Perpl HYPE	0.0000%	43m	94.289	+0.072%	$19K	$293K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.419	+0.209%	$84K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.976%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERP	+0.0016%	1h	94.389	+0.177%	$80K	$156K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	−0.538%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.233	+0.012%	$227.1M	$99.6M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	94.324	+0.108%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0079%	8h	94.326	+0.110%	$337K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.639%	$5.0M	$30.5M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.271	+0.052%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.333	+0.118%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.343	+0.128%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.247	+0.027%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	+0.051%	$11K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	+0.103%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.351	+0.137%	$2.07B	$686.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.313	+0.096%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.319	+0.102%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.269	+0.050%	$377.2M	$932.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.236	+0.015%	$116.2M	$317.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.281	+0.063%	$49.0M	$56.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.252	+0.032%	$89.8M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.252	+0.032%	$46.7M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.282	+0.064%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.356	+0.142%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.227%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.558%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.593%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.361	+0.148%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.340	+0.125%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.282	+0.064%	$473K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.395	+0.184%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.379	+0.167%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.513	+0.309%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.832%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.246	+0.025%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.393	+0.181%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	94.389	+0.177%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.320	+0.104%	$4.7M	$6.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0131%	1h	94.470	+0.263%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.435	+0.226%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.412%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.227	+0.005%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.378	+0.166%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.437	+0.228%	$20.3M	$30.4M	50x	as long as short
RISEx HYPE/USDCshort	+0.0559%	1h	94.296	+0.078%	$3.2M	$6.4M	20x