Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0008%/8h= −0.8% APRpaid last 24h −0.011%

Price spread now: 01 Exchange against Bybit+0.012%7-day average +0.052% · 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−$27as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Bybit Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now +0.012%, 7d avg +0.052%

Together, before fees+0.079%+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: 01 Exchange is 0.040% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	92.710	0.0032	pay 0.0032% / 8h	3h 23m	$315.2M	$282.6M	75x
Short	01 Exchange HYPEUSD	92.721	0.0024	get 0.0003% / 1h	23m 23s	$87K	$364K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.012%Rate

Funding earned: −$1.6
Price spread: +0.012% → +0.052%: −$3.99
Slippage, 4 orders: −$5.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$28.71
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; 01 Exchange: live order book, 31 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, 6 min ago	0.54 bp	6.0 bp −$6	8.2 bp −$82	16.0 bp −$1,602	50.1 bp −$25.1K
Sell 01 Exchange live order book, 31 min ago	0.16 bp	5.9 bp −$6	10.4 bp −$104	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	−0.1696%	1h	92.615	−0.103%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0309%	1h	92.806	+0.104%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.682	−0.030%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	+0.085%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0060%	4h	92.702	−0.009%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0002%	1h	92.701	−0.010%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.736	+0.028%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.733	+0.025%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.738	+0.030%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.670	−0.043%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSDshort	+0.0024%	1h	92.721	+0.012%	$87K	$364K	20x
Phoenix HYPE	+0.0026%	1h	92.921	+0.228%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDTlong	+0.0032%	8h	92.710	long leg	$315.2M	$282.6M	75x
Popdex HYPEUSDT	+0.0048%	1h	92.711	+0.001%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.704	−0.006%	$224.5M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0055%	8h	92.716	+0.006%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	92.703	−0.008%	$45.1M	$54.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.137%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.719	+0.010%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.712	+0.002%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.752	+0.046%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	−0.022%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.721	+0.012%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.764	+0.058%	$2.02B	$665.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.715	+0.005%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.740	+0.032%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.706	−0.004%	$372.8M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.698	−0.013%	$113.8M	$303.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.001%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.710	0.000%	$91.3M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.710	0.000%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.716	+0.006%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.754	+0.047%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.062%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.106%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.147%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.783	+0.079%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.771	+0.066%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.746	+0.039%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.704	−0.006%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.703	−0.007%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.740	+0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.706	−0.004%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.205%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.679	−0.033%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.698	−0.012%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.786	+0.082%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.730	+0.022%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.773	+0.068%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	−0.076%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.698	−0.013%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.739	+0.032%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0332%	1h	92.799	+0.096%	$7.5M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.682	−0.030%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.790	+0.086%	$3.1M	$6.4M	20x	as long as short