Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h −0.011%

Price spread now: KuCoin against Coinbase International+0.052%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.052%, 7d avg +0.016%

Together, before fees+0.085%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and KuCoin is 0.036% dearer against Coinbase International than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	94.910	−0.0056	get 0.0007% / 1h	47m 33s	$4.7M	$5.5M	50x
Short	KuCoin HYPEUSDTM	94.959	0.0100	get 0.0050% / 4h	1h 47m	$47.3M	$17.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now +0.052%Rate

Funding earned: $32.76
Price spread: +0.052% → +0.016%: $3.6
Slippage, 4 orders: −$15.62
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$1.27
Costs to cover: 0.376%
Break-even: 7.3 days

Slippage from Coinbase International: live order book, 4 min ago; KuCoin: live order book, 5 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 Coinbase International live order book, 4 min ago	3.15 bp	8.9 bp −$9	13.7 bp −$137	36.4 bp −$3,639	doesn't fit
Sell KuCoin live order book, 5 min ago	0.37 bp	11.1 bp −$11	16.9 bp −$169	doesn't fit	doesn't fit

HYPE on 54 exchanges

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	−0.1008%	1h	95.093	+0.193%	$220K	$269K	7x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	94.957	+0.049%	$18.5M	$35.2M	50x	as long as short
Phemex HYPEUSDT	−0.0248%	8h	94.981	+0.075%	$12.9M	$2.5M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0194%	1h	94.910	0.000%	$689K	$1.2M	10x	as long as short
Lighter HYPE	−0.0192%	1h	94.953	+0.045%	$16.3M	$57.6M	20x	as long as short
01 Exchange HYPEUSD	−0.0136%	1h	94.923	+0.014%	$99K	$342K	20x	as long as short
Arcus HYPE-USD	−0.0130%	1h	94.922	+0.013%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0115%	1h	95.145	+0.248%	$22K	$17K	10x	as long as short
Gate HYPE_USDT	−0.0098%	4h	94.940	+0.032%	$54.7M	$53.2M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.296%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni HYPEUSDT	−0.0068%	1h	95.141	+0.243%	$342K	$887K	50x	as long as short
Coinbase International HYPE-PERP-INTXlong	−0.0056%	1h	94.910	long leg	$4.7M	$5.5M	50x
Aster HYPEUSDT	−0.0054%	4h	94.949	+0.041%	$8.9M	$32.7M	300x	as long as short
Bullet HYPE-USD	−0.0049%	1h	94.919	+0.009%	$113K	$581K	20x	as long as short
Popdex HYPEUSDT	−0.0048%	1h	94.924	+0.015%	$273K	$1.0M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	94.895	−0.016%	$147K	$643K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0015%	8h	94.946	+0.038%	$119.0M	$302.7M	50x	as long as short
SoDEX HYPE-USD	−0.0013%	1h	94.933	+0.024%	$2.1M	$340K	10x	as long as short
Phoenix HYPE	−0.0008%	1h	95.326	+0.438%	$199K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.991	+0.085%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.949	+0.041%	$24K	$250K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.940	+0.031%	$99K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0013%	1h	95.017	+0.113%	$7.5M	$4.3M	50x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.969	+0.062%	$228.3M	$86.8M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	94.928	+0.019%	$319.6M	$265.2M	75x	as long as short
StandX HYPE-USD	+0.0067%	1h	95.057	+0.155%	$691K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0069%	1h	94.916	+0.006%	$79K	$135K	20x	as long as short
Binance HYPEUSDT	+0.0069%	4h	94.953	+0.045%	$381.6M	$850.0M	75x	as long as short
edgeX HYPEUSDC	+0.0072%	4h	95.113	+0.213%	$5.1M	$29.2M	30x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.378%	$232K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	94.954	+0.046%	$89.9M	$83.5M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	94.959	+0.051%	$339K	$30K	20x	as long as short
BingX HYPE-USDT	+0.0092%	4h	94.962	+0.055%	—	$49.0M	—	as long as short
Lighter RH HYPE	+0.0096%	1h	94.967	+0.060%	$3.4M	$10.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.890	−0.021%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.915	+0.005%	$7.3M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.081	+0.180%	$2.11B	$646.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.991	+0.085%	$10.2M	$13.2M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.959	+0.052%	$47.3M	$17.7M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.967	+0.060%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.111	+0.212%	$30.0M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.192	+0.297%	$7.7M	$39.2M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.976	+0.069%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.934	+0.025%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.011	+0.106%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.995	+0.090%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.893	−0.017%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.921	+0.012%	$401K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	95.005	+0.100%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.932	+0.023%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.108	+0.209%	$85K	$96K	15x	as long as short
BloFin HYPE-USDT	+0.0322%	4h	94.950	+0.042%	$17.4M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.973	+0.067%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.622%	$31K	$334K	12x	as long as short