Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0267%/8h= −29.2% APRpaid last 24h −0.026%

Price spread now: KuCoin against Deribit−0.079%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 3 days (all we have)+0.070%+$7 · spread now −0.079%, 7d avg −0.050%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and KuCoin is 0.029% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.029% in total (about 1.5% 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	Deribit HYPE_USDC-PERPETUAL	94.019	0.0367	pay 0.0046% / 1h	50m 53s	$7.5M	$4.7M	50x
Short	KuCoin HYPEUSDTM	93.945	0.0100	get 0.0050% / 4h	3h 50m	$46.5M	$18.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$56.07
Price spread: −0.079% → −0.050%: −$2.91
Slippage, 4 orders: −$20.24
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$98.22
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; KuCoin: live order book, 8 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 Deribit live order book, 3 min ago	1.60 bp	9.3 bp −$9	12.9 bp −$129	doesn't fit	doesn't fit
Sell KuCoin live order book, 8 min ago	0.27 bp	10.1 bp −$10	14.8 bp −$148	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	−0.1384%	1h	93.992	−0.029%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.793	−0.240%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0301%	1h	93.952	−0.071%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0170%	1h	93.850	−0.180%	$705K	$928K	10x	as long as short
Gate HYPE_USDT	−0.0142%	4h	93.892	−0.135%	$44.4M	$59.1M	75x	as long as short
dYdX HYPE-USD	−0.0115%	1h	93.917	−0.109%	$128K	$29K	5x	as long as short
Bullet HYPE-USD	−0.0114%	1h	93.931	−0.094%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.892	−0.135%	$85K	$365K	20x	as long as short
Phemex HYPEUSDT	−0.0098%	8h	93.888	−0.139%	$12.8M	$2.6M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.950	−0.073%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0060%	8h	93.890	−0.137%	$322.9M	$283.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	93.920	−0.105%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	0.0000%	1h	93.867	−0.162%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.937	−0.087%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.962	−0.061%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0019%	4h	93.916	−0.110%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.202%	$218K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0042%	4h	93.948	−0.076%	$5.1M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.898	−0.129%	$88.1M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	93.897	−0.130%	$383.4M	$896.7M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.873	−0.155%	$60K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	93.891	−0.136%	$115.9M	$321.1M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.874	−0.155%	$399K	$191K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.982	−0.040%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.914	−0.112%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.944	−0.080%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	−0.148%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.890	−0.137%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.996	−0.024%	$2.05B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.921	−0.104%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	93.945	−0.079%	$46.5M	$18.4M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.894	−0.133%	$227.7M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.889	−0.138%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.916	−0.110%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.890	−0.137%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	−0.041%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.029	+0.011%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.057	+0.040%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	−0.081%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.936	−0.088%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.920	−0.105%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.995	−0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.917	−0.108%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	−0.080%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.878	−0.150%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.990	−0.031%	$4.9M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0169%	8h	93.984	−0.037%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0179%	4h	93.916	−0.110%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.222%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.921	−0.104%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.909	−0.117%	$79K	$146K	15x	as long as short
HTX HYPE-USDT	+0.0309%	4h	94.088	+0.073%	$1.5M	$7.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.964	−0.059%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0367%	1h	94.019	long leg	$7.5M	$4.7M	50x
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.006	−0.014%	$21.0M	$29.7M	50x	as long as short